Thomas Weisel Posts Profit

The investment firm swings to a third-quarter profit.
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Thomas Weisel Partners

(TWPG)

, which went public earlier this year, reported that it swung to a profit in the third quarter.

The San Francisco-based investment firm earned $1.5 million, or 6 cents a share, compared to a loss of $2.2 million in the year ago period.

On an operating basis, which excludes certain one-time costs, the firm said it earned $2.8 million, or 11 share. On that basis, the boutique investment firm matched the Thomson Financial consensus estimate.

In the quarter, net revenues were down slightly from a year ago to $58.1 million. Brokerage revenue slid 11.7% to $30.6 million. But investment banking revenue rose 39.6% to $22.2 million.

The stock closed Tuesday at $16.01, down 26 cents. Shares of Thomas Weisel, which recently were trading below the stock's $15 IPO price, have rebounded in recent weeks.

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