FBR Reports Third Quarter Results

ARLINGTON, Va., Oct. 23, 2012 (GLOBE NEWSWIRE) -- FBR & Co. (Nasdaq:FBRC) ("FBR" or the "Company"), a leading investment bank serving the middle market, today reported a net after-tax loss of $3.4 million, or $0.07 per share, for the third quarter of 2012 compared to a net after-tax loss of $26.1 million, or $0.43 per share, in the third quarter of 2011, and net after-tax earnings of $0.5 million or $0.01 per share in the second quarter of 2012. For the first nine months of 2012, the Company reported a net after-tax loss of $2.4 million compared to a net after-tax loss of $30.8 million for the first nine months of 2011.

Third quarter 2012 revenue from continuing operations was $23.9 million compared to $16.7 million in the third quarter of 2011 and $33.7 million for the second quarter of 2012.

As previously announced, the Company has entered into a definitive agreement to sell the assets related to the management of the entire family of FBR Funds. As a result, we now report asset management as a discontinued operation. For the third quarter of 2012, the Company's net after-tax loss from continuing operations was $4.3 million, or $0.09 per share, compared to a net after-tax loss of $26.4 million, or $0.43 per share, in the third quarter of 2011, and net after tax earnings of $0.3 million, or $0.01 per share for the second quarter of 2012. The Company's net after-tax earnings from its discontinued operations were $1.0 million for the third quarter of 2012 compared to net after-tax earnings of $0.3 million in the third quarter of 2011, and $0.2 million for the second quarter of 2012.

Third quarter 2012 total expenses from continuing operations were $29.5 million, compared to $42.7 million in the third quarter of 2011 and $33.4 million in the second quarter of 2012. Non-compensation fixed expenses from continuing operations in the third quarter of 2012 totaled $10.9 million, compared to $13.9 million in the third quarter of 2011 and $10.8 million in the second quarter of 2012.

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