ARLINGTON, Va., July 16, 2013 (GLOBE NEWSWIRE) -- FBR & Co. (Nasdaq:FBRC) ("FBR" or the "Company"), a leading investment bank serving the middle market, today reported net income of $46.5 million, or $3.52 per diluted share, for the second quarter of 2013 compared to net income of $0.5 million, or $0.03 per diluted share, in the second quarter of 2012, and net income of $35.3 million, or $2.65 per diluted share, for the first quarter of 2013. For the first half of 2013, the company reported net income of $81.8 million, or $6.24 per diluted share, compared to net income of $0.9 million, or $0.06 per diluted share for the first half of 2012. Second quarter 2013 pretax operating income was $14.6 million on $67.2 million of revenue. This compares to $0.3 million in pretax operating income on $33.7 million of revenue in the second quarter of 2012 and $35.9 million of pretax operating income on $117.9 million of revenue in the first quarter of 2013. The Company's first half 2013 pretax operating income was $50.5 million on revenue of $185.2 million, both representing the best performance for any two consecutive quarters since the first half of 2007. As a result of the Company's improved operating performance, its outlook regarding prospective operating performance and analysis of other relevant factors, the Company determined that the release of a significant component of the valuation allowance on its deferred tax assets was appropriate under generally accepted accounting principles ("GAAP") as of June 30, 2013. The Company's net income from continuing operations for the second quarter of 2013 includes a $29.6 million tax benefit reflecting the valuation allowance reversal and the Company's utilization of a portion of its net operating loss carryforwards. Compensation and benefits expenses were 56% of net revenue during the second quarter of 2013, which compares to 50% in the year earlier period and 56% in the prior quarter. Headcount was 265 at quarter end compared with 257 last quarter. Revenue per head on a trailing twelve month basis was $1.05 million. Non-compensation fixed expenses in the second quarter of 2013 totaled $10.2 million compared to $10.8 million in the second quarter of 2012, and $11.1 million in the prior quarter.