ARLINGTON, Va., Nov. 04, 2016 (GLOBE NEWSWIRE) -- FBR & Co. (NASDAQ:FBRC) ("FBR" or the "Company"), a leading investment bank serving the middle market, today reported a pre-tax operating loss of $11.6 million for the third quarter of 2016, compared to pre-tax operating losses of $6.3 million for the third quarter of 2015 and $9.2 million for the second quarter of 2016. Third quarter 2016 revenues were $19.3 million, compared to $25.6 million for the same period in 2015 and $20.9 million for the second quarter of 2016. For the first nine months of 2016, the Company's pre-tax operating loss was $32.9 million on revenue of $58.1 million, compared to a pre-tax operating loss of $5.8 million on revenue of $96.9 million for the same period in 2015. During the third quarter of 2016, the Company recorded a $45.7 million tax provision related to the establishment of a full valuation reserve against its deferred tax assets. The recognition of this non-cash charge does not impact the Company's ability to realize the economic benefit of its deferred tax assets and net operating loss carry forwards on future tax returns. As a result, for the third quarter of 2016 the Company reported a net loss of $57.3 million, or $7.88 per share. This compares to a net loss of $3.4 million, or $0.43 per share, for the same period in 2015, and $8.2 million, or $1.08 per share, for the second quarter of 2016. "The last several quarters have been among the worst for the U.S. IPO market in the past 20 years, worse in fact than 2009, immediately following the financial crisis. That environment is particularly challenging for an ECM-focused model like ours," said Chairman and Chief Executive Officer, Richard J. Hendrix. "As a result of these challenges, we took further expense-related actions during the quarter which resulted in a reduction of approximately 10 percent of our total expenses. These steps combined with a modestly improving environment should result in improved results in coming quarters."