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JMP Group Reports First Quarter 2017 Financial Results
SAN FRANCISCO--(BUSINESS WIRE)--April 26, 2017--JMP Group LLC (NYSE:JMP), an investment banking and alternative asset management firm, reported financial results today for the quarter ended March 31, 2017.
- The net loss attributable to JMP Group under generally accepted accounting principles, or GAAP, was $4.7 million, or $0.22 per diluted share, compared to net income of $1.8 million, or $0.08 per share, for the quarter ended March 31, 2016.
- Total net revenues on a GAAP basis were $24.4 million, compared to $38.6 million for the quarter ended March 31, 2016.
- The operating net loss was $2.1 million, or $0.09 per diluted share, compared to operating net income of $2.2 million, or $0.10 per share, for the quarter ended March 31, 2016. For more information about operating net income, including a reconciliation to net income attributable to JMP Group, see the section below titled “Non-GAAP Financial Measures.”
- Adjusted net revenues, which exclude certain non-cash items and non-controlling interests, were $25.3 million, compared to $36.6 million for the quarter ended March 31, 2016. For more information about adjusted net revenues, including a reconciliation to net revenues, see the section below titled “Non-GAAP Financial Measures.”
“Our first quarter operating net loss of $0.09 per share included specific loan loss provisions for two corporate credits as well as a large negative mark on our total return swap resulting from a decline in prices of non-investment grade corporate loans,” said Chairman and Chief Executive Officer Joe Jolson. “Excluding these items, which reduced our net investment income by $0.13 per share, our operating EPS would have been $0.04—which is still below our normalized run rate, primarily due to our large cash balance of $2.59 per share at March 31 that is funded with 8% long-term debt. While we continue to look for opportunities to redeploy our cash and generate attractive risk-adjusted returns, investors should expect our net investment income to remain below historical levels.
“Even so, we continue to be optimistic about the remainder of this year. Based on an improving environment for equity issuance, our first quarter capital markets revenues were up 28% and 16% versus last year and the previous quarter, respectively. We also continue to expect another good year of strategic advisory revenues, despite a soft first quarter, given our transaction pipeline. Additionally, we are hopeful that, barring any further material loan losses and a successful execution of CLO IV in the next three months, our net investment income will make a positive contribution to operating EPS in the quarters to come.”
The following information was filed by Jmp Group Llc (JMP) on Wednesday, April 26, 2017 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-Q Quarterly Report statement of earnings and operation as management may choose to highlight particular information in the press release.
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