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JMP Group Reports Third Quarter 2017 Financial Results
SAN FRANCISCO--(BUSINESS WIRE)--November 1, 2017--JMP Group LLC (NYSE: JMP), an investment banking and alternative asset management firm, reported financial results today for the quarter ended September 30, 2017.
- The net loss attributable to JMP Group under generally accepted accounting principles, or GAAP, was $1.2 million, or $0.06 per diluted share, compared to net income of $0.7 million, or $0.03 per share, for the quarter ended September 30, 2016. For the nine months ended September 30, 2017, the GAAP net loss was $14.5 million, or $0.67 per share, compared to net income of $2.1 million, or $0.10 per share, for the nine months ended September 30, 2016.
- Total net revenues on a GAAP basis were $32.0 million and $79.6 million for the quarter and nine months ended September 30, 2017, respectively, compared to $30.7 million and $99.0 million for the quarter and nine months ended September 30, 2016, respectively.
- Operating net income was $2.3 million, or $0.10 per diluted share, compared to $2.9 million, or $0.13 per share, for the quarter ended September 30, 2016. For the nine months ended September 30, 2017, operating net income was $0.8 million, or $0.03 per share, compared to $7.6 million, or $0.35 per share, for the nine months ended September 30, 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 $32.9 million and $89.2 million for the quarter and nine months ended September 30, 2017, respectively, compared to $29.6 million and $94.7 million for the quarter and nine months ended September 30, 2016, respectively. For more information about adjusted net revenues, including a reconciliation to net revenues, see the section below titled “Non-GAAP Financial Measures.”
“Our results were better than expected, driven by record third-quarter investment banking revenues at JMP Securities and continued progress in redeploying our excess cash,” said Chairman and Chief Executive Officer Joe Jolson. “JMP Securities’ share of the U.S. equity capital markets business has increased, as evidenced by a year-over-year jump in equity underwriting revenues of 41% for the third quarter and 77% for the first nine months of the year. In contrast, the broader industry has recovered more slowly from a two-year slump, with U.S. ECM fees down 11% year-over-year for the third quarter, though up 26% for the first nine months of 2017, according to Dealogic.
“At period-end, we had $1.49 per share in investable cash, compared to $2.18 per share in June. In July, we announced a $200 million warehouse facility that enables us to accumulate loans for our fifth CLO over the next six to 12 months. If we successfully execute CLO V, we may once again be able to cover our fixed corporate costs on a consolidated basis and also fund our current cash distributions completely with net investment income from our publicly traded partnership.
“We are off to a good start in the fourth quarter, as our investment banking momentum has continued with the closing of a large M&A transaction for Forestar. Thanks to a more normalized capital markets environment, we are also executing an increasing number of IPOs and follow-on offerings. In addition, Workspace Property Trust recently filed a registration statement in connection with an IPO and, as a founding investor, we are hopeful for a successful transaction.”
The following information was filed by Jmp Group Llc (JMP) on Wednesday, November 1, 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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