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JMP Group Reports Fourth Quarter and Fiscal Year 2017 Financial Results
SAN FRANCISCO--(BUSINESS WIRE)--February 14, 2018--JMP Group LLC (NYSE: JMP), an investment banking and alternative asset management firm, reported financial results today for the quarter and full fiscal year ended December 31, 2017.
- The net loss attributable to JMP Group under generally accepted accounting principles, or GAAP, was $1.4 million, or $0.06 per diluted share, compared to net income of $0.8 million, or $0.04 per share, for the quarter ended December 31, 2016. For the year ended December 31, 2017, the net loss was $15.9 million, or $0.74 per share, compared to net income of $2.9 million, or $0.13 per share, for the year ended December 31, 2016.
- Total net revenues on a GAAP basis were $30.3 million and $109.9 million for the quarter and year ended December 31, 2017, respectively, compared to $36.0 million and $135.0 million for the quarter and year ended December 31, 2016, respectively.
- Operating net income was $3.6 million, or $0.16 per diluted share, compared to $2.8 million, or $0.13 per share, for the quarter ended December 31, 2016. For the year ended December 31, 2017, operating net income was $4.3 million, or $0.20 per share, compared to $10.5 million, or $0.48 per share, for the year ended December 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 $34.2 million and $123.4 million for the quarter and year ended December 31, 2017, respectively, compared to $35.5 million and $130.2 million for the quarter and year ended December 31, 2016, respectively. For more information about adjusted net revenues, including a reconciliation to net revenues, see the section below titled “Non-GAAP Financial Measures.”
“We had a better-than-expected fourth quarter, with operating earnings of $0.16 per share, which, for the first time since 2016, included a positive contribution from net corporate income of $0.03 per share,” said Chairman and Chief Executive Officer Joe Jolson. “JMP Securities continued to produce at near-record levels, contributing $0.12 per share—an annualized ROE of 38%—and our asset management subsidiaries returned to profitability, adding $0.02 per share to operating earnings. Importantly, with net investment income of $0.09 per share at our publicly traded partnership, we covered our quarterly cash distribution for the first time in 2017.
“Early in 2017, our performance suffered from a depressed equity capital markets environment and from the turnover of our first two CLOs, which diminished asset management fee income and challenged us to redeploy a material amount of cash that was funded with 8% long-term debt. As the year progressed, our operating earnings improved steadily as we reinvested our capital back into our CLO business and U.S. ECM activity recovered. In a better environment, JMP Securities achieved impressive market share gains and grew its ECM revenues 83% year-over-year, while U.S. equity underwriting fees increased 27% across the industry.
“We are off to a good start in 2018, with record investment banking revenues for the month of January. Also, we recently priced the reset of CLO III, which we expect to close the week of February 19. We hope to execute on a new CLO around mid-year, which would complete the reinvestment of our capital in our credit business and would return our asset management segment to more consistent profitability.”
The following information was filed by Jmp Group Llc (JMP) on Wednesday, February 14, 2018 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-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.
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