FBR & Co. (FBRC) swung to a net profit for the quarter ended Mar. 31, 2017. The company has made a net profit of $1.27 million, or $ 0.17 a share in the quarter, against a net loss of $5.45 million, or $0.72 a share in the last year period. Revenue during the quarter surged 81.82 percent to $32.54 million from $17.90 million in the previous year period. Net interest income for the quarter rose 81.82 percent over the prior year period to $32.54 million.
"Our results over the six months ended March 31 have been a significant improvement from 2015 and the first nine months of 2016, as the small cap IPO market has begun to improve," said chairman and chief executive officer, Richard J. Hendrix. "We are looking forward to completing the proposed merger with B. Riley Financial. Our combined teams will represent the leading capital markets and institutional brokerage firm focused on the small cap universe and together, we will continue to deliver differentiated ideas and execution for issuers and investors."
Assets fall, liabilities grow
Total assets stood at $1,053.26 million as on Mar. 31, 2017, down 1.38 percent compared with $1,068.04 million on Mar. 31, 2016. On the other hand, total liabilities stood at $936.81 million as on Mar. 31, 2017, up 7.24 percent from $873.54 million on Mar. 31, 2016. Investments stood at $910.05 million as on Mar. 31, 2017, up 6.26 percent or $53.58 million from year-ago. Shareholders equity stood at $116.45 million as on Mar. 31, 2017, down 40.13 percent or $78.05 million from year-ago.
Return on equity for the quarter stood at negative 38.10 percent as compared to a negative 4.80 percent for the previous year period.
Book value per share was $16.19 for the quarter.
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