Wednesday, JMP Group Inc. (JMP), a full-service investment banking and alternative asset management firm, reported a loss for the fourth quarter, hurt by a sharp decline in revenues.
The San Francisco, California-based company reported a fourth quarter loss of $6.6 million or $0.33 per share, compared to profit of $2.6 million or $0.12 per share in the prior year quarter.
Operating net loss for the period was $5.2 million or $0.26 per share, compared to operating income of $3.3 million or $0.16 per share last year.
On average, four analysts polled by Thomson Reuters expected the company to report a loss of $0.11 per share. Analysts' estimates typically exclude special items.
Total revenues were $19.4 million for the quarter, down from $31.8 million previous year.
Investment banking revenues fell to $3.4 million from $16.4 million for the fourth quarter of 2007. Net brokerage revenues were $9.3 million, edged down from $9.6 million for the fourth quarter of 2007. Asset management-related fee revenues were $5.2 million for the fourth quarter of 2008, compared to $2.7 million for the fourth quarter of 2007.
During the quarter ended December 31, 2008, JMP Group repurchased a total of 454,567 shares of its stock at an average price of $4.65 per share, or $2.1 million in aggregate.
For the full year, net loss was $10.6 million, or $0.53 per share, narrower than $105.16 million last year.
Operating net loss was $7.23 million or $0.36 per share, operating net income of $10.13 million or $0.52 per share in fiscal 2007.
For the fiscal year, total revenues were $76.6 million, compared to $97.9 million for 2007.
JMP is currently trading at $4.79, down $0.01 or 0.21% on the NYSE.
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