FBR: an earning play
biz.yahoo.com
<<<Company's Internet Initiatives Drive Higher-Than-Expected Results
ARLINGTON, Va., Jan. 13 /PRNewswire/ -- Friedman, Billings, Ramsey Group, Inc. (NYSE: FBR - news) said today that, based on preliminary estimates, it expects to report revenue of between $67 million and $71 million, and earnings of between $0.18 and $0.21 per share for the fourth quarter -- significantly exceeding analysts' expectations. The consensus analyst estimate was for a fourth quarter loss of $0.02 per share.
The higher-than-expected results are due primarily to strong revenue from Internet-related venture capital activities, and to a lesser extent, technology investment banking fees. These results reflect the company's imbedded Internet-focused activities.
In the fourth quarter, FBR advised, financed, or raised capital for 20 emerging Internet-related companies, including nine venture capital investments, six managed public offerings, and five corporate finance (private placement and M&A) assignments, reflecting FBR's focus on serving the capital and advisory needs of companies at all stages of the corporate lifecycle. Since entering the technology sector in late 1996, FBR has gone from zero revenue to fourth quarter technology revenues in excess of $50 million.
Chairman and Co-Chief Executive Officer Emanuel J. Friedman said, ''We are extraordinarily pleased with the results of our focus on the Internet and the strength of our other corporate finance, institutional sales, and asset management businesses. We have moved quickly over the past three years to seize opportunities in the high-growth Internet sector, especially in the greater Washington, D.C. 'Netplex' region.''
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