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Thursday, Jun 1, 2023

Acquisitions Contribute to B. Riley Revenue Gains

Acquisitions set the stage for B. Riley Financial Inc. to deliver an 18 percent increase in the fourth quarter, the company announced Wednesday. The Woodland Hills investment bank reported a net loss of $6.1 million (-23 cents a share) for the quarter, compared to net income of $12.4 million (64 cents) for the same quarter a year ago. Revenue grew 18 percent to $110 million. For the full year, the company had net income of $11.6 million (48 cents a share). No analysts follow the company. “2017 was a milestone year for our company with our acquisitions of FBR & Co. and Wunderlich Securities in June and July,” Chairman Bryant Riley said in a statement. “Since merging the companies in the third quarter of 2017, B. Riley FBR has contributed to a 33 percent increase in revenues in the fourth quarter. … We are excited by the overall momentum our combined Capital Markets business has created, namely through an enhanced equity research offering and a substantive increase in deal flow.” The company announced results after market close Wednesday. Shares of B. Riley (RILY) closed up 10 cents, or less than 1 percent, to $18.80 on the Nasdaq.

Joel Russel
Joel Russel
Joel Russell joined the Los Angeles Business Journal in 2006 as a reporter. He transferred to sister publication San Fernando Valley Business Journal in 2012 as managing editor. Since he assumed the position of editor in 2015, the Business Journal has been recognized four times as the best small-circulation tabloid business publication in the country by the Alliance of Area Business Publishers. Previously, he worked as senior editor at Hispanic Business magazine and editor of Business Mexico.

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