Business
B. Riley Financial Reports First Quarter 2020 Results and Declares Quarterly Cash Dividend of $0.25 per Common Share
Record Results Mitigated by Unrealized Losses LOS ANGELES, May 11, 2020 /PRNewswire/ -- B. Riley Financial, Inc. (NASDAQ:RILY) ("B. Riley" or the "Company")
About this update from Brc Group Holdings, Inc.
[{"type":"text","content":"Record Results Mitigated by Unrealized Losses\n\n\nLOS ANGELES, May 11, 2020 /PRNewswire/ -- B. Riley Financial, Inc. (NASDAQ:RILY) (\"B. Riley\" or the \"Company\") today announced results for the first quarter ended March 31, 2020.\n\n \n \n \n \n \n \n\n \nBryant Riley, Chairman and Co-Chief Executive Officer, B. Riley Financial, said: \"Our first quarter results consisted of very strong performance from our operating businesses alongside a significant mark-to-market loss from our investment portfolio. Core operations demonstrated collective strength with a record quarter in terms of both growth and overall profitability. While our investment book saw large unrealized losses during the quarter, primarily from the global impact of COVID-19, these losses do not have a material impact on our operations. Since the end of the quarter, our portfolio has had a meaningful rebound and we feel fortunate to have the asset of permanent capital which will allow us to capitalize on market dislocations being presented.\"\n\"As we evaluate our operating businesses, we have never been more excited about our earnings power and position in the market. We believe B. Riley is well-positioned to grow market share through the second half of 2020 as capital markets recover and the headwinds in the retail sector accelerate. We are actively pursuing and have been engaged in several new opportunities which leverage our diverse capabilities across restructuring, bankruptcy and litigation advisory, valuation, lending and retail liquidation. We maintain a balance sheet in excess of $775 million of cash and investments, which we intend to use opportunistically to support our clients and partners and create value for our shareholders.\"\n\"As we continue to prioritize the health and well-being of our colleagues, we could not be prouder of this team of world-class professionals. Our strength lies in our ability to support our clients and partners as they navigate the challenges created by the COVID-19 pandemic.\"\nFirst Quarter 2020 Financial Summary\nGAAP consolidated revenues of ($0.2 million) and net loss of ($98.7 million) Record quarterly operating revenues (1) of $182.2 million and operating adjusted EBITDA (3) of $70.9 million Investment loss (4) driven by significant markdowns, primarily unrealized losses on marketable securities and on fair value of...