Business
B. Riley Financial Reports First Quarter 2021 Results; Declares $3.00 Dividend
Reports net income of $252.9 million, diluted EPS of $8.81 Total revenues of $600.2 million, operating revenues of $333.2 million Total adjusted EBITDA of
About this update from Brc Group Holdings, Inc.
[{"type":"text","content":"Reports net income of $252.9 million, diluted EPS of $8.81\n Total revenues of $600.2 million, operating revenues of $333.2 million\n Total adjusted EBITDA of $385.5 million, operating EBITDA of $122.7 million\n Declares dividend of $3.00 per share, includes $0.50 regular and $2.50 special\n\n\nLOS ANGELES, May 3, 2021 /PRNewswire/ -- B. Riley Financial, Inc. (NASDAQ: RILY), a diversified financial services company, today announced its financial results for the first quarter ended March 31, 2021.\nFirst Quarter 2021 Highlights\nNet income available to common shareholders of $252.9 million, or $8.81 per diluted share Total quarterly revenues of $600.2 million, total adjusted EBITDA (1) of $385.5 million Operating revenues (2) of $333.2 million vs. $182.2 million for Q1 2020 Operating adjusted EBITDA (3) of $122.7 million vs. $70.9 million for Q1 2020 Investment gains (4) of $266.9 million as of March 31, 2021 Completed acquisition of National Holdings, enhancing wealth management and capital markets Declared total quarterly dividend of $3.00 per common shareBryant Riley, Chairman and Co-Chief Executive Officer of B. Riley Financial, said: \"Our first quarter performance again demonstrates the combined platform's strength and earnings power, with this period driven by particularly exceptional results from our investment banking group. Our results were enhanced by investment gains of approximately $267 million, coupled with a year-over-year increase of over 80 percent and 70 percent, respectively, for quarterly operating revenues and operating EBITDA. These results reflected the upside from capital markets in addition to steady and recurring contributions from the balance of our businesses.\"\nTom Kelleher, Co-Chief Executive Officer of B. Riley Financial, added: \"During the quarter, we completed the acquisition of National Holdings and welcomed nearly 700 registered representatives to B. Riley. With $31 billion in combined assets as of March 31, the addition of National to wealth management creates meaningful scale and distribution for our overall platform.\"\n\"We also added a new risk and compliance practice that is in high demand by our customers and enhances our advisory services. As we continue to build on and deepen our core capabilities in capital markets, restructuring and advisory, we are seeing more opportunities and in...