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B. Riley Financial Reports First Quarter 2023 Results; Declares $1.00 Dividend
LOS ANGELES, May 4, 2023 /PRNewswire/ -- B. Riley Financial, Inc. (NASDAQ: RILY) ("B. Riley" or the "Company"), a diversified financial services platform,
About this update from Brc Group Holdings, Inc.
[{"type":"text","content":"LOS ANGELES, May 4, 2023 /PRNewswire/ -- B. Riley Financial, Inc. (NASDAQ: RILY) (\"B. Riley\" or the \"Company\"), a diversified financial services platform, today released results for the three-month period ending March 31, 2023.\n\n \n \n \n \n \n \n\n \nQ1 2023 Financial Highlights\nTotal revenues increased 75% to $432.1 millionNet income of $15.1 million, or $0.51 diluted earnings per share (EPS)Operating revenues increased 43% to $380.5 millionOperating Adjusted EBITDA of $80.1 millionTotal Adjusted EBITDA of $94.8 millionBryant Riley, Chairman and Co-Chief Executive Officer of B. Riley Financial, commented: \"Our first quarter results demonstrate the versatility and resiliency of our platform. Over the past five years, we have undertaken several initiatives to further enhance and diversify our model. To generate $80 million of operating EBITDA amid a period of historically weak investment banking and liquidation activity only validates our strategy. As we look ahead, we see many opportunities to capitalize on the dislocations being presented by the current market environment and remain steadfast in our strategy.\"\nTom Kelleher, Co-Chief Executive Officer of B. Riley Financial, added: \"Against the backdrop of challenging markets, we believe B. Riley is exceptionally positioned to support our clients. We have made a series of strategic hires to meet growing client demand and remain focused on enhancing our platform for the benefit of our colleagues, clients, and partners who continue to place their trust in us.\"\nDeclaration of Common DividendThe Company has declared a regular quarterly cash dividend of $1.00 per common share which will be payable on or about May 23 to common stockholders of record as of May 16.\nFirst Quarter 2023 Financial SummaryNet income applicable to common shareholders was $15.1 million, or $0.51 diluted EPS. Income before income taxes was $24.5 million.\nThree Months Ended\nMarch 31,\n(Dollars in thousands, except for share data)\n2023\n2022\nNet income (loss) available to common shareholders\n$\n15,143\n$\n(12,064)\nBasic income (loss) per common share \n$\n0.53\n$\n(0.43)\nDiluted income (loss) per common share \n$\n0.51\n$\n(0.43)\nTotal revenues increased 75% to $432.1 million for the first quarter of 2023, up from $246.8 million in the prior year quarter. The increase in revenues was primari...