Business
B. Riley Financial Reports Strong Third Quarter 2020 Results
Q3 2020 Consolidated Revenues of $226.3 million and Net Income of $47.3 million, or $1.75 per Diluted Share Year-to-Date Consolidated Revenues of $492.5
About this update from Brc Group Holdings, Inc.
[{"type":"text","content":"Q3 2020 Consolidated Revenues of $226.3 million and Net Income of $47.3 million, or $1.75 per Diluted Share\n Year-to-Date Consolidated Revenues of $492.5 million and Net Income of $30.3 million\n Q3 2020 Operating adjusted EBITDA of $67.2 million; YTD Operating Adjusted EBITDA of $184.9 million\n Regular Quarterly Cash Dividend Raised to $0.375 per Common Share\n Board of Directors Approves Additional Share Repurchase Program\n\n\nLOS ANGELES, Oct. 29, 2020 /PRNewswire/ -- B. Riley Financial, Inc. (NASDAQ:RILY) (\"B. Riley\" or the \"Company\") today announced results for the third quarter ended September 30, 2020.\nThird Quarter 2020 Financial Highlights\nGAAP consolidated revenues of $226.3 million Net income available to common shareholders of $47.3 million, or $1.75 per diluted share Adjusted EBITDA (1) of $94.1 million Operating revenues (2) of $194.5 million and operating adjusted EBITDA (3) of $67.2 million\"We delivered strong third quarter results across our business lines which generated net income of $47.3 million compared to $34.3 million last year and operating adjusted EBITDA growth of over 90%,\" said Bryant Riley, Chairman and Co-Chief Executive Officer. \"Our capital markets group was the primary driver of growth this quarter, having realized impressive performance in all of its verticals. Our focus on helping small cap companies navigate financial markets with advisory, capital raising, and restructuring services is the ethos of our firm and this quarter confirmed that we provide vital services during periods of market turmoil like we have seen with COVID-19. As we continue to creatively gain market share in each of our segments within capital markets, we anticipate becoming the market leader within the small cap ecosystem. In addition to capital markets, we have continued to see strong performance out of our liquidation business given the unfortunate ramifications of COVID-19. Additionally, our valuation business, brand portfolio, and wholly owned subsidiaries within our principal investments business continue to generate steady cash flows and healthy returns on invested capital. Finally, we continue to view our balance sheet as a vital differentiator that sets us apart from the competition. We saw investment gains of $32 million in the quarter which marks a continued recovery from our first quarter losses. T...