Business
B. Riley Financial Reports Third Quarter 2021 Results; Declares $4.00 Dividend
Net income of $48.6 million, $1.69 diluted EPS Total revenues increased to $381.5 million, total adjusted EBITDA of $114.1 million Operating revenues
About this update from Brc Group Holdings, Inc.
[{"type":"text","content":"Net income of $48.6 million, $1.69 diluted EPS\n Total revenues increased to $381.5 million, total adjusted EBITDA of $114.1 million\n Operating revenues increased to $363.3 million, operating adjusted EBITDA of $101.1 million\n Strong earnings driven by investment banking, in addition to wealth management, principal investments, and brands\n Increases regular quarterly dividend to $1.00 from previous $0.50, declares $3.00 special\n Total third quarter dividend of $4.00 per common share\n Board of Directors approve new annual share repurchase plan of up to $50 million\n\n\nLOS ANGELES, Oct. 28, 2021 /PRNewswire/ -- B. Riley Financial, Inc. (NASDAQ: RILY), a diversified financial services company, today announced results for the three- and nine-month period ended September 30, 2021.\n\n \n \n \n \n \n \n\n \nThird Quarter 2021 Highlights\nNet income of $48.6 million, up 3% year-over-year Total revenues of $381.5 million, up 69% year-over-year Total adjusted EBITDA (1) of $114.1 million, up 21% year-over-year Operating revenues (2) of $363.3 million, up 87% year-over-year Operating adjusted EBITDA (3) of $101.1 million, up 50% year-over-yearBryant Riley, Chairman and Co-Chief Executive Officer of B. Riley Financial, said: \"We have never been more confident in the power of our combined platform and the opportunities we see ahead. In line with our stated commitment to return capital to our shareholders, we have increased our regular quarterly dividend to $1.00 and declared a special dividend of $3.00 for a total third quarter dividend of $4.00 per common share. Upon payment of our third quarter dividend, we will have returned a total of $9.00 per share, or approximately $247 million, in common stock dividends to shareholders for the first three quarters. The increase in our regular dividend reflects our increasing confidence in our recurring cash flows, as well as the continued growth in our episodic businesses. Our balance sheet continues to be very strong, and our capital base has continued to increase, reflecting the growing cash flows and strong fundamentals of our business. We acknowledge that our diversified business can be difficult to analyze and believe a recurring dividend is an important measure for our shareholders. Our goal is to continue to utilize our cash flows to enhance our business, make accretive acquisitions, a...