Acquisitions set the stage for B. Riley Financial Inc. to deliver an 18 percent increase in the fourth quarter, the company announced Wednesday.
The Woodland Hills investment bank reported a net loss of $6.1 million (-23 cents a share) for the quarter, compared to net income of $12.4 million (64 cents) for the same quarter a year ago. Revenue grew 18 percent to $110 million.
For the full year, the company had net income of $11.6 million (48 cents a share). No analysts follow the company.
“2017 was a milestone year for our company with our acquisitions of FBR & Co. and Wunderlich Securities in June and July,” Chairman Bryant Riley said in a statement. “Since merging the companies in the third quarter of 2017, B. Riley FBR has contributed to a 33 percent increase in revenues in the fourth quarter. … We are excited by the overall momentum our combined Capital Markets business has created, namely through an enhanced equity research offering and a substantive increase in deal flow.”
The company announced results after market close Wednesday. Shares of B. Riley (RILY) closed up 10 cents, or less than 1 percent, to $18.80 on the Nasdaq.