EX-99.3 4 0004.txt EXHIBIT 99.3 [LOGO OF FRIEDMAN, BILLINGS, RAMSEY GROUP, INC. APPEARS HERE] FRIEDMAN, BILLINGS, RAMSEY GROUP, INC. Financial & Statistical Supplement -Operating Results (unaudited) (Dollars in thousands, except per share data)
YTD 2000 Q-2 00 Q-1 00 YTD 1999 Q-4 99 -------- ------ ------ -------- ------ Revenues -------- Investment banking: Underwriting $ 11,711 $ 1,205 $ 10,506 $ 22,642 $ 6,200 Corporate finance 14,931 8,741 6,190 22,541 11,820 Investment income - - - 3,853 1,690 Institutional brokerage: Principal transactions 18,789 12,788 6,001 22,058 4,472 Agency commissions 10,303 4,627 5,676 14,988 5,048 Asset management: Base management fees 4,380 2,206 2,174 9,409 2,379 Incentive income 44,452 7,849 36,603 35,903 35,298 Net investment income (loss) 868 3,768 (2,900) (3,196) (1,870) Interest, dividends and other 4,345 2,352 1,993 10,768 2,559 --------- --------- --------- --------- --------- Total revenues 109,779 43,536 66,243 138,966 67,596 --------- --------- --------- --------- --------- Expenses -------- Compensation and benefits 71,432 25,209 46,223 98,424 45,759 Business development & professional services 9,008 4,391 4,617 23,582 5,418 Clearing and brokerage fees 3,106 1,539 1,567 4,693 1,386 Occupancy & equipment 4,696 2,373 2,323 6,674 1,952 Communications 2,448 1,267 1,181 4,323 1,240 Interest expense 541 319 222 1,323 163 Other operating expenses 3,927 2,373 1,554 6,918 1,482 --------- --------- --------- --------- --------- Total expenses 95,158 37,471 57,687 145,937 57,400 --------- --------- --------- --------- --------- Net income (loss) before taxes 14,621 6,065 8,556 (6,971) 10,196 --------- --------- --------- --------- --------- Provision for income taxes 2,924 785 2,139 - - Net income (loss) $ 11,697 $ 5,280 $ 6,417 $ (6,971) $ 10,196 ========= ========= ========= ========= ========= Net income (loss) before taxes as a percentage of revenue 13.3% 13.9% 12.9% -5.0% 15.1% ROE (annualized) 11.9% 10.5% 13.3% -3.7% 22.7% Total shareholders' equity $ 203,637 $ 203,637 $ 198,063 $ 188,969 $ 188,969 Basic earnings (loss) per share $ 0.24 $ 0.11 $ 0.13 $ (0.14) $ 0.21 Diluted earnings (loss) per share $ 0.23 $ 0.11 $ 0.12 $ (0.14) $ 0.21 Ending shares outstanding (in thousands) 49,204 49,204 49,096 48,961 48,961 Book value per share $ 4.14 $ 4.14 $ 4.03 $ 3.86 $ 3.86 Assets under management (in millions) ------------------------------------- Managed accounts $ 131.9 $ 131.9 $ 114.6 $ 180.2 $ 180.2 Hedge & offshore funds 114.3 114.3 98.8 151.6 151.6 Mutual funds 56.4 56.4 54.7 66.1 66.1 Private equity & venture capital 697.4 697.4 661.7 480.9 480.9 --------- --------- --------- --------- --------- Total $ 1,000.0 $ 1,000.0 $ 929.8 $ 878.8 $ 878.8 ========= ========= ========= ========= ========= Employee count 392 392 390 390 390 ========= ========= ========= ========= =========
Q-3 99 Q-2 99 Q-1 99 -------------- -------------- --------------- Revenues -------- Investment banking: Underwriting $ 4,026 $ 9,245 $ 3,171 Corporate finance 2,024 5,820 2,877 Investment income 15 2,148 - Institutional brokerage: Principal transactions 4,721 6,804 6,061 Agency commissions 3,372 3,749 2,819 Asset management: Base management fees 2,714 2,052 2,264 Incentive income 62 470 73 Net investment income (loss) (10,572) 6,985 2,261 Interest, dividends and other 2,560 3,106 2,543 --------- --------- --------- Total revenues 8,922 40,379 22,069 --------- --------- --------- Expenses -------- Compensation and benefits 16,318 22,109 14,238 Business development & professional services 9,662 5,908 2,594 Clearing and brokerage fees 1,098 1,195 1,014 Occupancy & equipment 1,738 1,422 1,562 Communications 1,246 913 924 Interest expense 159 494 507 Other operating expenses 1,762 2,489 1,185 --------- --------- --------- Total expenses 31,983 34,530 22,024 --------- --------- --------- Net income (loss) before taxes (23,061) 5,849 45 --------- --------- --------- Provision for income taxes - - - Net income (loss) $ (23,061) $ 5,849 $ 45 ========= ========= ========= Net income (loss) before taxes as a percentage of revenue -258.5% 14.5% 0.2% ROE (annualized) -51.4% 12.8% 0.1% Total shareholders' equity $ 170,922 $ 187,852 $ 176,876 Basic earnings (loss) per share $ (0.47) $ 0.12 $ 0.00 Diluted earnings (loss) per share $ (0.47) $ 0.12 $ 0.00 Ending shares outstanding (in thousands) 48,882 48,882 48,733 Book value per share $ 3.50 $ 3.84 $ 3.63 Assets under management (in millions) ------------------------------------- Managed accounts $ 200.5 $ 212.5 $ 229.4 Hedge & offshore funds 177.1 212.4 194.7 Mutual funds 78.1 91.6 95.9 Private equity & venture capital 329.6 295.7 152.9 --------- --------- --------- Total $ 785.3 $ 812.2 $ 672.9 ========= ========= ========= Employee count 390 350 349 ========= ========= =========