8-K 1 0001.txt FORM 8-K FORM 8-K SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 CURRENT REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 Date of Report (date of earliest event reported): October 31, 2000 Friedman, Billings, Ramsey Group, Inc. (Exact name of Registrant as specified in its charter) 001-13731 (Commission File Number) Virginia 54-1870350 (State or other jurisdiction of (I.R.S. Employer incorporation or organization) Identification No.) 1001 Nineteenth Street North Arlington, VA 22209 (Address of principal executive offices)(Zip code) (703) 312-9500 (Registrant's telephone number including area code) Item 9. On October 26, 2000, Friedman, Billings, Ramsey Group, Inc. issued a press release reporting its earnings for third quarter 2000. A copy of the press release has been filed on Form 8-K on October 27, 2000. Friedman, Billings, Ramsey Group, Inc. is supplementing the financial information contained in the October 26, 2000 press release by furnishing the following unaudited Financial and Statistical Supplement. The following Exhibit is furnished as part of this report: 99.1 Financial and Statistical Supplement (unaudited) September 30, 2000. SIGNATURE Pursuant to the requirements of the Securities Exchange Act of 1934, the Company has duly caused this Report to be signed on its behalf by the undersigned hereunto duly authorized. FRIEDMAN, BILLINGS, RAMSEY GROUP, INC. By: /s/ Emanuel J. Friedman Chief Executive Officer FRIEDMAN, BILLINGS, RAMSEY GROUP, INC. [LOGO] Financial & Statistical Supplement -Operating Results (unaudited) FBR September 30, 2000 (Dollars in thousands, except per share data)
YTD 2000 Q-3 00 Q-2 00 Q-1 00 -------- -------- -------- ------- Revenues -------- Investment banking: Underwriting $ 16,639 $ 4,928 $ 1,205 $ 10,506 Corporate finance 22,195 7,264 8,741 6,190 Investment income 1,453 1,453 - - Institutional brokerage: Principal transactions 25,808 7,019 12,788 6,001 Agency commissions 15,292 4,989 4,627 5,676 Asset management: Base management fees 6,884 2,504 2,206 2,174 Incentive income 52,203 7,751 7,849 36,603 Net investment income (loss) 6,648 5,780 3,768 (2,900) Interest, dividends and other 7,359 3,014 2,352 1,993 -------- -------- -------- ------- Total revenues 154,481 44,702 43,536 66,243 -------- -------- -------- ------- Expenses -------- Compensation and benefits 96,241 24,809 25,209 46,223 Business development & professional services 14,982 5,974 4,391 4,617 Clearing and brokerage fees 4,589 1,483 1,539 1,567 Occupancy & equipment 7,353 2,657 2,373 2,323 Communications 3,748 1,300 1,267 1,181 Interest expense 965 424 319 222 Other operating expenses 5,789 1,862 2,373 1,554 -------- -------- -------- ------- Total expenses 133,667 38,509 37,471 57,687 -------- -------- -------- ------- Net income (loss) before taxes 20,814 6,193 6,065 8,556 -------- -------- -------- ------- Provision for income taxes 4,163 1,239 785 2,139 Net income (loss) $ 16,651 $ 4,954 $ 5,280 $ 6,417 ======== ======== ======== ======= Net income (loss) before taxes as a percentage of revenue 13.5% 13.9% 13.9% 12.9% ROE (annualized) 17.4% 9.5% 10.5% 13.9% Total shareholders' equity $211,796 $211,796 $203,637 $198,063 Basic earnings (loss) per share $ 0.34 $ 0.10 $ 0.11 $ 0.13 Diluted earnings (loss) per share $ 0.33 $ 0.10 $ 0.11 $ 0.12 Ending shares outstanding (in thousands) 49,282 49,282 49,204 49,096 Book value per share $ 4.30 $ 4.30 $ 4.14 $ 4.03 Assets under management (in millions) ------------------------------------- Managed accounts $ 136.9 $ 136.9 $ 131.9 $ 114.6 Hedge & offshore funds 135.1 135.1 114.3 98.8 Mutual funds 93.1 93.1 56.4 54.7 Private equity & venture capital 757.5 757.5 697.4 661.7 -------- -------- -------- ------- Total $1,122.6 $1,122.6 $1,000.0 $ 929.8 ======== ======== ======== ======= Employee count 367 367 392 390 ======== ======== ======== ======= YTD 1999 Q-3 99 Q-2 99 Q-1 99 -------- -------- -------- ------- Revenues -------- Investment banking: Underwriting $ 16,442 $ 4,026 $ 9,245 $ 3,171 Corporate finance 10,721 2,024 5,820 2,877 Investment income 2,163 15 2,148 - Institutional brokerage: Principal transactions 17,586 4,721 6,804 6,061 Agency commissions 9,940 3,372 3,749 2,819 Asset management: Base management fees 7,030 2,714 2,052 2,264 Incentive income 605 62 470 73 Net investment income (loss) (1,326) (10,572) 6,985 2,261 Interest, dividends and other 8,209 2,560 3,106 2,543 -------- -------- -------- --------- Total revenues 71,370 8,922 40,379 22,069 -------- -------- -------- --------- Expenses -------- Compensation and benefits 52,665 16,318 22,109 14,238 Business development & professional services 18,164 9,662 5,908 2,594 Clearing and brokerage fees 3,307 1,098 1,195 1,014 Occupancy & equipment 4,722 1,738 1,422 1,562 Communications 3,083 1,246 913 924 Interest expense 1,160 159 494 507 Other operating expenses 5,436 1,762 2,489 1,185 -------- -------- -------- --------- Total expenses 88,537 31,983 34,530 22,024 -------- -------- -------- --------- Net income (loss) before taxes (17,167) (23,061) 5,849 45 -------- -------- -------- --------- Provision for income taxes - - - - Net income (loss) $(17,167) $(23,061) $ 5,849 $ 45 ======== ======== ======== ======== Net income (loss) before taxes as a percentage of revenue -24.1% -258.5% 14.5% 0.2% ROE (annualized) -9.6% -51.4% 12.8% 0.1% Total shareholders' equity $170,922 $170,922 $187,852 $176,876 Basic earnings (loss) per share $ (0.35) $ (0.47) $ 0.12 $ 0.00 Diluted earnings (loss) per share $ (0.35) $ (0.47) $ 0.12 $ 0.00 Ending shares outstanding (in thousands) 48,882 48,882 48,882 48,733 Book value per share $ 3.50 $ 3.50 $ 3.84 $ 3.63 Assets under management (in millions) ------------------------------------- Managed accounts $ 200.5 $ 200.5 $ 212.5 $ 229.4 Hedge & offshore funds 177.1 177.1 212.4 194.7 Mutual funds 78.1 78.1 91.6 95.9 Private equity & venture capital 329.6 329.6 295.7 152.9 -------- -------- -------- -------- Total $ 785.3 $ 785.3 $ 812.2 $ 672.9 ======== ======== ======== ======== Employee count 390 390 350 349 ======== ========= ======== ========