EX-99.3 4 dex993.txt EXHIBIT 99.3 Exhibit 99.3 [LOGO] FRIEDMAN, BILLINGS, RAMSEY GROUP, INC. FBR Financial & Statistical Supplement -Operating Results (unaudited) (Dollars in thousands, except per share data)
YTD 2001 Q-1 01 YTD 2000 Q-4 00 Q-3 00 Q-2 00 Q-1 00 --------- --------- --------- ------- --------- -------- --------- Revenues -------- Investment banking: Underwriting $ 7,654 $ 7,654 $ 21,086 $ 4,447 $ 4,928 $ 1,205 $ 10,506 Corporate finance 2,244 2,244 31,404 9,209 7,264 8,741 6,190 Investment income - - 1,453 - 1,453 - - Institutional brokerage: Principal transactions 5,972 5,972 32,319 6,511 7,019 12,788 6,001 Agency commissions 6,565 6,565 21,084 5,792 4,989 4,627 5,676 Asset management: Base management fees 2,907 2,907 9,719 2,835 2,504 2,206 2,174 Incentive income (3,044) (3,044) 44,456 (7,747) 7,751 7,849 36,603 Net investment income (loss) (2,085) (2,085) 9,674 3,026 5,780 3,768 (2,900) Interest, dividends and other 2,240 2,240 9,695 2,336 3,014 2,352 1,993 --------- ------- --------- ------- -------- -------- ------- Total revenues 22,453 22,453 180,890 26,409 44,702 43,536 66,243 --------- ------- --------- ------- -------- -------- ------- Expenses -------- Compensation and benefits 16,251 16,251 109,768 13,527 24,809 25,209 46,223 Business development & professional services 5,326 5,326 19,229 4,247 5,974 4,391 4,617 Clearing and brokerage fees 1,732 1,732 6,207 1,618 1,483 1,539 1,567 Occupancy & equipment 2,500 2,500 9,544 2,191 2,657 2,373 2,323 Communications 1,167 1,167 5,085 1,337 1,300 1,267 1,181 Interest expense 81 81 1,665 700 424 319 222 Other operating expenses 1,535 1,535 7,147 1,358 1,862 2,373 1,554 --------- ------- --------- ------- -------- -------- ------- Total expenses 28,592 28,592 158,645 24,978 38,509 37,471 57,687 --------- ------- --------- ------- -------- -------- ------- Net income (loss) before taxes (6,139) (6,139) 22,245 1,431 6,193 6,065 8,556 --------- ------- --------- ------- -------- -------- ------- Provision for income taxes - - 4,163 - 1,239 785 2,139 Net income (loss) $ (6,139) $ (6,139) $ 18,082 $ 1,431 $ 4,954 $ 5,280 $ 6,417 ========= ======= ========= ======= ======== ======== ======= Net income (loss) before taxes as a percentage of revenue -27.3% -27.3% 12.3% 5.4% 13.9% 13.9% 12.9% ROE (annualized) -11.5% -11.5% 9.0% 2.7% 9.5% 10.5% 13.3% Total shareholders' equity $ 211,001 $211,001 $ 214,556 $214,556 $211,796 $203,637 $198,063 Basic earnings (loss) per share $ (0.12) $ (0.12) $ 0.37 $ 0.03 $ 0.10 $ 0.11 $ 0.13 EPS (pro-forma) (1) $ - $ - $ - $ - $ - $ - $ - Diluted earnings (loss) per share $ (0.12) $ (0.12) $ 0.36 $ 0.03 $ 0.10 $ 0.11 $ 0.12 Ending shares outstanding (in thousands) 49,391 49,391 49,380 49,380 49,282 49,204 49,096 Book value per share $ 4.27 $ 4.27 $ 4.34 $ 4.34 $ 4.30 $ 4.14 $ 4.03 Assets under management (in millions) ------------------------------------- Managed accounts $ 126.1 $ 126.1 $ 133.6 $ 133.6 $ 136.9 $ 131.9 $ 114.6 Hedge & offshore funds 164.7 164.7 149.7 149.7 135.1 114.3 98.8 Mutual funds 148.5 148.5 119.0 119.0 93.1 56.4 54.7 Private equity & venture capital 336.2 336.2 457.2 457.2 757.5 697.4 661.7 --------- ------- --------- ------- -------- -------- ------- Total $ 775.5 $ 775.5 $ 859.5 $ 859.5 $1,122.6 $1,000.0 $ 929.8 ========= ======= ========= ======= ======== ======== ======= Employee count 400 400 386 386 367 392 390 ========= ======= ========= ======= ======== ======== =======