EX-99.2 3 dex992.txt FINANCIAL SUPPLEMENT EXHIBIT 99.2 [LOGO] FRIEDMAN, BILLINGS, RAMSEY GROUP, INC. FBR Financial & Statistical Supplement -Operating Results (unaudited) (Dollars in thousands, except per share data)
YTD 2001 Q-2 01 Q-1 01 YTD 2000 --------- --------- --------- --------- Revenues -------- Investment banking: Underwriting $ 17,068 $ 9,414 $ 7,654 $ 21,086 Corporate finance 20,301 18,057 2,244 31,404 Investment gains 5,340 5,340 - 1,453 Institutional brokerage: Principal transactions 11,355 5,383 5,972 32,319 Agency commissions 12,527 5,962 6,565 21,084 Asset management: Base management fees 8,098 5,191 2,907 9,719 Incentive income (2,743) 301 (3,044) 44,456 Net investment income (loss) 1,413 3,498 (2,085) 9,674 Interest, dividends and other 4,246 2,006 2,240 9,695 --------- --------- --------- --------- Total revenues 77,605 55,152 22,453 180,890 --------- --------- --------- --------- Expenses -------- Compensation and benefits 49,007 32,756 16,251 109,768 Business development & professional services 13,531 8,205 5,326 19,229 Clearing and brokerage fees 3,320 1,588 1,732 6,207 Occupancy & equipment 5,383 2,883 2,500 9,544 Communications 2,665 1,498 1,167 5,085 Interest expense 415 334 81 1,665 Other operating expenses 4,313 2,778 1,535 7,147 --------- --------- --------- --------- Total expenses 78,634 50,042 28,592 158,645 --------- --------- --------- --------- Net income (loss) before taxes (1,029) 5,110 (6,139) 22,245 --------- --------- --------- --------- Provision for income taxes - - - 4,163 Net income (loss) $ (1,029) $ 5,110 $ (6,139) $ 18,082 ========= ========= ========= ========= Net income (loss) before taxes as a percentage of revenue -1.3% 9.3% -27.3% 12.3% ROE (annualized) 9.9% 9.9% -11.5% 9.0% Total shareholders' equity $ 200,314 $ 200,314 $ 211,001 $ 214,556 Basic earnings (loss) per share $ (0.02) $ 0.10 $ (0.12) $ 0.37 Diluted earnings (loss) per share $ (0.02) $ 0.10 $ (0.12) $ 0.36 Ending shares outstanding (in thousands) 46,100 46,100 49,391 49,380 Book value per share $ 4.35 $ 4.35 $ 4.27 $ 4.34 Assets under management (in millions) ------------------------------------- Managed accounts $ 142.4 $ 142.4 $ 126.1 $ 133.6 Hedge & offshore funds 186.6 186.6 164.7 149.7 Mutual funds 1,153.1 1,153.1 148.5 119.0 Private equity & venture capital 341.2 341.2 336.2 457.2 --------- --------- --------- --------- Total $ 1,823.3 $ 1,823.3 $ 775.5 $ 859.5 ========= ========= ========= ========= Employee count 488 488 400 386 ========= ========= ========= ========= Q-4 00 Q-3 00 Q-2 00 Q-1 00 --------- --------- --------- --------- Revenues -------- Investment banking: Underwriting $ 4,447 $ 4,928 $ 1,205 $ 10,506 Corporate finance 9,209 7,264 8,741 6,190 Investment gains - 1,453 - - Institutional brokerage: Principal transactions 6,511 7,019 12,788 6,001 Agency commissions 5,792 4,989 4,627 5,676 Asset management: Base management fees 2,835 2,504 2,206 2,174 Incentive income (7,747) 7,751 7,849 36,603 Net investment income (loss) 3,026 5,780 3,768 (2,900) Interest, dividends and other 2,336 3,014 2,352 1,993 EXHIBIT 99.2 (Page 2) --------- --------- --------- --------- Total revenues 26,409 44,702 43,536 66,243 --------- --------- --------- ---------
EXHIBIT 99.2 (Page 3) Expenses -------- Compensation and benefits 13,527 24,809 25,209 46,223 Business development & professional services 4,247 5,974 4,391 4,617 Clearing and brokerage fees 1,618 1,483 1,539 1,567 Occupancy & equipment 2,191 2,657 2,373 2,323 Communications 1,337 1,300 1,267 1,181 Interest expense 700 424 319 222 Other operating expenses 1,358 1,862 2,373 1,554 --------- --------- --------- --------- Total expenses 24,978 38,509 37,471 57,687 --------- --------- --------- --------- Net income (loss) before taxes 1,431 6,193 6,065 8,556 --------- --------- --------- --------- Provision for income taxes - 1,239 785 2,139 Net income (loss) $ 1,431 $ 4,954 $ 5,280 $ 6,417 ========= ========= ========= ========= Net income (loss) before taxes as a percentage of revenue 5.4% 13.9% 13.9% 12.9% ROE (annualized) 2.7% 9.5% 10.5% 13.3% Total shareholders' equity $ 214,556 $ 211,796 $ 203,637 $ 198,063 Basic earnings (loss) per share $ 0.03 $ 0.10 $ 0.11 $ 0.13 Diluted earnings (loss) per share $ 0.03 $ 0.10 $ 0.11 $ 0.12 Ending shares outstanding (in thousands) 49,380 49,282 49,204 49,096 Book value per share $ 4.34 $ 4.30 $ 4.14 $ 4.03 Assets under management (in millions) ------------------------------------- Managed accounts $ 133.6 $ 136.9 $ 131.9 $ 114.6 Hedge & offshore funds 149.7 135.1 114.3 98.8 Mutual funds 119.0 93.1 56.4 54.7 Private equity & venture capital 457.2 757.5 697.4 661.7 --------- --------- --------- --------- Total $ 859.5 $ 1,122.6 $ 1,000.0 $ 929.8 ========= ========= ========= ========= Employee count 386 367 392 390 ========= ========= ========= =========