EX-99.4 6 octex994.txt FINANCIAL & STAT. SUPP. EXHIBIT 99.4
FRIEDMAN, BILLINGS, RAMSEY GROUP, INC. Financial & Statistical Supplement -Operating Results (unaudited) (Dollars in thousands, except per share data) YTD 2001 Q-3 01 Q-2 01 Q-1 01 YTD 2000 Q-4 00 Q-3 00 Q-2 00 Q-1 00 --------- -------- ---------- --------- --------- --------- --------- --------- --------- REVENUES INVESTMENT BANKING: Underwriting $26,925 $ 9,857 $ 9,414 $ 7,654 $21,086 $ 4,447 $ 4,928 $ 1,205 $10,506 Corporate finance 21,454 1,153 18,057 2,244 31,404 9,209 7,264 8,741 6,190 Investment gains 5,414 74 5,340 - 1,453 - 1,453 - - INSTITUTIONAL BROKERAGE: Principal transactions 15,513 4,158 5,383 5,972 32,319 6,511 7,019 12,788 6,001 Agency commissions 18,461 5,934 5,962 6,565 21,084 5,792 4,989 4,627 5,676 ASSET MANAGEMENT: Base management fees 13,934 5,836 5,191 2,907 9,719 2,835 2,504 2,206 2,174 Incentive income (4,586) (1,843) 301 (3,044) 44,456 (7,747) 7,751 7,849 36,603 Net investment income (loss) (5,141) (6,554) 3,498 (2,085) 9,674 3,026 5,780 3,768 (2,900) INTEREST, DIVIDENDS AND OTHER 7,414 3,168 2,006 2,240 9,695 2,336 3,014 2,352 1,993 ---------- --------- ---------- --------- --------- --------- --------- --------- --------- Total revenues 99,388 21,783 55,152 22,453 180,890 26,409 44,702 43,536 66,243 ---------- --------- ---------- --------- --------- --------- --------- --------- --------- EXPENSES Compensation and benefits 73,283 24,276 32,756 16,251 109,768 13,527 24,809 25,209 46,223 Business development & professional serv. 21,170 7,639 8,205 5,326 19,229 4,247 5,974 4,391 4,617 Clearing and brokerage fees 5,106 1,786 1,588 1,732 6,207 1,618 1,483 1,539 1,567 Occupancy & equipment 11,125 5,742 2,883 2,500 9,544 2,191 2,657 2,373 2,323 Communications 4,220 1,555 1,498 1,167 5,085 1,337 1,300 1,267 1,181 Interest expense 737 322 334 81 1,665 700 424 319 222 Other operating expenses 7,166 2,853 2,778 1,535 7,147 1,358 1,862 2,373 1,554 ---------- --------- ---------- --------- --------- --------- --------- --------- --------- Total expenses 122,807 44,173 50,042 28,592 158,645 24,978 38,509 37,471 57,687 ---------- --------- ---------- --------- --------- --------- --------- --------- --------- Net income (loss) before taxes (23,419) (22,390) 5,110 (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) $(23,419) $(22,390) $ 5,110 $ (6,139) $18,082 $ 1,431 $ 4,954 $ 5,280 $ 6,417 ========== ========= ========== ========= ========= ========= ========= ========= ========= Net income (loss) before taxes as a percentage of revenue -23.6% -102.8% 9.3% -27.3% 12.3% 5.4% 13.9% 13.9% 12.9% ROE (annualized) -47.9% -47.9% 9.9% -11.5% 9.0% 2.7% 9.5% 10.5% 13.3% Total shareholders' equity $173,668 $ 173,668 $200,314 $211,001 $214,556 $214,556 $211,796 $203,637 $198,063 Basic earnings (loss) per share $ (0.49) $ (0.49) $ 0.10 $ (0.12) $ 0.37 $ 0.03 $ 0.10 $ 0.11 $ 0.13 Diluted earnings (loss) per share $ (0.49) $ (0.49) $ 0.10 $ (0.12) $ 0.36 $ 0.03 $ 0.10 $ 0.11 $ 0.12 Ending shares outstanding (in thousands) 45,514 45,514 46,100 49,391 49,380 49,380 49,282 49,204 49,096 Book value per share $ 3.82 $ 3.82 $ 4.35 $ 4.27 $ 4.34 $ 4.34 $ 4.30 $ 4.14 $ 4.03 ASSETS UNDER MANAGEMENT (IN MILLIONS) Managed accounts $ 237.5 $ 237.5 $ 142.4 $ 126.1 $ 133.6 $ 133.6 $ 136.9 $ 131.9 $ 114.6 Hedge & offshore funds 176.1 176.1 186.6 164.7 149.7 149.7 135.1 114.3 98.8 Mutual funds 1,008.3 1,008.3 1,153.1 148.5 119.0 119.0 93.1 56.4 54.7 Private equity & venture capital 305.6 305.6 341.2 336.2 457.2 457.2 757.5 697.4 661.7 ---------- --------- ---------- --------- --------- --------- --------- --------- --------- Total $1,727.5 $1,727.5 $1,823.3 $ 775.5 $ 859.5 $ 859.5 $ 1,122.6 $ 1,000.0 $ 929.8 ========== ========= ========== ========= ========= ========= ========= ========= ========= Employee count 502 502 488 400 386 386 367 392 390 ========== ========= ========== ========= ========= ========= ========= ========= =========