JMP Group LLC (NYSE: JMP), an investment banking and alternative
asset management firm, reported financial results today for the
quarter ended September 30, 2018.
A summary of JMP Group’s operating results for the quarter and
nine months ended September 30, 2018, and for comparable prior
periods, is set forth below.
Quarter Ended Nine Months Ended (in thousands, except
per share amounts) Sept. 30, 2018 June 30, 2018 Sept.
30, 2017 Sept. 30, 2018 Sept. 30, 2017 Total net
revenues $33,251 $44,264 $32,029 $104,726 $79,550
Net income/(loss) attributable to JMP
Group
$288 ($1,988 ) ($1,235 ) ($1,983 ) ($14,510 )
Net income/(loss) attributable to JMP
Group per share
$0.01 ($0.09 ) ($0.06 ) ($0.09 ) ($0.66 ) Operating net
income $1,741 $3,384 $2,291 $3,494 $767 Operating net income per
share $0.08 $0.16 $0.10 $0.16 $0.03 Book value per share
$4.06 $4.13 $4.69 $4.06 $4.69 Adjusted book value per share $5.07
$5.08 $5.42 $5.07 $5.42
For more information about operating net income, including a
reconciliation to net income, and adjusted book value per share,
including a reconciliation to book value per share, see the section
below titled “Non-GAAP Financial Measures.”
“We had a fairly normal third quarter, with operating EPS of
$0.08, versus $0.10 a year ago,” said Chairman and Chief Executive
Officer Joe Jolson. “JMP Securities contributed $0.09 per share,
compared to a record $0.13 for the third quarter in 2017. Through
September of this year, JMP Securities’ operating earnings per
share were $0.29, versus $0.19 for the first nine months of 2017,
driven by record investment banking revenues that rose 28%.
“Asset management fee income and investment income combined to
contribute $0.10 of operating EPS, up 40% from the third quarter of
2017, due to the closing of JMP Credit Advisors CLO V in late July.
Investment income covered our fixed corporate costs for the second
consecutive quarter, and earnings of $0.11 per share at the
publicly traded partnership more than covered our third-quarter
cash distributions of $0.09 per share.
“Despite recently increased market volatility, the fourth
quarter is off to a reasonable start at JMP Securities; and, with
our capital now redeployed in our CLO strategy, our investment
income should be more stable going forward, subject to the
lumpiness of credit losses in any one quarter.”
Segment Results of Operations
A summary of JMP Group’s operating net income per share by
segment for the quarter and nine months ended September 30, 2018,
and for comparable prior periods, is set forth below.
Quarter Ended Nine Months Ended ($ as shown) Sept.
30, 2018 June 30, 2018 Sept. 30, 2017 Sept. 30, 2018
Sept. 30, 2017 Broker-dealer $0.09 $0.12 $0.13 $0.29
$0.19 Asset management fee income 0.00 (0.01 ) (0.00 ) (0.04
) (0.01 ) Investment income 0.10 0.14 0.08
0.21 0.11 Total asset management 0.10 0.13 0.07 0.17
0.10 Corporate costs (0.11 ) (0.10 ) (0.10 ) (0.30 ) (0.25 )
Operating EPS (diluted) $0.08 $0.16 $0.10
$0.16 $0.03
Note: Due to
rounding, numbers in columns above may not sum to totals
presented.
For more information about operating net income, including a
reconciliation to net income, see the section below titled
“Non-GAAP Financial Measures.”
Composition of Revenues
Investment Banking
Investment banking revenues were $21.1 million, a decrease of
4.5% from $22.1 million for the quarter ended September 30, 2017.
For the nine months ended September 30, 2018, investment banking
revenues were $70.3 million, an increase of 28.3% from $54.8
million for the nine months ended September 30, 2017.
A summary of the company’s investment banking revenues and
transaction counts for the quarter and nine months ended September
30, 2018, and for comparable prior periods, is set forth below.
Quarter Ended Nine Months Ended Sept. 30, 2018
June 30, 2018 Sept. 30, 2017 Sept. 30, 2018 Sept. 30,
2017 ($ in thousands) Count Revenues Count Revenues
Count Revenues Count Revenues Count Revenues
Equity and debt origination
21 $11,366
(1)
31 $24,049
(1)
22 $15,639 73 $47,276
(1)
82 $40,493
Strategic advisory and private
placements
4 9,729 6 4,513 6 6,446 17 23,042 14 14,320 Total 25 $21,095
(1)
37 $28,562
(1)
28 $22,085 90 $70,318
(1)
96 $54,813 (1) Prior to 2018, JMP Group presented investment
banking revenues net of related expenses. In the quarter ended
March 31, 2018, the company adopted new accounting guidance on
revenue recognition, which resulted in the presentation of
investment banking revenues and related expenses on a gross basis
in the company’s financial statements. These related expenses were
$0.9 million and $2.7 million for the quarters ended September 30
and June 30, 2018, respectively, and $5.6 million for the nine
months ended September 30, 2018.
Brokerage
Net brokerage revenues were $4.7 million, a decrease of 1.8%
from $4.8 million for the quarter ended September 30, 2017. For the
nine months ended September 30, 2018, net brokerage revenues were
$14.8 million, a decrease of 2.2% from $15.1 million for the
nine months ended September 30, 2017.
Total capital markets revenues, which consist of net brokerage
revenues produced by the institutional equities division in
addition to equity and debt origination revenues generated by the
investment banking division, were $16.0 million and $62.1 million
for the quarter and nine months ended September 30, 2018,
respectively, compared to $20.4 million and $55.6 million for the
quarter and nine months ended September 30, 2017,
respectively.
Asset Management
Asset management fees were $3.7 million, a decrease of 7.8% from
$4.0 million for the quarter ended September 30, 2017. For the nine
months ended September 30, 2018, asset management fees were
$15.5 million, an increase of 10.1% from $14.1 million for the
nine months ended September 30, 2017.
A summary of the company’s client assets under management for
the quarter ended September 30, 2018, and for comparable prior
periods, is set forth below.
(in millions) Sept. 30, 2018 June 30, 2018
Sept. 30, 2017
Harvest Capital Strategies, JMP Asset
Management and HCAP Advisors
$880 $889 $1,186 JMP Credit Advisors 1,211 1,111 827 Client assets
under management 2,091 2,000 2,013 Assets under management by
sponsored funds (1) 3,751 3,580 1,236
Client assets under management, including
sponsored funds
$5,842 $5,580 $3,249 (1) Funds managed by third-party asset
managers in which JMP Group owns an economic interest.
Principal Transactions
Principal transactions generated a net realized and unrealized
gain of $0.5 million, compared to a net realized and unrealized
loss of $1.4 million for the quarter ended September 30, 2017. For
the nine months ended September 30, 2018, principal
transactions generated a net realized and unrealized loss of
$1.5 million, compared to a net realized and unrealized loss
of $3.6 million for the nine months ended September 30,
2017.
Net Interest Income
Net interest income was $4.9 million, an increase of 132.8% from
$2.1 million for the quarter ended September 30, 2017. For the
nine months ended September 30, 2018, net interest income was
$11.9 million, an increase of 137.5% from $5.0 million for the
nine months ended September 30, 2017. The year-over-year increase
was primarily due to a higher average loan balance for the first
nine months of 2018 than for the same period of 2017, due to the
reinvestment of funds that resulted from the liquidation of JMP
Credit Advisors CLO I in February 2017.
Provision for Loan Losses
The net loan loss provision was $1.5 million, including a
general loan loss provision of $0.9 million and a specific loan
loss provision of $0.6 million, reflecting loan growth of $100.5
million during the quarter.
Expenses
Compensation and Benefits
Compensation and benefits expense was $22.7 million, compared to
$24.6 million for the quarter ended September 30, 2017. As a
percentage of net revenues, compensation and benefits expense was
68.2%, compared to 76.7% for the quarter ended September 30, 2017.
With regard to annually awarded compensation, a concept which
adjusts compensation expense related to share-based awards and
deferred compensation, compensation and benefits expense was 68.0%
of net revenues, compared to 74.5% for the quarter ended September
30, 2017.
For the nine months ended September 30, 2018, compensation and
benefits expense was $76.1 million, compared to $69.0 million for
the nine months ended September 30, 2017. As a percentage of net
revenues, compensation and benefits expense was 72.6%, compared to
86.8% for the nine months ended September 30, 2017. With regard to
annually awarded compensation, compensation and benefits expense
was 72.4% of net revenues, compared to 84.4% for the nine months
ended September 30, 2017.
For more information about compensation ratios, see the section
below titled “Non-GAAP Financial Measures.”
Non-Compensation Expense
Non-compensation expense was $8.9
million and $30.6 million for the quarter and nine
months ended September 30, 2018, respectively, compared
to $6.8 million and $23.5 million for the
quarter and nine months ended September 30, 2017,
respectively. The year-over-year increases were in part
attributable to the adoption of new accounting guidance on revenue
recognition, which caused $0.9 million of investment
banking-related expenses to be presented on a gross basis and to be
included within non-compensation expense for the quarter ended
September 30, 2018. For the nine months ended September 30, 2018,
the amount was $5.6 million. In prior periods, such expenses
were presented as a deduction from investment banking revenues.
Share Repurchase Activity
During the quarter ended September 30, 2018, JMP Group
repurchased 146,003 shares of its common stock at an aggregate cost
of $0.8 million, or $5.34 per share. As of October 1, 2018,
approximately 565,000 shares were eligible for repurchase through
year-end.
Personnel
At September 30, 2018, the company had 224 full-time employees,
compared to 216 at June 30, 2018, and 230 at September 30,
2017.
Non-GAAP Financial Measures
In addition to the GAAP financial results presented in this
press release, JMP Group presents the non-GAAP financial measures
discussed below. These non-GAAP measures are provided to enhance
investors’ overall understanding of the company’s current financial
performance. Furthermore, company management believes that this
presentation enables a more meaningful comparison of JMP Group’s
financial performance across various periods. However, the non-GAAP
financial results presented should not be considered a substitute
for results that are presented in a manner consistent with GAAP. A
limitation of the non-GAAP financial measures presented is that the
adjustments concern gains, losses or expenses that JMP Group
generally expects to continue to recognize. The adjustment of these
non-GAAP items should not be construed as an inference that these
gains or expenses are unusual, infrequent or non-recurring.
Therefore, both GAAP measures of JMP Group’s financial performance
and the respective non-GAAP measures should be considered together.
The non-GAAP measures presented herein may not be comparable to
similarly titled measures presented by other companies.
Compensation Ratio
A compensation ratio expresses compensation expense as a
percentage of net revenues in a given period. As presented by JMP
Group, an adjusted compensation ratio is a non-GAAP financial
measure that utilizes adjusted compensation and benefits expense as
the numerator. This adjusted ratio excludes certain
compensation-related expenses that are or are not recognized under
GAAP. In particular, the adjusted compensation ratio reverses
compensation expense and unrealized mark-to-market gains or losses
related to share-based awards and deferred compensation (so that
the compensation expenses used in the numerator correspond to the
adjusted net revenues generated in the periods presented).
A statement of JMP Group’s compensation ratio for the quarter
and nine months ended September 30, 2018, and for comparable prior
periods, is set forth below.
Quarter Ended Nine Months Ended ($ in thousands)
Sept. 30, 2018 June 30, 2018 Sept. 30, 2017 Sept. 30,
2018 Sept. 30, 2017 Total net revenues $33,251
$44,264 $32,029 $104,726 $79,550
Compensation and benefits $22,671 $29,138 $24,563 $76,070 $69,013
Subtract/(add back): Share-based awards and deferred
compensation 76 69 696 289 1,863
Adjusted compensation and benefits $22,595 $29,069
$23,867 $75,781 $67,150
Ratio of compensation expense to net
revenues
68.2 % 65.8 % 76.7 % 72.6 % 86.8 %
Ratio of adjusted compensation expense to
net revenues
68.0 % 65.7 % 74.5 % 72.4 % 84.4 %
Operating Net Income
Operating net income is a non-GAAP financial measure that (i)
reverses compensation expense related to share-based awards and
deferred compensation, (ii) reverses the general loan loss
provision taken with regard to certain CLOs, (iii) excludes the
impact of the early retirement of debt issued by JMP Group and a
CLO, (iv) excludes transaction costs related to a CLO, (v) excludes
amortization expense related to a CLO, (vi) reverses unrealized
gains or losses related to real estate investment properties, (vii)
reverses net unrealized gains and losses on strategic equity
investments and warrants, and (viii) assumes an effective tax rate.
In particular, operating net income adjusts for:
- the grant of RSUs and options;
- net deferred compensation, which
consists of (a) deferred compensation awarded in a given period but
recognized as a GAAP expense over the subsequent three years, less
(b) GAAP expense recognized in a given period but already reflected
in the operating income of a prior period; the purpose of this
adjustment is to fully reflect compensation awarded in a given
year, notwithstanding the timing of GAAP expense;
- the non-specific loss provision
recorded with regard to loans held by JMP Credit Advisors CLO II
(while outstanding), JMP Credit Advisors CLO III, JMP Credit
Advisors CLO IV and JMP Credit Advisors CLO V and to loans held for
investment, which is required by GAAP;
- one-time expenses associated with the
redemption of debt underlying JMP Credit Advisors CLO III (in
the first quarter of 2018), the redemption of senior notes due 2021
(in the fourth quarter of 2017), the partial redemption of senior
notes due 2023 (in the third quarter of 2018), and the resulting
acceleration of the amortization of remaining capitalized issuance
costs for each;
- one-time transaction costs related to
the refinancing of notes issued by JMP Credit Advisors
CLO III;
- amortization expense related to an
intangible asset resulting from the repurchase of a portion of the
equity of JMP Credit Advisors CLO III;
- unrealized gains or losses on
commercial real estate investments, adjusted for non-cash
expenditures, including depreciation and amortization;
- unrealized mark-to-market gains or
losses on the company’s strategic equity investments as well as
certain warrant positions; and
- a combined federal, state and local
income tax rate of 26% at the taxable direct subsidiary of parent
company JMP Group, while applying a tax rate of 0% to the company’s
other direct subsidiary, which is a “pass-through entity” for tax
purposes.
A reconciliation of JMP Group’s net income to its operating net
income for the quarter and nine months ended September 30, 2018,
and for comparable prior periods is set forth below.
Quarter Ended Nine Months Ended (in thousands, except
per share amounts) Sept. 30, 2018 June 30, 2018 Sept.
30, 2017 Sept. 30, 2018 Sept. 30, 2017 Net
income/(loss) attributable to JMP Group $288 ($1,988 ) ($1,235 )
($1,983 ) ($14,510 ) Add back/(subtract): Income tax
expense/(benefit) 527 4,895 1,113 (146 ) (169
) Income/(loss) before taxes 815 2,907 (122 ) (2,129 ) (14,679 )
Add back/(subtract):
Share-based awards and deferred
compensation
76 69 696 289 1,863
General loan loss provision/(reversal) –
collateralized loan obligations
855 1,164 (136 ) 2,348 697 Early retirement of debt 170 - - 1,488
5,432 Restructuring costs – CLO portfolios - (10 ) 14 54 300
Amortization of intangible asset – CLO III 69 69 69 207 207
Unrealized (gain)/loss – real
estate-related depreciation and amortization
260 (24 ) 2,571 1,864 6,472
Unrealized mark-to-market (gain)/loss –
strategic equity investments and warrants
(327 ) (295 ) (191 ) 16 297 Operating income/(loss)
before taxes 1,918 3,880 2,901 4,137 589 Income tax
expense/(benefit) 177 496 610 643 (178
) Operating net income/(loss) $1,741 $3,384 $2,291
$3,494 $767 Operating net income/(loss)
per share: Basic $0.08 $0.16 $0.11 $0.16 $0.04 Diluted (1) $0.08
$0.16 $0.10 $0.16 $0.03 Weighted average shares outstanding:
Basic 21,435 21,537 21,525 21,545 21,583 Diluted (1) 21,737 21,745
22,058 21,713 22,001 (1) On a GAAP basis, the weighted
average number of diluted shares outstanding for the quarters ended
June 30, 2018, and September 30, 2017, was 21,536,707 and
21,525,122, respectively, and for the nine months ended September
30, 2018, and September 30, 2017, was 21,544,879 and 21,582,943,
respectively, equivalent to the weighted average number of basic
shares outstanding, due to the company’s net loss for those
periods. Under GAAP, in a period of net loss, dilutive securities
are disregarded in the calculation of earnings per share.
Book Value per Share
At September 30, 2018, JMP Group’s book value per share was
$4.06. Adding back accumulated depreciation and amortization
expense related to commercial real estate investments that is
recognized by JMP Group as a result of equity method accounting
reflects the reversal of that expense in the calculation of
adjusted net revenues, adjusted principal transaction revenues and
operating net income. Likewise, adding back the accumulated general
loan loss provision related to collateralized loan obligations
reflects the reversal of that provision in the calculation of
adjusted net revenues and operating net income. Such reversals
result in an adjusted book value per share of $5.07, as set forth
below.
(in thousands, except per share amounts) Sept. 30, 2018
June 30, 2018 Sept. 30, 2017 Shareholders'
equity $86,734 $88,654 $100,710
Accumulated unrealized loss – real estate-related depreciation and
amortization $13,815 $13,555 $10,777 Accumulated general loan loss
provision – collateralized loan obligations 7,806 6,951
4,778 Adjusted shareholders' equity $108,355
$109,160 $116,265 Book value per share $4.06
$4.13 $4.69 Adjusted book value per share
$5.07 $5.08 $5.42 Basic shares
outstanding 21,357 21,486 21,461 Quarterly operating ROE (1)
7.9 % 14.9 % 8.9 % LTM operating ROE (1) 7.6 % 7.9 % 3.2 %
Quarterly adjusted operating ROE (1) 6.4 % 12.2 % 7.8 % LTM
adjusted operating ROE (1) 6.3 % 6.7 % 2.9 %
(1)
Operating return on equity (ROE) equals
operating net income divided by average shareholders’ equity.
Adjusted operating ROE equals operating net income divided by
average adjusted shareholders’ equity. For more information about
operating net income, including a reconciliation to net income
attributable to JMP Group, see the section above titled “Operating
Net Income.”
Conference Call
JMP Group will hold a conference call to discuss the results
detailed herein at 10:00 a.m. ET on Thursday, October 25, 2018. To
participate in the call, dial (888) 566-6060 (domestic) or (973)
200-3100 (international). The conference identification number is
2686469.
The conference call will also be broadcast live over the
Internet and will be accessible via a link in the investor
relations section of the company’s website, at
investor.jmpg.com/events.cfm. The Internet broadcast will be
archived and will remain available on the website for future
replay.
Cautionary Note Regarding Quarterly Financial Results
Due to the nature of its business, JMP Group’s quarterly
revenues and net income may fluctuate materially depending on: the
size and number of investment banking transactions on which it
advises; the timing of the completion of those transactions; the
size and number of securities trades which it executes for
brokerage customers; the performance of its asset management funds
and inflows and outflows of assets under management; gains or
losses stemming from sales of or prepayments on, or losses stemming
from defaults on, loans underlying the company’s collateralized
loan obligations; and the effect of the overall condition of the
securities markets and economy as a whole. Accordingly, revenues
and net income in any particular quarter may not be indicative of
future results. Furthermore, JMP Group’s compensation expense is
generally based upon revenues and can fluctuate materially in any
quarter, depending upon the amount and sorts of revenue recognized
as well as other factors. The amount of compensation and benefits
expense recognized in a particular quarter may not be indicative of
such expense in any future period. As a result, the company
suggests that its annual results may be the most meaningful gauge
for investors in evaluating the performance of its business.
Cautionary Note Regarding Forward-Looking Statements
This press release may contain forward-looking statements within
the meaning of Section 27A of the Securities Act of 1933, as
amended, and Section 21E of the Securities Exchange Act of 1934, as
amended. Forward-looking statements provide JMP Group’s current
expectations or forecasts about future events, including beliefs,
plans, objectives, intentions, assumptions and other statements
that are not historical facts. Forward-looking statements are
subject to known and unknown risks and uncertainties that could
cause actual results to differ materially from those expected or
implied by the forward-looking statements. The company’s actual
results could differ materially from those anticipated in
forward-looking statements for many reasons, including the factors
described in the sections entitled “Risk Factors” and “Management’s
Discussion and Analysis of Financial Condition and Results of
Operations” in the company’s Form 10-K for the year ended December
31, 2017, as filed with the U.S. Securities and Exchange Commission
on March 28, 2018, as well as in the similarly captioned sections
of other periodic reports filed by the company under the Exchange
Act. The Form 10-K for the year ended December 31, 2017, and all
other periodic reports are available on JMP Group’s website at
www.jmpg.com and on the SEC’s website at www.sec.gov. Unless
required by law, JMP Group undertakes no obligation to publicly
update or revise any forward-looking statement to reflect
circumstances or events after the date of this press release.
Disclosure Information
JMP Group uses the investor relations section of its website as
a means of complying with its disclosure obligations under
Regulation FD. Accordingly, investors should monitor the company’s
website in addition to its press releases, SEC filings, and
investor conference calls and webcasts.
About JMP Group
JMP Group LLC is a diversified capital markets firm that
provides investment banking, equity research, and sales and trading
services to corporate and institutional clients as well as
alternative asset management products and services to institutional
and high-net-worth investors. JMP Group conducts its investment
banking and research, sales and trading activities through JMP
Securities; its hedge fund, venture and private capital, and credit
management activities through Harvest Capital Strategies, JMP Asset
Management and JMP Credit Advisors; and the management of Harvest
Capital Credit Corporation (NASDAQ: HCAP), a business development
company, through HCAP Advisors. For more information, visit
www.jmpg.com.
JMP GROUP LLC
Consolidated Statements of Financial
Condition
(Unaudited)
(in thousands) Sept. 30, 2018 Dec. 31, 2017
Assets Cash and cash equivalents $73,143 $85,594 Restricted
cash and deposits 48,586 51,727 Marketable securities owned, at
fair value 20,194 20,825 Other investments 15,793 27,984 Loans held
for investment, net of allowance for loan losses 5,606 83,948
Loans collateralizing asset-backed
securities issued, net of allowance for loan losses
1,164,404 765,583 Other assets 35,840 40,965 Total assets
$1,363,566 $1,076,626 Liabilities and Shareholders' Equity
Liabilities: Marketable securities sold, but not yet
purchased, at fair value $5,604 $7,919 Accrued compensation 33,371
43,131 Asset-backed securities issued, net of issuance costs
1,112,049 738,248 CLO V warehouse facility - 61,250 Bond payable,
net of issuance costs 83,395 93,103 Note payable 829 - Other
liabilities 28,024 22,796 Total liabilities 1,263,272 966,447
Shareholders' Equity: Total JMP Group LLC shareholders'
equity 86,734 96,335 Non-redeemable non-controlling interest 13,560
13,844 Total equity 100,294 110,179 Total liabilities and
shareholders' equity $1,363,566 $1,076,626
JMP GROUP LLC
Consolidated Statements of
Operations
(Unaudited)
Quarter Ended Nine Months Ended (in thousands, except
per share amounts) Sept. 30, 2018 Sept. 30, 2017 Sept. 30,
2018 Sept. 30, 2017 Revenues: Investment banking
$21,095 $22,085 $70,319 $54,813 Brokerage 4,676 4,763 14,787 15,127
Asset management fees 3,702 4,014 15,505 14,078 Principal
transactions 469 (1,392 ) (1,467 ) (3,608 ) Gain/(loss) on sale and
payoff of loans (556 ) 278 (888 ) 1,208 Net dividend income 320 278
935 817 Other income 306 282 666 921
Non-interest revenues 30,012 30,308 99,857
83,356 Interest income 18,652 10,900 47,031 29,663
Interest expense (13,789 ) (8,811 ) (35,125 ) (24,649 ) Net
interest income 4,863 2,089 11,906 5,014
Gain/(loss) on repurchase or early retirement of debt
(170 ) - (2,838 ) (5,332 ) Provision for loan losses (1,454 ) (368
) (4,199 ) (3,488 ) Total net revenues 33,251 32,029
104,726 79,550 Non-interest expenses:
Compensation and benefits 22,671 24,563 76,070 69,013
Administration 2,302 1,459 7,246 5,999 Brokerage, clearing and
exchange fees 808 740 2,373 2,288 Travel and business development
1,080 709 3,236 2,735 Managed deal expenses 614 - 4,528 -
Communications and technology 1,040 1,046 3,149 3,150 Occupancy
1,172 1,117 3,432 3,339 Professional fees 1,272 1,094 4,315 3,109
Depreciation 285 277 836 891 Other 369 366 1,532
1,993 Total non-interest expense 31,613 31,371
106,717 92,517 Net income/(loss) before
income tax 1,638 658 (1,991 ) (12,967 ) Income tax
expense/(benefit) 527 1,113 (146 ) (169 ) Net
income/(loss) 1,111 (455 ) (1,845 ) (12,798 )
Less: Net income/(loss) attributable to
non-redeemable non-controlling interest
823 780 138 1,712 Net income/(loss)
attributable to JMP Group $288 ($1,235 ) ($1,983 ) ($14,510
) Net income/(loss) attributable to JMP Group per share:
Basic $0.01 ($0.06 ) ($0.09 ) ($0.67 ) Diluted $0.01 ($0.06 )
($0.09 ) ($0.67 ) Weighted average common shares
outstanding: Basic 21,435 21,525 21,545 21,583 Diluted 21,737
21,525 21,545 21,583
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version on businesswire.com: https://www.businesswire.com/news/home/20181024005751/en/
Investor Relations ContactJMP Group LLCAndrew Palmer,
415-835-8978apalmer@jmpg.comorMedia Relations ContactsDukas
Linden Public Relations, Inc.Zach Leibowitz,
646-722-6528zach@dlpr.comorAlyssa Noud,
646-722-6525alyssa@dlpr.com
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