Piper Jaffray Companies announced consolidated unaudited earnings results for the fourth quarter and full year ended December 31, 2013. For the quarter, the company reported net revenues of $187,576,000 compared with $140,911,000 for the same period a year ago. Income from continuing operations before income tax expense was $42,052,000 compared with $22,782,000 for the same period a year ago. Income from continuing operations was $31,792,000 compared with $15,360,000 for the same period a year ago. Net income applicable to Piper Jaffray Companies' common shareholders was $24,445,000 or $1.70 per diluted share compared with $10,198,000 or $0.67 per diluted share for the same period a year ago. Net income from continuing operations applicable to Piper Jaffray Companies' common shareholders was $27,952,000 or $1.75 per diluted share compared with $15,565,000 or $0.88 per diluted share for the same period a year ago. On non GAAP basis, the company reported net Revenue was $182,643,000 compared with $140,605,000 for the same period a year ago. Income from continuing operations before adjusted income tax was $42,131,000 compared with $25,044,000 for the same period a year ago. Income from continuing operations was $30,453,000 compared with $16,822,000 for the same period a year ago. Net income from continuing operations applicable to Piper Jaffray Companies' common shareholders was $27,435,000 or $1.91 per diluted share compared with $14,509,000 or $0.95 per diluted share for the same period a year ago.

For the year, the company reported net revenues of $525,195,000 compared with $488,952,000 for the same period a year ago. Income from continuing operations before income tax expense was $75,613,000 compared with $69,011,000 for the same period a year ago. Income from continuing operations was $55,223,000 compared with $49,541,000 for the same period a year ago. Net income applicable to Piper Jaffray Companies' common shareholders was $40,596,000 or $2.70 per diluted share compared with $35,335,000 or $2.26 per diluted share for the same period a year ago. Net income from continuing operations applicable to Piper Jaffray Companies' common shareholders was $49,829,000 or $2.98 per diluted share compared with $47,075,000 or $2.58 per diluted share for the same period a year ago. On non GAAP basis, the company reported net Revenue was $516,401,000 compared with $484,778,000 for the same period a year ago. Income from continuing operations before adjusted income tax was $85,805,000 compared with $78,415,000 for the same period a year ago. Income from continuing operations was $59,547,000 compared with $54,328,000 for the same period a year ago. Net income from continuing operations applicable to Piper Jaffray Companies' common shareholders was $53,612,000 or $3.56 per diluted share compared with $46,517,000 or $2.98 per diluted share for the same period a year ago. Book value per share increased 6.0% from December 31, 2012 to $51.08 a share at December 31, 2013. For the year, the company generated an ROE of 6.2%, an improvement over last year's 5.7% and a substantial improvement over 2011's ROE of 2.3%.

Going forward, the company expects its effective tax rate to be 34% to 37%.