Piper Jaffray Companies Announces Consolidated Unaudited Earnings Results for the Fourth Quarter and Full Year Ended December 31, 2013; Provides Tax Guidance for 2014
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%.