FBR & Co. (FBRC) saw its loss widen to $57.33 million, or $7.88 a share for the quarter ended Sep. 30, 2016. In the previous year period, the company reported a loss of $3.43 million, or $0.43 a share.
Revenue during the quarter dropped 24.47 percent to $19.32 million from $25.58 million in the previous year period. Net interest income for the quarter dropped 24.47 percent over the prior year period to $19.32 million.
"The last several quarters have been among the worst for the U.S. IPO market in the past 20 years, worse in fact than 2009, immediately following the financial crisis. That environment is particularly challenging for an ECM-focused model like ours," said chairman and chief executive officer, Richard J. Hendrix. "As a result of these challenges, we took further expense-related actions during the quarter which resulted in a reduction of approximately 10 percent of our total expenses. These steps combined with a modestly improving environment should result in improved results in coming quarters."
Assets, liabilities fall
Total assets stood at $953.56 million as on Sep. 30, 2016, down 13.78 percent compared with $1,105.92 million on Sep. 30, 2015. On the other hand, total liabilities stood at $840.03 million as on Sep. 30, 2016, down 4.86 percent from $882.96 million on Sep. 30, 2015.
Investments stood at $819.26 million as on Sep. 30, 2016, up 6.79 percent or $52.07 million from year-ago. Shareholders equity stood at $113.54 million as on Sep. 30, 2016, down 49.08 percent or $109.43 million from year-ago.
Book value per share was $15.63 for the quarter.
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