B. Riley Financial Reports Financial Results for the Second Quarter of 2018
LOS ANGELES, Aug. 02, 2018 (GLOBE NEWSWIRE) – B. Riley Financial, Inc. (NASDAQ:RILY), a diversified provider of financial and business advisory services, reported results for its second quarter ended June 30, 2018.
Second Quarter 2018 Financial Highlights
- Total revenues of $125.5 million; net income of $17.0 million or $0.64 per diluted share
- Adjusted EBITDA of $41.4 million; adjusted net income of $22.8 million or $0.86 per diluted share
“We’re pleased to report record results for the second quarter which exceeded our guidance for net income and adjusted EBITDA. We saw strength in each of our businesses driven by meaningful fee engagements in both of our more episodic businesses, bolstered by steady recurring revenue from our appraisal, wealth management and asset management businesses, and cash flow generated by principal investments,” said Bryant Riley, Chairman and Co-Chief Executive Officer, B. Riley Financial. “This growth reflects the expanded opportunities our platform offers to create unique opportunities which involve multiple parts of our business. Recent highlights which demonstrate our ability to be effective in this strategy include the purchase of assets of Bon-Ton Stores, our support of the proposed acquisition of Rent-A-Center Inc., and our participation in the Toys ‘R’ Us liquidation. As we continue to focus on growth, we’re excited about the addition of GlassRatner and the expertise this team offers, as well as future contributions from our pending acquisition of magicJack to our principal investments segment.”