European Shorting
| New Threads Only: |  |  |  |
|
|---|---|---|---|---|
| New Threads & Replies: | | | |
|
Forum List » Business News and Headlines SEC Filings, Earing Reports, Press Releases  
KBW Inc. Reports Operating Results (10-Q)
Posted by: gurufocus (IP Logged)
Date: November 4, 2011 06:40PM
KBW Inc. (KBW) filed Quarterly Report for the period ended 2011-09-30. Highlight of Business Operations:Investment banking revenue was $32.1 million for the three months ended September 30, 2011 compared with $38.4 million for the same period in 2010, a decrease of $6.3 million, or 16.5%. M&A and advisory revenue increased $4.0 million, or 21.6%, to $22.5 million for the three months ended September 30, 2011 compared with $18.5 million for the same period in 2010. This increase was primarily due to a higher number of M&A engagements completed in the third quarter of 2011 compared with the same period in 2010. Capital markets revenue was $9.6 million for the three months ended September 30, 2011 compared with $19.9 million for the same period in 2010, a decrease of $10.3 million, or 51.8%, primarily due to a lower number of U.S. equity capital market transactions in the third quarter of 2011 as the total capital raising for banking companies decreased significantly.Commissions revenue increased $6.9 million, or 24.5%, to $35.1 million for the three months ended September 30, 2011 compared with $28.2 million for the same period in 2010. U.S. equity commissions increased $4.8 million, or 24.4%, to $24.5 million for the three months ended September 30, 2011 compared with $19.7 million for the same 2010 period, primarily due to higher trading volumes. Non-U.S. equity commissions increased $2.1 million, or 24.7%, to $10.6 million for the three months ended September 30, 2011 compared with $8.5 million for the same period in 2010, primarily due to higher trading volumes. Investment banking revenue was $84.9 million for the nine months ended September 30, 2011 compared with $169.5 million for the same period in 2010, a decrease of $84.6 million, or 49.9%. M&A and advisory revenue was $38.9 million for the nine months ended September 30, 2011 compared with $49.4 million for the same period in 2010, a decrease of $10.5 million, or 21.3%, primarily due to fewer completed advisory engagements in 2011. Capital markets revenue was $46.0 million for the nine months ended September 30, 2011 compared with $120.1 million for the same period in 2010, a decrease of $74.1 million, or 61.7%, primarily due to a significantly lower number of U.S. equity capital market transactions in 2011 as the total capital raising for banking companies decreased significantly. Commissions revenue increased $2.0 million, or 2.0%, to $101.7 million for the nine months ended September 30, 2011 compared with $99.7 million for the same period in 2010. Non-U.S. equity commissions increased $3.9 million, or 14.7%, to $30.4 million for the nine months ended September 30, 2011 compared with $26.5 million for the same period in 2010, primarily attributable to higher trading volumes. U.S. equity commissions were $71.3 million for the nine months ended September 30, 2011 compared with $73.2 million for the same 2010 period, a decrease of $1.9 million, or 2.6%, primarily due to lower trading volumes. Principal transactions, net revenue was $9.4 million for the nine months ended September 30, 2011 compared with $39.0 million for the same period in 2010, a decrease of $29.7 million, or 76.0%. Trading for our own account, including firm investments, resulted in negative revenue of $9.0 million for the nine months ended September 30, 2011 compared with revenue of $8.8 million for the same period in 2010 and equity market making resulted in negative revenue of $9.4 million for the nine months ended September 30, 2011 compared with negative revenue of $3.2 million for the same period in 2010, reflecting the significant decline in global equity markets in the third quarter. Fixed income revenue was $25.6 million for the nine months ended September 30, 2011 compared with $33.9 million for the same period in 2010, primarily due to reduced client activity reflecting widening credit spreads. The realized gains and change in the fair value of our trust preferred backed collateralized debt obligations and related securities owned resulted in revenue of $2.2 million for the nine months ended September 30, 2011 compared with negative revenue of $0.5 million for the same period in 2010.
Sorry, only registered users may post in this forum.
Please Login if you have an account or Create a Free Account if you don't 
GuruFocus Affiliate Program: Earn up to $400 per referral. ( Learn More)
Get WordPress Plugins for easy affiliate links on Stock Tickers and Guru Names 
|
Feedback
My Portfolios
Browse Gurus
RSS