B. Riley Financial : Reports Results for Fourth Quarter and Full Year 2019 and Increases Quarterly Dividend

LOS ANGELES, March 3, 2020 /PRNewswire/ -- B. Riley Financial, Inc. (NASDAQ:RILY) ("B. Riley" or the "Company"), a diversified provider of business advisory and financial services, today announced results for the fourth quarter and full year ended December 31, 2019.

Q4 2019 Highlights

• Revenues of $165.2 million vs. $102.0 million for Q4 2018
• Net income of $16.9 million or $0.59 per diluted share
• Adjusted EBITDA of $50.3 million vs. $11.2 million for Q4 2018
• Adjusted net income of $23.6 million or $0.83 per diluted share

FY 2019 Highlights

• Revenues of $652.1 million vs. $423.0 million for FY 2018
• Net income of $81.3 million or $2.95 per diluted share
• Adjusted EBITDA of $207.9 million vs. $89.6 million for FY 2018
• Adjusted net income of $108.3 million or $3.93 per diluted share

"Our strong quarterly performance was driven by record investment banking revenues as well as significant gains from our investment portfolio which helped more than offset a large loss in our liquidation segment. Meanwhile, our consulting, appraisal, wealth management and principal investment businesses continue to perform steadily as we pursue new opportunities to create additional value from our platform. Our recently acquired brand portfolio also contributed to our fourth quarter results and we expect this to be a more meaningful component of earnings as we look ahead," said Bryant Riley, Chairman and Co-Chief Executive Officer, B. Riley Financial.

Riley added, "Our results demonstrate the strength of B. Riley Financial's diversified platform and successful execution of our core strategy to create increased value while also delivering dividends to our shareholders. Over the last few years, we have meaningfully transformed our business by building and purchasing assets with steadier and more recurring revenue streams. In 2019, these recurring businesses contributed more than 50 percent of pre-tax income before corporate overhead and approximately 40 percent of adjusted EBITDA. As we look ahead to 2020, and with a full year of brand investments, we expect these percentages to grow. Additionally, we continue to view our balance sheet as a differentiator for gaining market share across all of our operating subsidiaries and as an engine for driving incremental cash flows from our more episodic capital markets and retail liquidation businesses. The platform we have created allows us to opportunistically pursue unique investment situations which helps us to deliver shareholder value in excess of our day-to-day operations."

Q4 2019 Financial Summary
Fourth quarter 2019 revenue increased to $165.2 million from $102.0 million for the fourth quarter of 2018, despite a loss in the Auction and Liquidation segment during the quarter. Net income increased to $16.9 million, or $0.59 per diluted share, compared to a loss of $8.8 million, or $0.34 per diluted share, for the fourth quarter of 2018.

• Capital Markets: Revenues increased to $172.2 million from $60.6 million for the fourth quarter of 2018. Segment income increased to $88.6 million from a loss of $12.5 million for the fourth quarter of 2018. The significant increase was primarily driven by investment banking as well as investment gains related to the Company's proprietary equity positions.
• Auction and Liquidation: For the fourth quarter of 2019, this segment recognized negative revenue of $44.4 million and a segment loss of $60.8 million. The negative revenue is attributed to a significant loss accrual related to a large liquidation project which is expected to be completed during 2020. The total estimated loss for this project through completion is included in fourth quarter 2019 results.
• Valuation and Appraisal: Revenues were $9.7 million compared to $11.3 million for the fourth quarter of 2018. Segment income was $2.7 million compared to $3.4 million for the same year-ago period. While the fourth quarter of 2018 represented an exceptional quarter for revenue growth in this segment, results have remained relatively steady from quarter-to-quarter and year-to-year.
• Principal Investments: Revenues increased to $23.7 million from $20.0 million for the fourth quarter of 2018. Segment income increased to $8.8 million compared to $5.7 million for the fourth quarter of 2018. Results for this segment are primarily driven by United Online and magicJack.

In October 2019, the Company acquired a majority interest in a brand investment portfolio which is focused on generating steady recurring revenue through the licensing of brand trademarks. The Company's brand holdings contributed an additional $4.1 million in revenue and $2.7 million in operating income for the fourth quarter of 2019.

Adjusted EBITDA ⁽¹⁾ increased to $50.3 million compared to $11.2 million for the fourth quarter of 2018.

Adjusted net income ⁽²⁾ increased to $23.6 million, or $0.83 per diluted share, compared to $0.7 million, or $0.03 per diluted share, for the fourth quarter of 2018.

FY 2019 Financial Summary
Full year 2019 revenue increased to $652.1 million from $423.0 million for the full year 2018. Net income increased to $81.3 million or $2.95 per diluted share from $15.5 million or $0.58 per diluted share for the full year 2018. The addition of the Company's brand holdings in October 2019 contributed $4.1 million in revenue and $2.7 million in operating income for the year.

• Capital Markets: Revenues increased to $485.9 million from $275.1 million in the prior year. Segment income increased to $179.3 million from $10.2 million for the full year of 2018. The significant increase in results for this segment can be attributed to strong investment banking performance as well as gains from the Company's investment portfolio. The addition of GlassRatner, which the Company acquired in August 2018, also contributed to results for the full year.
• Auction and Liquidation: Revenues were $22.5 million with a segment loss of $25.5 million for the full year of 2019. Results for this segment are expected to vary from quarter-to-quarter and year-to-year due to the episodic nature of the Company's retail liquidation engagements.
• Valuation and Appraisal: Revenues increased slightly to $38.8 million from $38.7 million for the full year 2018. Segment income totaled $10.2 million compared to $11.1 million in the prior year.
• Principal Investments: Revenues increased to $100.9 million from $54.2 million in the prior year. Segment income increased to $33.2 million from $19.4 million for the full year 2018. Results for this segment were primarily driven by United Online and by magicJack which the Company acquired in November 2018.

Adjusted EBITDA ⁽¹⁾ for the full year 2019 increased to $207.9 million compared to $89.6 million for the full year of 2018.

Adjusted net income ⁽²⁾ increased to $108.3 million, or $3.93 per diluted share, compared to $38.8 million, or $1.45 per diluted share, in the prior year.

As of December 31, 2019, the Company had a total cash and investment balance of $832.2 million which includes approximately $53 million in equity investments included under prepaid expenses and other assets. Net of $792.9 million in total debt, the Company had a net cash and investment balance of $39.2 million at the end of the fourth quarter.

The Company repurchased over 870,000 shares of its common stock and warrants under its share repurchase program during 2019.

B. Riley Financial stockholders' equity increased to $360.7 million as of December 31, 2019.

Declaration of Common Stock Dividend
The Company's Board of Directors has approved an increase in the regular quarterly dividend to $0.25 per share, up from $0.175 per share, and has also declared a one-time special quarterly dividend of $0.10 per share. A total quarterly cash dividend of $0.35 per common share will be paid on or about March 31, 2020 to stockholders of record as of March 17, 2020.

Upon payment of the fourth quarter dividend, the Company will have paid a total of $1.76 per share in dividends on its common stock related to earnings for the full year of 2019.

Conference Call Details
Management will host a conference call today, Tuesday, March 3, 2020 at 4:30 p.m. Eastern time (1:30 p.m. Pacific time), to discuss results for the fourth quarter and full year 2019. The live broadcast and archived recording will also be made available on the Company's investor relations website.

Date:	Tuesday, March 3, 2020
Time:	4:30 p.m. Eastern time (1:30 p.m. Pacific time)
Toll-Free:	1-877-451-6152
International:	1-201-389-0879
Replay (expires on Tuesday, March 10, 2020)
Toll-Free:	1-844-512-2921
International:	1-412-317-6671
Replay Pin:	13698984

About B. Riley Financial, Inc. (NASDAQ:RILY)
B. Riley Financial provides collaborative financial services tailored to fit the capital raising and business advisory needs of public and private companies and high-net-worth individuals. The Company operates through several wholly owned subsidiaries which offer complementary end-to-end capabilities spanning investment banking and institutional brokerage, private wealth and investment management, corporate advisory, restructuring, due diligence, forensic accounting and litigation support, appraisal and valuation, and auction and liquidation services. Certain registered affiliates of B. Riley originate and underwrite senior secured loans for asset-rich companies. The Company also makes proprietary investments in companies and assets with attractive return profiles. For more information about B. Riley and its affiliated companies, visit www.brileyfin.com.

Forward-Looking Statements
Statements in this press release that are not descriptions of historical facts are forward-looking statements that are based on management's current expectations and assumptions and are subject to risks and uncertainties. If such risks or uncertainties materialize or such assumptions prove incorrect, our business, operating results, financial condition and stock price could be materially negatively affected. You should not place undue reliance on such forward-looking statements, which are based on the information currently available to us and speak only as of the date of this press release. Such forward looking statements include, but are not limited to, statements regarding the Company's anticipated results of operations for 2020, as well as statements regarding our excitement and the expected growth of our business segments. Factors that could cause such actual results to differ materially from those contemplated or implied by such forward-looking statements include (without limitation) those risks described from time to time in B. Riley Financial, Inc.'s periodic filings with the SEC, including, without limitation, the risks described in B. Riley Financial, Inc.'s Annual Report on Form 10-K for the year ended December 31, 2018 under the captions "Risk Factors" and "Management's Discussion and Analysis of Financial Condition and Results of Operations." Additional information will be set forth in our Annual Report on Form 10-K for the year ended December 31, 2019. These factors should be considered carefully, and readers are cautioned not to place undue reliance on such forward-looking statements. All information is current as of the date this press release is issued, and B. Riley Financial, Inc. undertakes no duty to update this information.

Note Regarding Use of Non-GAAP Financial Measures
Certain of the information set forth herein, including adjusted net income and adjusted EBITDA, may be considered non-GAAP financial measures. B. Riley Financial believes this information is useful to investors because it provides a basis for measuring the Company's available capital resources, the operating performance of its business and its cash flow, excluding net interest expense, provisions for or benefit from income taxes, depreciation, amortization, fair value adjustment, transaction and other expenses, restructuring costs, and stock-based compensation that would normally be included in the most directly comparable measures calculated and presented in accordance with Generally Accepted Accounting Principles ("GAAP"). In addition, the Company's management uses these non-GAAP financial measures along with the most directly comparable GAAP financial measures in evaluating the Company's operating performance, capital resources and cash flow. Non-GAAP financial measures should not be considered in isolation from, or as a substitute for, financial information presented in compliance with GAAP, and non-financial measures as reported by the Company may not be comparable to similarly titled amounts reported by other companies.

Footnotes
⁽¹⁾ Adjusted EBITDA includes earnings before interest, taxes, depreciation, amortization, restructuring costs, share-based payments, and transaction related and other costs. See "Note Regarding Use of Non-GAAP Financial Measures" for further discussion of this non-GAAP term.

⁽²⁾ Adjusted net income excludes the impact of share-based payments, amortization of intangible assets, restructuring costs, transaction related and other costs, and tax impact of aforementioned adjustments. See "Note Regarding Use of Non-GAAP Financial Measures" for further discussion of this non-GAAP term.

B. RILEY FINANCIAL, INC. AND SUBSIDIARIES
Consolidated Balance Sheets
(Dollars in thousands, except par value)
				December 31,			December 31,
				2019			2018
				(Unaudited)
Assets
Assets:
	Cash and cash equivalents			$	104,268		$	179,440
	Restricted cash				471			838
	Due from clearing brokers				23,818			37,738
	Securities and other investments owned, at fair value				451,551			273,577
	Securities borrowed				814,331			931,346
	Accounts receivable, net				46,624			42,123
	Due from related parties				5,832			1,729
	Advances against customer contracts				27,347			—
	Loans receivable				225,848			38,794
	Prepaid expenses and other assets				81,808			79,477
	Operating lease right-of-use assets				47,809			—
	Property and equipment, net				12,727			15,523
	Goodwill				223,697			223,368
	Other intangible assets, net				220,525			91,358
	Deferred income taxes				31,522			42,399
		Total assets		$	2,318,178		$	1,957,710
Liabilities and Equity
Liabilities:
	Accounts payable			$	4,477		$	5,646
	Accrued expenses and other liabilities				130,714			108,662
	Deferred revenue				67,121			69,066
	Due to related parties and partners				1,750			2,428
	Securities sold not yet purchased				41,820			37,623
	Securities loaned				810,495			930,522
	Mandatorily redeemable noncontrolling interests				4,616			4,633
	Operating lease liabilities				61,511			—
	Notes payable				38,167			1,550
	Loan participations sold				12,478			—
	Term loan				66,666			79,166
	Senior notes payable				688,112			459,754
		Total liabilities			1,927,927			1,699,050
Commitments and contingencies
B. Riley Financial, Inc. stockholders' equity:
	Preferred stock, $0.0001 par value; 1,000,000 shares authorized; 2,349 shares issued and outstanding as of December 31, 2019 and none issued and outstanding as of December 31, 2018; liquidation preference of $58,723 as of December 31, 2019.				—			—
	Common stock, $0.0001 par value; 100,000,000 shares authorized; 26,972,332 and 26,603,355 issued and outstanding as of December 31, 2019 and December 31, 2018, respectively.				3			2
	Additional paid-in capital				323,109			258,638
	Retained earnings				39,536			1,579
	Accumulated other comprehensive loss				(1,988)			(2,161)
		Total B. Riley Financial, Inc. stockholders' equity			360,660			258,058
Noncontrolling interests					29,591			602
		Total equity			390,251			258,660
			Total liabilities and equity	$	2,318,178		$	1,957,710

 

B. RILEY FINANCIAL, INC. AND SUBSIDIARIES
Consolidated Statements of Income
(Dollars in thousands, except share data)
					Three Months Ended						Year Ended
					December 31,						December 31,
					2019			2018			2019			2018
					(Unaudited)			(Unaudited)			(Unaudited)
Revenues:
	Services and fees				$	138,251		$	88,660		$	566,956		$	384,076
	Interest income - Loans and securities lending					23,074			12,871			77,221			38,277
	Sale of goods					3,912			500			7,935			638
		Total revenues				165,237			102,031			652,112			422,991
Operating expenses:
	Direct cost of services					17,109			13,409			58,824			34,754
	Cost of goods sold					3,740			658			7,575			800
	Selling, general and administrative expenses					97,256			81,517			385,219			310,508
	Restructuring charge					—			6,259			1,699			8,506
	Interest expense - Securities lending and loan participations sold					9,565			6,722			32,144			23,039
		Total operating expenses				127,670			108,565			485,461			377,607
			Operating income (loss)			37,567			(6,534)			166,651			45,384
Other income (expense):
	Interest income					248			590			1,577			1,326
	Income (loss) from equity investments					2,618			2,937			(1,431)			7,986
	Interest expense					(15,075)			(9,467)			(50,205)			(33,393)
		Income (loss) before income taxes				25,358			(12,474)			116,592			21,303
(Provision for) benefit from income taxes						(7,842)			3,509			(34,644)			(4,903)
		Net income (loss)				17,516			(8,965)			81,948			16,400
Net income (loss) attributable to noncontrolling interests						387			(160)			337			891
		Net income (loss) attributable to B. Riley Financial, Inc.				17,129			(8,805)			81,611			15,509
Preferred stock dividends						264			—			264			—
		Net income (loss) applicable to common shareholders			$	16,865		$	(8,805)		$	81,347		$	15,509
Basic income (loss) per common share					$	0.64		$	(0.34)		$	3.08		$	0.60
Diluted income (loss) per common share					$	0.59		$	(0.34)		$	2.95		$	0.58
Weighted average basic common shares outstanding						26,547,023			26,177,560			26,401,036			25,937,305
Weighted average diluted common shares outstanding						28,412,871			26,177,560			27,529,157			26,764,856

 

B. RILEY FINANCIAL, INC. AND SUBSIDIARIES
Consolidated Statements of Cash Flows
(Dollars in thousands)
						Year Ended December 31,
						2019		2018
						(Unaudited)
Cash flows from operating activities:
	Net income					81,948		$	16,400
	Adjustments to reconcile net income to net cash used in operating activities:
		Depreciation and amortization				19,048			13,809
		Provision for doubtful accounts				2,126			1,308
		Share-based compensation				15,916			13,042
		Non-cash interest and other				(12,267)			4,068
		Effect of foreign currency on operations				(78)			(916)
		Loss (income) from equity investments				1,431			(7,986)
		Deferred income taxes				10,874			1,990
		Impairment of leaseholds and intangibles, lease loss accrual and gain on disposal of fixed assets				(286)			4,142
		Income allocated and fair value adjustment for mandatorily redeemable noncontrolling interests				1,220			1,222
		Change in operating assets and liabilities:
			Due from clearing brokers			13,920			(6,259)
			Securities and other investments owned			(165,765)			(128,217)
			Securities borrowed			117,015			(124,257)
			Accounts receivable and advances against customer contracts			(33,927)			(12,948)
			Prepaid expenses and other assets			9,588			(24,395)
			Accounts payable, accrued payroll and related expenses, accrued expenses and other liabilities			32,553			3,559
			Amounts due to/from related parties and partners			(4,781)			4,705
			Securities sold, not yet purchased			4,197			9,332
			Deferred revenue			(3,098)			(564)
			Securities loaned			(120,026)			127,151
				Net cash used in operating activities		(30,392)			(104,814)
Cash flows from investing activities:
	Purchases of loans receivable					(343,811)			(38,794)
	Repayments of loans receivable					159,186			—
	Loan participations sold					31,806			—
	Repayment of loan participations sold					(18,911)			—
	Asset acquisition - BR Brand, net of cash acquired $2,160					(114,912)			—
	Acquisition of magicJack, net of cash acquired $53,875					—			(89,240)
	Acquisition of other businesses					—			(4,000)
	Proceeds from sale of division of magicJack					6,196			—
	Purchases of property, equipment and intangible assets					(3,461)			(5,432)
	Proceeds from sale of property, equipment and intangible assets					513			37
	Equity investments					(33,391)			(16,640)
	Dividends and distributions from equity investments					21,389			2,628
				Net cash used in investing activities		(295,396)			(151,441)
Cash flows from financing activities:
	Proceeds from asset based credit facility					140,439			300,000
	Repayment of asset based credit facility					(103,343)			(300,000)
	Proceeds from notes payable					—			51,020
	Repayment of notes payable					(478)			(51,713)
	Payment of participating note payable and contingent consideration					(4,250)			—
	Proceeds from term loan					10,000			80,000
	Repayment of term loan					(22,734)			—
	Proceeds from issuance of senior notes					281,924			258,997
	Redemption of senior notes					(52,154)			—
	Payment of debt issuance costs					(3,425)			(7,260)
	Payment of employment taxes on vesting of restricted stock					(2,022)			(3,731)
	Common dividends paid					(41,138)			(22,684)
	Preferred dividends paid					(264)			—
	Repurchase of common stock					(4,273)			(18,703)
	Repurchase of warrants					(2,777)			—
	Distribution to noncontrolling interests					(1,958)			(1,067)
	Proceeds from offering common stock					63			—
	Proceeds from offering preferred stock					56,566			—
				Net cash provided by financing activities		250,176			284,859
				(Decrease) increase in cash, cash equivalents and restricted cash		(75,612)			28,604
				Effect of foreign currency on cash, cash equivalents and restricted cash		73			(860)
				Net (decrease) increase in cash, cash equivalents and restricted cash		(75,539)			27,744
Cash, cash equivalents and restricted cash, beginning of year						180,278			152,534
Cash, cash equivalents and restricted cash, end of year						104,739		$	180,278
Supplemental disclosures:
	Interest paid					74,625		$	50,103
	Taxes paid					8,649		$	6,497

 

B. RILEY FINANCIAL, INC. AND SUBSIDIARIES
Segment Financial Information
(Dollars in thousands)
			Three Months Ended						Year Ended
			December 31,						December 31,
			2019			2018			2019			2018
			(Unaudited)			(Unaudited)			(Unaudited)
Capital Markets segment:
	Revenues - Services and fees		$	149,139	$		47,738		$	408,637		$	236,789
	Interest income - Loans and securities lending			23,074			12,871			77,221			38,277
	Total revenues			172,213			60,609			485,858			275,066
	Selling, general and administrative expenses			(72,924)			(59,215)			(269,494)			(227,774)
	Restructuring recovery (charge)			—			(5,921)			4			(8,378)
	Interest expense - Securities lending and loan participations sold			(9,565)			(6,722)			(32,144)			(23,039)
	Depreciation and amortization			(1,130)			(1,295)			(4,974)			(5,723)
		Segment income (loss)		88,594			(12,544)			179,250			10,152
Auction and Liquidation segment:
	Revenues - Services and fees			(47,385)			10,111			18,296			54,923
	Revenues - Sale of goods			2,990			15			4,220			63
	Total revenues			(44,395)			10,126			22,516			54,986
	Direct cost of services			(11,712)			(7,364)			(33,296)			(19,627)
	Cost of goods sold			(3,024)			—			(4,016)			(41)
	Selling, general and administrative expenses			(1,685)			(487)			(10,730)			(8,274)
	Depreciation and amortization			(2)			(8)			(7)			(31)
		Segment (loss) income		(60,818)			2,267			(25,533)			27,013
Valuation and Appraisal segment:
	Revenues - Services and fees			9,678			11,322			38,821			38,705
	Selling, general and administrative expenses			(6,956)			(7,877)			(28,448)			(27,403)
	Depreciation and amortization			(36)			(46)			(136)			(205)
		Segment income		2,686			3,399			10,237			11,097
Principal Investments - United Online and magicJack segment:
	Revenues - Services and fees			22,764			19,489			97,147			53,659
	Revenues - Sale of goods			922			485			3,715			575
	Total revenues			23,686			19,974			100,862			54,234
	Direct cost of services			(5,398)			(6,045)			(25,529)			(15,127)
	Cost of goods sold			(716)			(658)			(3,559)			(759)
	Selling, general and administrative expenses			(5,846)			(4,641)			(24,256)			(10,962)
	Depreciation and amortization			(2,939)			(2,560)			(12,658)			(7,600)
	Restructuring charge			—			(338)			(1,703)			(338)
		Segment income		8,787			5,732			33,157			19,448
Brands segment:
	Revenues - Services and fees			4,055			—			4,055			—
	Selling, general and administrative expenses			(881)			—			(881)			—
	Depreciation and amortization			(507)			—			(507)			—
		Segment income		2,667			—			2,667			—
Consolidated operating income (loss) from reportable segments				41,916			(1,146)			199,778			67,710
Corporate and other expenses (including restructuring recovery of $210 during the year ended December 31, 2018)				(4,349)			(5,388)			(33,127)			(22,326)
Interest income				248			590			1,577			1,326
Income (loss) on equity investments				2,618			2,937			(1,431)			7,986
Interest expense				(15,075)			(9,467)			(50,205)			(33,393)
	Income (loss) before income taxes			25,358			(12,474)			116,592			21,303
(Provision for) benefit from income taxes				(7,842)			3,509			(34,644)			(4,903)
	Net income (loss)			17,516			(8,965)			81,948			16,400
Net income (loss) attributable to noncontrolling interests				387			(160)			337			891
	Net income (loss) attributable to B. Riley Financial, Inc.			17,129			(8,805)			81,611			15,509
Preferred stock dividends				264			—			264			—
	Net income (loss) applicable to common shareholders		$	16,865		$	(8,805)		$	81,347		$	15,509

 

B. RILEY FINANCIAL, INC. AND SUBSIDIARIES
Adjusted EBITDA Reconciliation
(Unaudited)
(Dollars in thousands)
				Three Months Ended December 31,						Year Ended December 31,
				2019			2018			2019			2018
Net income (loss) attributable to B. Riley Financial, Inc.				$	17,129		$	(8,805)		$	81,611		$	15,509
Adjustments:
	Provision for (benefit from) income taxes				7,842			(3,509)			34,644			4,903
	Interest expense				15,075			9,467			50,205			33,393
	Interest income				(248)			(590)			(1,577)			(1,326)
	Share based payments				5,640			3,286			15,916			11,596
	Depreciation and amortization				4,831			4,041			19,048			13,809
	Restructuring costs				—			6,259			1,699			8,506
	Transactions related costs and other				—			1,048			6,339			3,241
		Total EBITDA adjustments			33,140			20,002			126,274			74,122
			Adjusted EBITDA	$	50,269		$	11,197		$	207,885		$	89,631

 

B. RILEY FINANCIAL, INC. AND SUBSIDIARIES
Adjusted Net Income Reconciliation
(Unaudited)
(Dollars in thousands, except share data)
		Three Months Ended						Year Ended
		December 31,						December 31,
		2019			2018			2019			2018
Net income (loss) attributable to B. Riley Financial, Inc.		$	17,129		$	(8,805)		$	81,611		$	15,509
Adjustments:
	Share based payments		5,640			3,286			15,916			11,596
	Amortization of intangible assets		3,815			2,734			13,846			9,133
	Restructuring costs		—			6,259			1,699			8,506
	Transactions related costs and other		—			1,048			6,339			3,241
	Income tax effect of adjusting entries		(2,969)			(3,798)			(11,154)			(9,209)
Adjusted net income attributable to B. Riley Financial, Inc.		$	23,615		$	724		$	108,257		$	38,776
Adjusted income per common share:
	Adjusted basic income per share	$	0.89		$	0.03		$	4.10		$	1.49
	Adjusted diluted income per share	$	0.83		$	0.03		$	3.93		$	1.45
Shares used to calculate adjusted basic net income per share			26,547,023			26,177,560			26,401,036			25,937,305
Shares used to calculate adjusted diluted net income per share			28,412,871			26,177,560			27,529,157			26,764,856

 

Contacts
Investors	Media
B. Riley Financial	Jo Anne McCusker
[e-mail]	[e-mail]
[phone]	[phone]

 

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SOURCE B. Riley Financial