SAN FRANCISCO, CA (TSX: TWP) reported net revenues of $76.9
million in the fourth quarter of 2007 and $289.0 million for the
full year of 2007, an increase of 1% and 5%, respectively, from the
comparable periods in 2006.
Non-GAAP net income and diluted earnings per share were $3.5
million and $0.13 for the fourth quarter of 2007 compared to $9.8
million and $0.37 for the fourth quarter of 2006. For the full year
of 2007, non-GAAP net income and diluted earnings per share were
$18.0 million and $0.68 compared to $23.7 million and $0.93 for the
full year 2006.
GAAP net income and diluted earnings per share for the fourth
quarter of 2007 were losses of $11.2 million and $0.43 compared to
earnings of $8.7 million and $0.33 for the fourth quarter of 2006.
For the full year of 2007, GAAP net income and diluted earnings per
share were break-even compared to $34.9 million and $1.34 for the
full year 2006.
The non-GAAP financial measures described above adjust for
certain one-time events related to our conversion to a corporation
and our initial public offering, as well as one-time compensation
expenses in the fourth quarter of 2007 attributable to the
acceleration of the payment of 2008 mid-year retention bonuses and
certain severance expenses, each of which were related to the
integration of Westwind Partners. A reconciliation between our GAAP
results and these non-GAAP measures is discussed below under
"Non-GAAP Financial Measures."
Business Highlights
-- Revenues and Earnings. Fourth quarter revenues were $76.9
million, the highest revenue quarter of the year.
"2007 was a year of building," said Thomas Weisel, Chairman and
CEO. "Our fourth quarter earnings were penalized by increasing our
compensation ratio in the second half of the year to even out our
full year compensation ratio. Excluding our investment spending on
Discovery research, Portland growth equity and European sales, and
normalizing our tax rate, earnings were up 12% in 2007."
-- Brokerage. Brokerage revenues increased 20% to $34.8 million
in the fourth quarter of 2007 compared to the fourth quarter of
2006. The fourth quarter of 2007 was the best performing quarter in
two years. From the third quarter of 2007, brokerage revenues
increased 15% mainly due to the performance of our core
institutional and convertible debt trading businesses.
"The investments that we made in the first half of the year
showed results in the second half. Our strategies to diversify and
grow our account coverage through hiring two teams in Europe and a
team in the mid-west contributed to the third and fourth quarter
improvements," said Paul Slivon, Director of Institutional
Sales.
"In 2007, we hired a group to focus on special situations, such
as overnight block trades for investment banking, institutional,
private equity and high net worth clients. In addition, in 2007, we
began marketing our electronic trading platform and commission
sharing-soft dollar program. Both of these investments contributed
to the improvements in the second half of the year," said Tony
Stais, Director of Trading.
-- Investment Banking. Investment banking revenues were $32.8
million for the fourth quarter of 2007 compared to $37.3 million in
the fourth quarter of 2006. For the full year, investment banking
revenues increased 2% to $127.2 million. We completed 28
transactions in the fourth quarter and 83 transactions in the full
year of 2007. Our average revenue per transaction increased to $1.5
million in 2007 compared to $1.4 million in 2006.
We raised capital for a diverse group of companies in the fourth
quarter, including sole- and joint-book managed initial public
offerings for Orion Energy Systems, Inc., Internet Brands, Inc.,
Constant Contact, Inc. and SoundBite Communications, Inc. We
book-managed a follow-on offering for Obagi Medical Products and we
were a co-lead for the follow-on offering of Nuance Communications,
Inc. Additionally, we were the sole agent for a private placement
transaction for AngioScore, Inc. and the sole agent on a $69
million leveraged financing for Selling Source, LLC.
M&A also contributed to fourth quarter results. We advised
Symyx Technologies, Inc. in its $123 million acquisition of MDL
Information Systems from Elsevier, FoxHollow Technologies, Inc. in
its $780 million merger with ev3 Inc., IsoTis, Inc. in its sale to
Integra LifeSciences Holdings Corporation and Applied Precision,
LLC in the sale of its semiconductor business to Rudolph
Technologies, Inc. for approximately $74 million.
"Our fourth quarter banking results did not meet our
expectations, as many of our capital raising and M&A
transactions scheduled for the fourth quarter were postponed due to
difficult market conditions. We are cognizant of the near term
uncertainty resulting from unfavorable markets; capital raising
transactions and volumes in the market are down significantly in
January. We expect continued uncertainty to negatively impact our
investment banking business in the near term," said Thomas Weisel,
Chairman and CEO.
"2007 was a building year for our investment banking platform
during which we generated revenues from 55 new clients. We
completed 32 initial public offerings versus 27 and 18 in 2006 and
2005, respectively, and M&A revenues were up 60% in 2007. We
expect these new relationships to materialize into additional
revenue streams in future years. In 2007, we ranked as the number
one IPO underwriter for venture-backed companies. In addition, we
were involved in seven of the ten best performing U.S. technology
initial public offerings."
"Entering 2008, the fundamentals of our technology clients
continue to remain strong and the demand for resources and
commodities, the main drivers of our energy and mining clients,
continue to grow. We plan to take advantage of our newly
diversified platform to grow our banking footprint judiciously in
2008," continued Mr. Weisel.
-- Asset Management. Asset management revenues were $6.7 million
in the fourth quarter of 2007 compared to $9.3 million in the
fourth quarter of 2006. For the year, asset management revenues
increased 30% compared to 2006. The increase was partially due to
recognizing $17.7 million of private equity gains in 2007 compared
to $12.3 million in 2006.
"The underlying drivers of our private equity gains are
healthcare and technology company fundamentals, which remain
strong," said Mr. Weisel. "However, we are not expecting the same
level of private equity gains in 2008 that we experienced in 2007.
A significant amount of our gains in 2007 were preferential returns
based on previously waived management fees, while in 2008 any gains
would be primarily generated by our carried interest. Waived
management fee gains are recognized before returns to investors,
while gains from carried interest would be recognized along with
those of fund investors over the remainder of the life of the
fund," continued Mr. Weisel.
-- Completion of Westwind Partners Acquisition. On January 2,
2008, we announced the completion of our acquisition of Westwind
Partners, a full service, institutionally oriented, investment bank
focused on the energy and mining sectors. At the same time we
announced the appointment of Lionel F. Conacher, formerly the CEO
and President of Westwind Partners, as President of Thomas Weisel
Partners.
"I am delighted to join Thomas Weisel Partners as President,"
said Mr. Conacher. "Historically, Thomas Weisel Partners has been a
play on strong venture capital trends and technology, healthcare
and consumer sector performance. With the newly acquired mining and
energy sectors from Westwind Partners, our footprint now spans five
countries with 15 offices, and enhances our overall growth
profile."
"The Westwind acquisition has been a transformational event for
our firm. With this acquisition, we have expanded and diversified
our platform and enhanced our growth prospects," said Mr.
Weisel.
THOMAS WEISEL PARTNERS GROUP, INC. AND SUBSIDIARIES
(Dollar amounts in thousands, except book value per share)
(Unaudited)
Three Months Ended Twelve Months Ended
December 31, December 31,
-------------------- --------------------
2007 2006 2007 2006
--------- --------- --------- ---------
Revenue Detail:
Investment banking
Capital raising $ 26,440 $ 22,140 $ 77,634 $ 93,063
M&A 6,349 15,118 49,594 31,073
--------- --------- --------- ---------
Total investment banking 32,789 37,258 127,228 124,136
Brokerage 34,761 28,964 120,187 123,809
Asset management
Management fees 3,956 2,964 15,946 12,420
Private equity gains 3,428 5,838 17,662 12,323
Other securities (681) 491 (194) 1,009
--------- --------- --------- ---------
Total asset management 6,703 9,293 33,414 25,752
Interest income 5,032 4,054 17,718 13,525
Other revenue - - 920 -
--------- --------- --------- ---------
Total revenues 79,285 79,569 299,467 287,222
Interest expense (2,376) (3,083) (10,418) (10,905)
--------- --------- --------- ---------
Net revenues $ 76,909 $ 76,486 $ 289,049 $ 276,317
========= ========= ========= =========
Investment Banking Transactions:
Capital raising 24 23 66 72
M&A 4 5 17 15
--------- --------- --------- ---------
Total transactions 28 28 83 87
--------- --------- --------- ---------
Revenue per transaction $ 1,171 $ 1,331 $ 1,533 $ 1,427
Other Metrics:
Non-GAAP compensation ratio* 58.4% 55.7% 57.8% 55.0%
Non-compensation ratio** 37.3% 33.4% 36.0% 35.5%
IPO equity award expense $ 532 $ 1,862 $ 6,117 $ 6,989
Shareholders' equity $ 273,627 $ 267,054 $ 273,627 $ 267,054
Common shares outstanding 25,235 25,754 25,235 25,754
Book value per share $ 10.84 $ 10.37 $ 10.84 $ 10.37
* The non-GAAP compensation ratio set forth above is the ratio of our
compensation and benefits expense (excluding expenses relating to IPO
equity awards and the one-time fourth quarter of 2007 compensation expenses
described below in the "Non-GAAP Financial Measures" section) to net
revenues (excluding investment gains and losses attributable to investments
in partnerships and other securities). Without excluding these amounts, our
ratio of compensation and benefits expense to net revenues is 88.7% and
53.9% for the three months ended December 31, 2007 and 2006, respectively,
and 65.0% and 55.1% for the year ended December 31, 2007 and 2006,
respectively.
** Our non-compensation ratio is the ratio of all expense (other than
compensation and benefits expense and interest expense) to net revenues.
Non-GAAP Financial Measures
We have reported in this press release our net income for the
fourth quarter and year ended December 31, 2007 on a non-GAAP basis
by:
-- excluding $0.3 million and $3.6 million, respectively, of after-tax
non-cash expense associated with the initial grant of restricted stock
units made in connection with our initial public offering; and
-- excluding $14.4 million for both periods of after-tax one-time
compensation expense in the fourth quarter of 2007 attributable to the
acceleration of the payment of 2008 mid-year retention bonuses and certain
severance expenses, each of which were related to the integration of
Westwind Partners.
We have also reported in this press release our net income for
the fourth quarter and year ended December 31, 2006 on a non-GAAP
basis by:
-- in the case of the fourth quarter of 2006, excluding $1.1 million of
after-tax non-cash expense associated with the initial grant of restricted
stock units made in connection with our initial public offering; and
-- in the case of the full year 2006, (i) excluding the effect of
recognizing during the first quarter of 2006 a $13.8 million one-time net
deferred tax benefit resulting from our conversion to a corporation from a
limited liability company (but not excluding subsequent adjustments to the
related valuation allowance), (ii) excluding the $4.1 million after-tax non-
cash expense incurred in 2006 associated with the initial grant of
restricted stock units made in connection with our initial public offering
and (iii) including additional income tax expense of $1.5 million for the
first quarter of 2006, because we estimate that had we converted to a
corporation on January 1, 2006 we would have incurred additional income tax
expense for the period from January 1, 2006 to February 7, 2006 equal to
our net income for the period from January 1, 2006 through February 7, 2006
of $3.6 million multiplied by the applicable federal and state tax rate for
the first quarter of 2006 of 42%.
We have reported in this press release our basic and diluted
earnings per share for the fourth quarter of 2007 on a non-GAAP
basis by:
-- using $3.5 million as the numerator of our non-GAAP basic and diluted
earnings per share calculations, which amount is derived by beginning with
our net loss attributable to common shareholders of $11.2 million and
adjusting to exclude after-tax non-cash expense of $0.3 million and the
after-tax expense of $14.4, respectively, associated with (i) our initial
grant of restricted stock units made in connection with our initial public
offering and (ii) expenses in the fourth quarter of 2007 attributable to
the acceleration of the payment of 2008 mid-year retention bonuses and
certain severance expenses, each of which were related to the integration
of Westwind Partners; and
-- using as the denominator of our non-GAAP basic and diluted earnings
per share calculations the basic and diluted weighted average shares used,
respectively, as the denominator of our GAAP basic and diluted earnings per
share calculations.
We have reported in this press release our basic and diluted
earnings per share for full year 2007 on a non-GAAP basis by:
-- using $18.0 million as the numerator of our non-GAAP basic and diluted
earnings per share calculations, which amount is derived by beginning with
net income attributable to common shareholders of $20,000 and adjusting to
exclude after-tax non-cash expense of $3.6 million and the after-tax
expense of $14.4, respectively, associated with (i) our initial grant of
restricted stock units made in connection with our initial public offering
and (ii) expenses in the fourth quarter of 2007 attributable to the
acceleration of the payment of 2008 mid-year retention bonuses and certain
severance expenses, each of which were related to the integration of
Westwind Partners; and
-- using as the denominator of our non-GAAP basic and diluted earnings
per share calculations the basic and diluted weighted average shares used,
respectively, as the denominator of our GAAP basic and diluted earnings per
share calculations.
We have reported in this press release our basic and diluted
earnings per share for the fourth quarter of 2006 on a non-GAAP
basis by:
-- using $9.8 million as the numerator of our non-GAAP basic and diluted
earnings per share calculations, which amount is derived by beginning with
net income attributable to common shareholders of $8.7 million and
adjusting to exclude the after-tax non-cash expense associated with our
initial grant of restricted stock units of $1.1 million; and
-- using as the denominator of our non-GAAP basic and diluted earnings
per share calculations the basic and diluted weighted average shares used,
respectively, as the denominator of our GAAP basic and diluted earnings per
share calculations.
We have also reported in this press release our basic and
diluted earnings per share for 2006 on a non-GAAP basis by:
-- using $23.7 million as the numerator of the non-GAAP earnings per
share calculation, which amount is derived by beginning with net income
attributable to common shareholders of $33.3 million for the full year 2006
and adjusting to (i) exclude the effect of the $13.8 million one-time net
deferred tax benefit recognized in the first quarter of 2006 (but not
excluding subsequent adjustments to the related valuation allowance), (ii)
include the additional income tax expense of $1.5 million with respect to
the period from January 1, 2006 through February 7, 2006, (iii) exclude the
after-tax non-cash expense associated with our initial grant of restricted
stock units of $4.1 million for the full year 2006 and (iv) exclude $1.6
million of preferred dividends and accretion with respect to the period
from January 1, 2006 through February 7, 2006; and
-- increasing the weighted average shares used as the denominator of the
non-GAAP earnings per share calculation by 498,893, which is the amount by
which weighted average shares would have increased had the 4,914,440 shares
we issued in our initial public offering been outstanding for all of 2006.
Although we expect to grant restricted stock units and other
share-based compensation in the future, we do not expect to make
any such substantial grants outside of our regular compensation and
hiring process, as we did when we granted restricted stock units in
connection with our initial public offering. Also, in the future we
do not expect that a similar conversion-related deferred tax
benefit will arise and we expect to be subject to state and federal
income tax, in each case, because we do not expect to change our
corporate form again. In addition, the one-time compensation
expenses in the fourth quarter of 2007 attributable to the
acceleration of the payment of 2008 mid-year retention bonuses and
certain severance expenses were related to the integration of
Westwind Partners and the alignment of the compensation practices
of the two firms with one another and with industry practice and
are, therefore, regarded by our management as one-time,
non-recurring expense items.
Our management has utilized a non-GAAP calculation of net income
and non-GAAP calculations of basic and diluted earnings per share
that are adjusted in the manner described above as an additional
device to aid in understanding and analyzing our financial results
in the fourth quarter and full year of 2007 and 2006. Our
management believes that these non-GAAP measures will allow for a
better evaluation of the operating performance of our business and
facilitate meaningful comparison of our results in the current
period to those in prior periods and future periods that did not
and likely will not include the adjusted items. Our reference to
these measures should not, however, be considered as a substitute
for results that are presented in a manner consistent with GAAP.
These non-GAAP measures are provided to enhance investors' overall
understanding of our current financial performance and our
prospects for the future. Specifically, our management believes
that the non-GAAP measures provide useful information to both
management and investors by excluding certain items that may not be
indicative of our core operating results and business outlook.
A limitation of utilizing these non-GAAP measures of net income
and basic and diluted earnings per share is that the GAAP
accounting effects of these events do in fact reflect the
underlying financial results of our business and these effects
should not be ignored in evaluating and analyzing our financial
results. Therefore, management believes that both our GAAP measures
of net income (loss) and basic and diluted earnings (loss) per
share and these non-GAAP measures of our financial performance
should be considered together.
A reconciliation of our fourth quarter of 2007 and 2006 GAAP net
income (loss) to our fourth quarter of 2007 and 2006 non-GAAP net
income is set forth below.
For Three Months
Ended December 31,
---------------------
2007 2006
(In millions)
Net (loss) income $ (11.2) $ 8.7
Exclusion of the after-tax non-cash expense
associated with initial grant of restricted
stock units 0.3 1.1
Exclusion of the after-tax expense associated with
compensation expenses in the fourth quarter of 2007
attributable to the acceleration of the payment of
2008 mid-year retention bonuses and certain
severance expenses related to the integration of
Westwind Partners 14.4 -
--------- ----------
Non-GAAP net income $ 3.5 $ 9.8
========= ==========
A reconciliation of our 2007 and 2006 GAAP net income to our
2007 and 2006 non-GAAP net income is set forth below.
For Twelve Months
Ended December 31,
---------------------
2007 2006
(In millions)
Net income $ - $ 34.9
Exclusion of the effect of recording net deferred tax
benefit - (13.8)
Inclusion of additional income tax expense - (1.5)
Exclusion of the after-tax non-cash expense
associated with initial grant of restricted
stock units 3.6 4.1
Exclusion of the after-tax expense associated with
compensation expenses in the fourth quarter of 2007
attributable to the acceleration of the payment of
2008 mid-year retention bonuses and certain
severance expenses related to the integration of
Westwind Partners 14.4 -
---------- ---------
Non-GAAP net income $ 18.0 $ 23.7
========== =========
We calculate earnings (loss) per share in accordance with FASB
Statement No. 128, Earnings per Share. Basic earnings (loss) per
share is calculated by dividing net income (loss) attributable to
common shareholders by the weighted average number of common shares
outstanding for the period. Diluted earnings (loss) per share
includes the determinants of basic earnings (loss) per share plus
all dilutive potential common shares that were outstanding during
the period. We use the treasury stock method to reflect the
potential dilutive effect of outstanding unvested restricted stock
units, an outstanding warrant to purchase common stock and
outstanding unexercised stock options. With respect to the fourth
quarter and full year 2007 and 2006, certain outstanding
unexercised stock options were anti-dilutive and not considered in
the determination of diluted earnings per share.
The following table sets forth our GAAP basic and diluted
weighted average shares outstanding and our GAAP basic and diluted
earnings (loss) per share for the fourth quarter and full year 2007
and 2006, as well as our non-GAAP basic and diluted weighted
average shares outstanding and non-GAAP earnings per share for the
fourth quarter and full year 2007 and 2006, in each case after
applying the adjustments described above:
For Three Months For Twelve Months
Ended December 31, Ended December 31,
------------------ -------------------
2007 2006 2007 2006
Weighted average shares used in
computation of earnings per share:
Basic (in thousands) 26,003 25,770 26,141 23,980
Diluted (in thousands) 26,003 26,528 26,446 24,945
Earnings (loss) per share:
Basic ($ 0.43) $ 0.34 $ 0.00 $ 1.39
Diluted ($ 0.43) $ 0.33 $ 0.00 $ 1.34
Non-GAAP adjusted weighted average
shares used in computation of
non-GAAP earnings per share:
Basic (in thousands) 26,003 25,770 26,141 24,479
Diluted (in thousands) 26,384 26,528 26,446 25,444
Non-GAAP earnings per share:
Basic $ 0.14 $ 0.38 $ 0.69 $ 0.97
Diluted $ 0.13 $ 0.37 $ 0.68 $ 0.93
Further information regarding non-GAAP financial measures has
been included in the Investor Relations/Webcasts section of our
website www.tweisel.com and in our Annual Report on Form 10-K for
the full year ended December 31, 2006, as well as our Quarterly
Reports on Form 10-Q for the three month periods ended March 31,
June 30 and September 30, 2007. Our Annual Reports on Form 10-K and
our Quarterly Reports on Form 10-Q are available to the public from
the SEC's internet site at http://www.sec.gov and from our public
internet site at http://www.tweisel.com. You may also read and copy
any Annual Report on Form 10-K or Quarterly Report on Form 10-Q
that we file with the SEC at the SEC's public reference room
located at 100 F Street, N.E., Washington, D.C. 20549, U.S.A.
Please call the SEC at 1-800-SEC-0330 for further information on
the public reference room.
Quarterly Earnings Conference Call
Thomas Weisel Partners Group, Inc. will host its fourth quarter
conference call on Wednesday, February 13, 2008 at 5:00 p.m.
Eastern time (2:00 p.m. Pacific time). The conference call may
include forward-looking statements, including guidance as to future
results.
All interested parties are invited to listen to Thomas Weisel
Partners' Chairman and Chief Executive Officer, Thomas W. Weisel,
President, Lionel F. Conacher, and Chief Operating Officer and
Chief Financial Officer, David Baylor, by dialing 800/811-8830
(domestic) or 913/312-4374 (international). The confirmation code
for both the domestic and international lines is: 4320120.
A live web cast of the call, as well as the company's results,
will be available through the investor relations/webcasts section
of our website, www.tweisel.com. To listen to the live call, please
go to the website at least 15 minutes early to register, download,
and install any necessary audio software.
For those who cannot listen to the live broadcast, a replay will
be available on this site one hour after the call through March 31,
2008.
About Thomas Weisel Partners Group, Inc.
Thomas Weisel Partners Group, Inc. is an investment bank,
founded in 1998, focused principally on the growth sectors of the
economy. Thomas Weisel Partners Group, Inc. generates revenues from
three principal sources: investment banking, brokerage and asset
management. The investment banking group is comprised of two
disciplines: corporate finance and strategic advisory. The
brokerage group provides equity and convertible debt securities
sales and trading services to institutional investors, and offers
brokerage, advisory and cash management services to high-net-worth
individuals and corporate clients. The asset management group
consists of: private equity, public equity and distribution
management. Thomas Weisel Partners is headquartered in San
Francisco with additional offices in Baltimore, Boston, Calgary,
Chicago, Cleveland, Denver, Montreal, New York, Portland, Silicon
Valley, Toronto, London, Mumbai and Zurich. For more information,
please visit www.tweisel.com.
Cautionary Note Regarding Forward-Looking Statements
This press release contains forward-looking statements, which
are subject to risks, uncertainties and assumptions about us. In
some cases, you can identify these statements by forward-looking
words such as "may," "might," "will," "should," "expect," "plan,"
"anticipate," "believe," "estimate," "predict," "optimistic,"
"potential," "future" or "continue," the negative of these terms
and other comparable terminology. These statements are only
predictions based on our current expectations about future events.
There are important factors that could cause actual results, level
of activity, performance or achievements or other events or
circumstances to differ materially from the results, level of
activity, performance or achievements expressed or implied by these
forward-looking statements. These factors include, but are not
limited to, Thomas Weisel Partners' ability to implement its
strategic initiatives and achieve the expected benefits of the
acquisition of Westwind Partners, integrate Westwind Partners'
operations and retain its professionals, as well as competitive,
economic, political, and market conditions and fluctuations,
government and industry regulation, other risks relating to the
acquisition, including the effect of the completion of the
transaction on the companies' business relationships, operating
results and business generally and other factors. Some of the other
factors are those that are discussed in (i) the Proxy Statement
relating to the Westwind Partners acquisition, (ii) Item 1A - "Risk
Factors" in our Annual Report on Form 10-K for the year ended
December 31, 2006 and (iii) in our Quarterly Reports on Form 10-Q
filed with the SEC thereafter. We do not assume responsibility for
the accuracy or completeness of any forward-looking statement and
you should not rely on forward-looking statements as predictions of
future events. We are under no duty to update any of these
forward-looking statements to conform them to actual results or
revised expectations.
THOMAS WEISEL PARTNERS GROUP, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF OPERATIONS
(In thousands, except per share data)
(Unaudited)
Three Months Ended Twelve Months Ended
December 31, December 31,
-------------------- --------------------
2007 2006 2007 2006
--------- --------- --------- ---------
Revenues:
Investment banking $ 32,789 $ 37,258 $ 127,228 $ 124,136
Brokerage 34,761 28,964 120,187 123,809
Asset management 6,703 9,293 33,414 25,752
Interest income 5,032 4,054 17,718 13,525
Other revenue - - 920 -
--------- --------- --------- ---------
Total revenues 79,285 79,569 299,467 287,222
Interest expense (2,376) (3,083) (10,418) (10,905)
--------- --------- --------- ---------
Net revenues 76,909 76,486 289,049 276,317
--------- --------- --------- ---------
Expenses excluding interest:
Compensation and benefits 68,213 41,212 187,902 152,195
Brokerage execution, clearance
and account administration 5,393 5,096 20,363 22,621
Communications and data
processing 5,199 4,125 18,993 16,650
Depreciation and amortization 1,669 1,951 6,450 8,549
Marketing and promotion 4,624 3,036 15,147 11,545
Occupancy and equipment 5,153 4,139 18,988 17,926
Other expense 6,628 7,224 23,979 20,706
--------- --------- --------- ---------
Total expenses excluding
interest 96,879 66,783 291,822 250,192
--------- --------- --------- ---------
Income (loss) before taxes (19,970) 9,703 (2,773) 26,125
Provision for taxes (tax
benefit) (8,787) 963 (2,793) (8,796)
--------- --------- --------- ---------
Net income (loss) (11,183) 8,740 20 34,921
--------- --------- --------- ---------
Preferred dividends and
accretion - - - (1,608)
--------- --------- --------- ---------
Net income (loss) attributable
to common shareholders and to
class A, B and C shareholders $ (11,183) $ 8,740 $ 20 $ 33,313
========= ========= ========= =========
Earnings (loss) per share:
Basic earnings (loss) per
share ($ 0.43) $ 0.34 $ 0.00 $ 1.39
Diluted earnings (loss) per
share ($ 0.43) $ 0.33 $ 0.00 $ 1.34
Weighted average shares used in
computation of per share data:
Basic weighted average shares
outstanding 26,003 25,770 26,141 23,980
Diluted weighted average
shares outstanding 26,003 26,528 26,446 24,945
THOMAS WEISEL PARTNERS GROUP, INC. AND SUBSIDIARIES
CONSOLIDATED QUARTERLY STATEMENT OF OPERATIONS
(Unaudited)
Three Months Ended
-----------------------------------------------------
December September June March December
31, 30, 30, 31, 31,
2007 2007 2007 2007 2006
--------- --------- --------- --------- ---------
(In thousands)
Revenues:
Investment banking $ 32,789 $ 25,542 $ 29,605 $ 39,292 $ 37,258
Brokerage 34,761 30,344 26,226 28,856 28,964
Asset management 6,703 6,714 14,282 5,715 9,293
Interest income 5,032 3,799 4,539 4,348 4,054
Other revenue -- -- -- 920 --
--------- --------- --------- --------- ---------
Total revenues 79,285 66,399 74,652 79,131 79,569
Interest expense (2,376) (2,687) (2,913) (2,442) (3,083)
--------- --------- --------- --------- ---------
Net revenues 76,909 63,712 71,739 76,689 76,486
--------- --------- --------- --------- ---------
Expenses excluding
interest:
Compensation and
benefits 68,213 38,304 37,395 43,990 41,212
Brokerage execution,
clearance and
account
administration 5,393 5,287 4,970 4,713 5,096
Communications and
data processing 5,199 4,642 4,441 4,711 4,125
Depreciation and
amortization 1,669 1,536 1,521 1,724 1,951
Marketing and
promotion 4,624 3,868 3,042 3,613 3,036
Occupancy and
equipment 5,153 5,134 4,650 4,051 4,139
Other expense 6,628 7,055 5,291 5,005 7,224
--------- --------- --------- --------- ---------
Total expenses
excluding
interest 96,879 65,826 61,310 67,807 66,783
--------- --------- --------- --------- ---------
Income (loss) before
taxes (19,970) (2,114) 10,429 8,882 9,703
Provision for taxes
(tax benefit) (8,787) (1,314) 3,827 3,481 963
--------- --------- --------- --------- ---------
Net income (loss) $ (11,183) $ (800) $ 6,602 $ 5,401 $ 8,740
========= ========= ========= ========= =========
Thomas Weisel (NASDAQ:TWPG)
Historical Stock Chart
From May 2024 to Jun 2024
Thomas Weisel (NASDAQ:TWPG)
Historical Stock Chart
From Jun 2023 to Jun 2024
