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FBR Announces Second Quarter 2006 Financial Results
ARLINGTON, Va., July 27 /PRNewswire-FirstCall/ -- Friedman, Billings, Ramsey Group, Inc. today announced its results for the quarter ended June 30, 2006. The company reported a net after-tax loss for the quarter of $30.2 million, or $0.18 per share (diluted), compared to after-tax earnings of $53.2 million, or $0.31 per share (diluted), for the second quarter of 2005. FBR's net after-tax loss for the first six months of 2006 was $3.7 million, or $0.02 per share (diluted), compared to earnings of $77.7 million, or $0.46 per share (diluted), for the first six months of 2005.
The second quarter results include a non-cash $42.2 million write-down -- $0.25 per share (diluted) -- of certain equity investments in the firm's merchant banking portfolio. Of this amount, $26.8 million was previously reflected as Accumulated Other Comprehensive Loss on the company's balance sheet at March 31, 2006 and is now being recognized through the income statement.
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Jenny Price: Head of customer retention, Standard Bank
MONEYWEB: Well, as mentioned a little earlier, we had the gentlemen in here from Money Skills on Thursday evening. We had a whole hour where we looked, on Personal Finance Live, at this scheme. Ive had a few e-mails from people saying: You dont know what youre talking about, this is a pyramid scheme, these guys are going to just rip off the public, blah, blah, blah. I guess for every investment proposition there are going to be people who worry that they didnt think about it first, David, and that they would have rather done it themselves.
DAVID SHAPIRO: No, they had their arguments well planned. Im not defending them because I think there are a lot of downsides, but they appear to have done their work well. And if youre prepared to go along with them, you can get all the contracts and youve got to make up your own mind.