Welcome to our dedicated page for B. RILEY FINANCIAL news (Ticker: RILY), a resource for investors and traders seeking the latest updates and insights on B. RILEY FINANCIAL stock.
B. Riley Financial, Inc. (NASDAQ: RILY) is a publicly traded, diversified financial services company that takes a collaborative approach to the capital raising and financial advisory needs of public and private companies, as well as high net worth individuals. The company operates through several wholly-owned subsidiaries, including B. Riley FBR, Inc., Wunderlich Securities, Inc., Great American Group, LLC, B. Riley Capital Management, LLC, which encompasses B. Riley Asset Management, B. Riley Wealth Management, and Great American Capital Partners, LLC. Additionally, B. Riley Principal Investments focuses on proprietary investments in other businesses, such as the acquisition of United Online, Inc.
The company's core segments include Capital Markets, Wealth Management, Financial Consulting, Auction and Liquidation, Communications, and Consumer products. B. Riley Financial offers a broad range of services including investment banking, financial consulting, asset disposition, valuation, and appraisal, catering to corporate, institutional, and high-net-worth clients across the United States, Canada, and Europe. Recent highlights include:
- Financial Performance: Preliminary unaudited financial results for the year ending December 31, 2023, indicate a strategic focus on core business growth and reducing dividend payouts to invest in business opportunities. The company reported a 36% increase in financial consulting revenues and an 86% rise in operating income for 2023.
- Strategic Initiatives: B. Riley has retained Moelis & Company as an independent financial advisor to review strategic alternatives for its appraisal and asset disposition businesses.
- Leadership: The recent addition of Virginia Schnippel as Managing Director to B. Riley Advisory Services highlights the company's commitment to expanding its advisory capabilities.
- Partnerships and Investments: The firm continues to make significant investments, such as funding the redevelopment of a recycling processing facility in New Jersey, and partnering with strategic investors to support environmental sustainability initiatives.
- Dividend Declaration: The Board of Directors announced a quarterly dividend of $0.50 per common share, emphasizing the company's commitment to shareholder value.
With an extensive portfolio of services and a proactive investment strategy, B. Riley Financial is positioned to provide comprehensive financial solutions tailored to the unique needs of its diverse client base. Visit www.brileyfin.com to learn more about their services.
B. Riley Financial announced that its portfolio company, Lingo Management, has acquired BullsEye Telecom. This acquisition, part of B. Riley's strategy to enhance revenue diversification, follows Lingo's earlier increase of ownership interest to 80% in May 2022. BullsEye is recognized for its communications and cloud technology services, benefiting Lingo's existing solutions for small and medium-sized businesses. The financial terms of the transaction were not disclosed, but it is expected to generate recurring revenue and stabilize EBITDA for B. Riley.
B. Riley Financial reported Q2 2022 results with GAAP revenues of $42.7 million and operating revenues of $266.6 million. The company faced a net loss of ($142.2 million), resulting in a diluted EPS of ($5.07). Despite challenges, the firm declared a quarterly dividend of $1.00 per share. Operating adjusted EBITDA was $74.2 million, indicating resilience from non-cyclical segments. The investment portfolio has generated returns exceeding the Russell 2000 Index, showcasing potential growth in a volatile market.
B. Riley Financial (NASDAQ: RILY) is set to release its financial results for Q2 2022 on July 28, 2022, after market close. An investor call will follow at 4:30 p.m. ET, featuring insights from Co-CEOs Bryant Riley and Tom Kelleher, alongside CFO Phillip Ahn. Investors can access the live broadcast and a recorded version through the company's investor relations website.
This earnings call provides an opportunity for stakeholders to understand the company's performance during the quarter.
FaZe Clan Inc. completed its business combination with B. Riley Principal 150 Merger Corp. (BRPM) on July 19, 2022. This merger allows FaZe to trade on NASDAQ under the ticker 'FAZE' starting July 20, 2022. FaZe Clan, a leader in youth culture and gaming, has a following of about 500 million across social platforms and operates 11 esports teams that collectively won 35 championships. This public listing enables FaZe to access capital for future growth while engaging with a key demographic of 13-34 year-olds, enhancing its market influence in digital entertainment and youth culture.
B. Riley Principal 150 Merger Corp. (Nasdaq: BRPM, BRPMU) announced stockholder approval for its business combination with FaZe Clan Inc., a lifestyle and media platform focused on gaming. The merger is set to close on July 19, 2022, after which the company will be renamed FaZe Holdings Inc. Shares are expected to trade under the new tickers FAZE and FAZEW starting July 20, 2022. The deal aims to leverage FaZe Clan's extensive social media reach, targeting the youth market with its diverse content and partnerships.
B. Riley Financial, Inc. (NASDAQ: RILY) has announced cash dividends for its 6.875% Series A and 7.375% Series B Cumulative Perpetual Preferred Stock. The Series A dividend is set at $0.42968750 per share, while the Series B dividend is $0.4609375 per share. These dividends are scheduled for payment on or about July 29, 2022, to shareholders on record as of July 19, 2022. This financial move indicates the company's commitment to returning value to its preferred stockholders.
B. Riley Financial announced the appointment of Timothy J. Shilling as Executive Vice President of B. Riley Retail Solutions. Shilling brings over two decades of experience in leading retail liquidations and advising prominent retailers. He will support the firm's strategy amidst challenges like rising interest rates and supply chain issues affecting the retail sector. Notably, he has overseen retail inventory assignments valued over $10 billion. Shilling aims to leverage B. Riley's diverse platform to assist clients in navigating the evolving retail landscape.
B. Riley Principal 150 Merger Corp. (BRPM) has announced the effectiveness of its Form S-4 registration statement by the SEC for its proposed business combination with FaZe Clan Inc. The merger aims to solidify FaZe Clan's position in the esports and creator economy. A Special Meeting for BRPM stockholders will be held on July 15, 2022, for voting on the merger. Upon completion, the company will rebrand as FaZe Holdings Inc. and trade on NASDAQ under the ticker 'FAZE.'
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