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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 (NASDAQ: RILY) reported a net loss of $12.1 million or ($0.43) diluted EPS for Q1 2022, a significant decline from a net income of $252.9 million a year prior. Total revenues dropped 66% to $205.6 million, with operating revenues decreasing by 18% to $274 million. The company declared a quarterly dividend of $1.00 per common share, payable on May 20. Despite challenges in the underwriting business, the firm anticipates growth from M&A activities and diversification into Telecom acquisitions, enhancing its revenue mix and cash flow.
B. Riley Securities, a subsidiary of B. Riley Financial (NASDAQ: RILY), has appointed Ji Pak and Mary Jo Collins as Managing Directors in its fixed income division. Ji Pak, who has nearly 15 years of experience in Hybrid/Preferred trading, aims to enhance B. Riley's capabilities in this space. Mary Jo Collins brings a strong background in fixed income trading and product sales. The firm is strategically expanding its offerings in the financial services industry, reinforcing its presence in the fixed income market with veteran leadership and a focus on client service.
B. Riley Financial (NASDAQ: RILY) has announced an investor call scheduled for Thursday, April 28, 2022, at 4:30 p.m. ET. The call will discuss the company’s first-quarter 2022 results following an earnings release expected shortly after market close on the same day. Co-CEOs Bryant Riley and Tom Kelleher, along with CFO Phillip Ahn, will lead the call and a subsequent Q&A session. Investors can access the live broadcast and archived recordings via the company’s investor relations website.
On April 12, 2022, FaZe Clan announced the addition of Donald De La Haye, known as "FaZe Deestroying," to their talent roster. Deestroying, a former college football player with over 10 million social media followers, transitioned to content creation after leaving college football. His dynamic sports content and vlogs have resonated with a dedicated fanbase. As an advocate for athlete compensation, he played a pivotal role in changing NCAA rules around name, image, and likeness (NIL). FaZe Clan aims to leverage his influence to expand their content offerings.
B. Riley Financial, Inc. (NASDAQ: RILY) has declared cash dividends for its Preferred Stock. The 6.875% Series A Preferred Stock will have a cash dividend of $0.42968750 per depositary share, while the 7.375% Series B Preferred Stock will offer $0.4609375 per depositary share. These dividends are payable on or about April 29, 2022, to shareholders of record by April 19, 2022. Each depositary share represents a fractional interest in a share of the respective Preferred Stock with a liquidation preference of $25.00.
FaZe Clan announces two innovative livestream series targeting Gen Z, unFaZed and FaZe1: The Warehouse. The first series premieres on June 2, featuring rotating internet celebrities and live segments every Thursday. Concurrently, FaZe1 launches on May 5, a 15-day reality competition offering a chance to win $1 million in cryptocurrency. Both shows will be filmed at FaZe Clan's new studio in Hollywood, reinforcing their commitment to engaging and entertaining the youth audience.
FaZe Clan announced that entertainment icon Snoop Dogg will join its talent network and board of directors following its merger with B. Riley Principal 150 Merger Corp. (BRPM). Snoop Dogg, known for his influence in music and gaming, will co-create content and launch merchandise as "FaZe Snoop." This partnership aims to foster engagement across social platforms, tapping into Snoop's extensive fanbase. The merger is anticipated to close in Spring 2022, with Snoop's role expected to enhance FaZe Clan's strategic direction as a public company.
B. Riley Securities, a subsidiary of B. Riley Financial (NASDAQ: RILY), appointed Robert Hamill as Senior Managing Director of Fixed Income. Hamill joins Tim Sullivan, who began his role on February 1, to enhance the national growth of the fixed income division. With over 35 years of financial services experience, including positions at Drexel Burnham Lambert and JP Morgan, Hamill aims to improve client relationships and expand the department. B. Riley offers various fixed income solutions, leveraging a network of over 1,000 institutional investors.
B. Riley Securities announced its 22nd Annual Institutional Investor Conference scheduled for May 25-26, 2022, at The Beverly Hilton in Beverly Hills, California. The event will connect over 1,000 attendees with executives from more than 200 companies, featuring presentations, fireside chats, and panel discussions. CEO Andy Moore highlighted the firm's growth despite pandemic challenges, increasing its equity market activities significantly. The conference will also include the Annual Big Fighters, Big Cause Charity Boxing Night, supporting the Sugar Ray Leonard Foundation.
B. Riley Financial (RILY) reported robust fourth quarter and full year 2021 results, highlighting a net income of $62.2 million ($2.08 diluted EPS) for Q4 and $437.6 million ($15.09 diluted EPS) for the year. Total revenues surged 3% in Q4 to $422.1 million and 93% for the year to $1.7 billion. Wealth management revenues soared to $382 million, driven by the acquisition of National Holdings. The company declared a $1.00 quarterly dividend, totaling $10.00 for FY 2021, and approved a $50 million share repurchase program, reflecting strong cash flow and a solid balance sheet.
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