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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) announced a $200 million underwritten public offering of 6.00% senior notes due 2028, priced on January 20, 2021. The offering includes a 30-day option for underwriters to purchase an additional $30 million. The expected closing date is January 25, 2021. Proceeds over $50 million will be used to redeem existing 7.50% senior notes due 2027 and for general corporate purposes. The notes received a BBB+ investment grade rating from Egan-Jones and are expected to begin trading under the symbol "RILYT".
FusionIQ has partnered with Ultimus Fund Solutions to introduce a digital investment platform for nearly 200 investment management firms. This solution combines traditional advisory services with a modern digital experience, allowing clients access to mutual funds on a self-directed basis, including fractional shares and robo-advisor models. The partnership aims to enhance distribution channels for advisors and improve client service offerings. Ultimus leads in offering a digital investment experience, supporting the growing demand for technology-driven wealth management solutions.
B. Riley Financial (NASDAQ: RILY) announced a public offering of $100 million in senior notes due 2028. The offering is subject to market conditions, with underwriters granted a 30-day option for additional notes. Rated BBB+ by Egan-Jones Ratings, the proceeds will primarily redeem existing 7.50% Senior Notes due 2027 and for general corporate purposes including acquisitions and working capital. The notes will be offered under an SEC shelf registration statement, and copies of the related prospectus can be obtained via the SEC's website.
B. Riley Financial (NASDAQ: RILY) has successfully completed a public offering of 1,413,045 shares at $46.00 each, raising approximately $65 million in gross proceeds. After deductions, the net proceeds stand at about $61.4 million, which will be allocated for general corporate purposes, including acquisitions, capital expenditures, and working capital. Notably, some officers and directors participated, purchasing 149,670 shares in the offering. The offering utilized the Company's effective shelf registration statement filed with the SEC.
B. Riley Financial (NASDAQ: RILY) has announced the pricing of an underwritten public offering of 1,228,735 shares of common stock at $46.00 per share. The Offering will generate approximately $56.5 million in gross proceeds before expenses and discounts. Closing is expected on January 15, 2021. The proceeds are intended for general corporate purposes, including funding future acquisitions and making capital expenditures. Additionally, certain company officers and directors have agreed to purchase 149,670 shares as part of this offering.
B. Riley Financial (NASDAQ: RILY) announced a public offering of 870,000 common shares, with an option for underwriters to purchase additional shares. The offering aims to raise funds for general corporate purposes, including acquisitions and capital expenditures. The shares will be offered under a shelf registration statement effective since February 2020. The preliminary prospectus is available on the SEC's website. Participation interest from company insiders is noted, which may indicate confidence in the offering.
B. Riley Financial (RILY) announced preliminary estimates for Q4 and full year 2020, showcasing strong financial performance. Q4 net income is projected between $162M and $167M, translating to diluted earnings per share of $6.18 to $6.38. For full year 2020, net income is estimated at $196M to $201M, with earnings per share ranging from $7.20 to $7.39. Total adjusted EBITDA for Q4 is expected to be $253M to $260M, while full year adjusted EBITDA ranges from $399M to $407M. The company anticipates cash and investments to be approximately $1.3B by year-end.
B. Riley Financial has announced a definitive agreement to acquire National Holdings Corporation in a cash tender offer priced at $3.25 per share. B. Riley currently holds approximately 45% of National's shares. This merger aims to enhance both companies' investment banking and wealth management services and is expected to close in the first quarter of 2021, pending regulatory approvals. National's assets under management amount to $18.9 billion, while B. Riley's total is over $10 billion. The deal is unanimously approved by both companies' boards.
B. Riley Financial (NASDAQ: RILY) has declared cash dividends for its preferred stock. The 6.875% Series A Cumulative Perpetual Preferred Stock (RILYP) will receive a dividend of $0.42968750 per depositary share, while the 7.375% Series B (RILYL) will receive $0.4609375 per depositary share. These dividends are payable on or about January 31, 2021, to shareholders on record as of January 21, 2021. Each depositary share has a liquidation preference of $25.00.
B. Riley Financial, Inc. (NASDAQ: RILY) released its financial guidance for Q4 and full-year 2020, projecting net income of $109-$112 million for Q4 and $143-$146 million for the full year, indicating over 75% growth from 2019. Adjusted EBITDA for Q4 is forecasted at $175-$180 million while full-year EBITDA is expected to be $321-$326 million, up 55% from the prior year. Recent strategic investments in Lingo Communications and Justice clothing brand are anticipated to drive future cash flow. Investment gains are estimated at $80 million for Q4 and $44 million for FY2020.
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