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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) has received an unsolicited proposal from its founder, chairman, and co-CEO, Bryant Riley, to take the company private. The offer proposes to acquire outstanding shares not owned by Riley at $7.00 per share. The transaction would be financed with debt and possibly third-party equity, subject to 'majority of the minority' stockholder approval and other conditions, but not a financing condition.
The company's Board of Directors plans to establish a Special Committee of independent directors to evaluate the proposal. However, the Board cautions that it has not yet had the opportunity to thoroughly review the offer, and there is no assurance that a definitive agreement will be reached or that any transaction will be approved or completed.
B. Riley Financial (NASDAQ: RILY) released preliminary Q2 2024 financial results, reporting an expected net loss of $435-$475 million ($14-$15 per diluted share). The loss is primarily due to a non-cash markdown of $330-$370 million related to its investment in Freedom VCM (FRG's parent) and Vintage Capital loan receivable. Additional charges include a $28 million impairment for Targus goodwill and a $25 million valuation allowance for deferred income taxes.
The company expects operating adjusted EBITDA of $50-$55 million. As of June 30, 2024, B. Riley had $237 million in cash and cash equivalents, $1.1 billion in total cash and investments, and $2.16 billion in total outstanding debt. The company will suspend its common dividend to prioritize deleveraging and is reviewing strategic alternatives for Great American Group.
Store closing sales have begun at Conn's HomePlus and Badcock Home Furniture & More locations, offering 30-50% discounts on all merchandise. The liquidation event, managed by B. Riley Retail Solutions, , covers over 550 stores across 15 states and online platforms. The sale includes furniture, home electronics, appliances, and more from leading brands. Store furnishings, fixtures, and equipment are also available for purchase. The event aims to clear all inventory, with no returns or exchanges permitted. Customers are encouraged to shop early for the best selection. B. Riley Retail Solutions, a subsidiary of B. Riley Financial (Nasdaq: RILY), specializes in large-scale retail liquidations.
B. Riley Securities, a subsidiary of B. Riley Financial (Nasdaq: RILY), has announced its 7th Annual Consumer and TMT Conference, scheduled for September 12, 2024 in New York. This one-day event will showcase select small and mid-cap public companies across various sectors including consumer, technology, media, and telecom.
The conference will feature a comprehensive schedule of research-moderated panels, analyst-hosted roundtables, one-on-ones, and small group meetings. It aims to provide deep insights into the opportunities created by the evolving consumer and TMT market. Participation is by invitation only, and interested parties can register by emailing 1on1@brileyfin.com.
Andy Moore, CEO of B. Riley Securities, emphasized the event's role in offering a rich networking forum for investors and corporates. The conference covers a wide range of industries, from Aerospace & Defense to Specialty Retail & Apparel.
B. Riley Financial (NASDAQ: RILY) has declared cash dividends on its 6.875% Series A and 7.375% Series B Cumulative Perpetual Preferred Stocks. Each depositary share represents a 1/1000th fractional interest in a share of the respective Preferred Stock with a liquidation preference of $25.00 per depositary share.
The 6.875% Series A Preferred Stock dividend is $0.42968750 per depositary share. The 7.375% Series B Preferred Stock dividend is $0.4609375 per depositary share. Both dividends will be payable on July 31, 2024, to shareholders of record on July 22, 2024.
B. Riley Financial (NASDAQ: RILY) announced the acquisition of Interface Consulting International, a prominent engineering and construction consulting firm. Interface Consulting specializes in troubled projects, offering analysis, litigation support, and project planning. They serve a wide range of clients globally, including owners, contractors, attorneys, and insurers. This acquisition integrates Interface Consulting's expert team into B. Riley's Advisory Services, enhancing their forensic accounting and litigation support. Key leaders, Chris Sullivan and Lisa Sumner Heard, bring decades of experience in managing high-profile projects in engineering and construction, contributing strategic solutions and expertise to B. Riley's professional services platform.
B. Riley Financial (NASDAQ: RILY) reported a net loss of $51 million for Q1 2024, compared to a $15 million profit in Q1 2023. This was primarily due to $30 million in non-cash investment losses. Total revenues dropped 20.6% to $343 million, down from $432 million the previous year. Despite the declines, operating revenues only saw a slight dip to $379 million from $389 million. Operating adjusted EBITDA decreased to $66 million from $88 million. The company retired $115 million of 6.75% 2024 Senior Notes and repaid $57 million of debt. B. Riley declared a quarterly dividend of $0.50 per share.
B. Riley Financial, Inc. (Nasdaq: RILY) will report its first quarter 2024 results on May 15, 2024. The conference call will be hosted by key executives and an audio recording will be available until May 29, 2024. Additionally, Chairman Bryant Riley will participate in the 24th Annual B. Riley Institutional Investor Conference on May 22-23, 2024.
B. Riley Financial, Inc. announced the full redemption of its 6.75% Senior Notes due 2024, totaling $25,000,000, on May 31, 2024. The redemption price includes the aggregate principal amount and accrued interest up to the Redemption Date. The Notes, trading under the ticker symbol 'RILYO' on NASDAQ, will be delisted and cease trading on the Redemption Date.
Planet Cyclery and Colorado Cyclist are hosting sitewide closing sales with discounts of up to 30% on premium cycling apparel, gear, and equipment. B. Riley Retail Solutions is facilitating the liquidation process, offering deep discounts on high-quality merchandise across both websites for a time only.
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