FBR Swings to a Profit

From the Associated Press

Investment bank Friedman, Billings, Ramsey Group of Arlington said it swung to a profit in the first quarter as it reduced expenses and avoided investment losses in its mortgage banking unit.
Profit was $45.1 million (30 cents a share), compared with a loss of $185.9 million ($1.08) in the comparable period a year earlier. Last year's first quarter included $106.9 million in losses tied to FBR's mortgage banking unit, compared with a profit of $468,000 in the last quarter.
Total non-interest expenses fell to $125.9 million in the quarter, from $227.5 million during the first quarter last year. Reduction in compensation and benefits as well as a lack of goodwill impairment and restructuring charges helped reduce costs during the quarter.
Revenue fell 36 percent, to $115.9 million, due mainly to reduced revenue in the investment banking and principal investment segments.

By Terri Rupar  |  April 24, 2008; 10:25 AM ET  | Category:  Finance
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