B. Riley Financial reports Q1 EPS ($1.71) vs. 51c last year

Reports Q1 revenue $343M vs. $432M last year. Q1 operating revenues were $379M vs. $389M last year. CEO Bryant Riley commented: “Overall, we had a solid quarter from an operating perspective despite the unusual events our firm has experienced over the last several months. As we review this quarter, it is worth pointing out a few meaningful changes since last year. Results from 2023 benefited from $52M of unrealized gains on investments in addition to increased interest income from the pool of performing consumer receivables that we acquired in the prior year which is maturing. In contrast, the first quarter of 2024 reflected $30M of unrealized non-cash investment losses, and incremental costs related to the filing of our 10-K, internal review and subsequent independent investigation undertaken by our Board’s Audit Committee. Excluding these items, operating income was flat compared to last year based on the performance of our core businesses – B. Riley Securities, Wealth Management, and Financial Consulting, including Advisory Services which reported a record Q1.”