Piper Jaffray records quarterly profits

by Richard Kilner

Story link: Piper Jaffray records quarterly profits

Piper Jaffray Companies (NYSE: PJC) has announced its results for the second quarter of this year.

The firm made a net income of $11.6m, equivalent to $0.59 per diluted share, for the quarter ended 30 June.

This compares favourably to Q2 2008 which saw the firm incur a $1.5m net loss, and the previous quarter which had a net loss of $2.7m.

For the first half of 2009 as a whole Piper Jaffray made $8.9m, equivalent to $0.45 per diluted share, a substantial improvement on the corresponding period last year which saw a net loss of $2.9m.

Net revenues were also up, rising by 12% to hit $216.2m.

Chairman and CEO Andrew S. Duff has cited a rebound in investment banking revenues as one factor reflected in the improved performance, with equity capital market conditions continuing to improve.