Connect with us

Hi, what are you looking for?

Alive Business PlanAlive Business Plan

Stock

B. Riley delays Q3 report, warns of loss from Franchise bankruptcy

(Reuters) – B. Riley Financial on Wednesday warned of a third-quarter loss and said it would delay its earnings report due to hold-ups in finalizing the valuations of some loans and investments.

The California-based bank has been in a turmoil since August when it suspended its dividend and warned of a markdown from its investment in Vitamin Shoppe-parent Franchise Group (NASDAQ:FRG).

The bank expects net loss from continuing operations to be between $130 million and $135 million, or $4.26 to $4.43 per share, mainly due to a nearly $120 million decline in the valuation of its investment in the retailer.

Earlier this month, Franchise Group filed for bankruptcy, prompting B. Riley to warn of a bigger hit from its ill-fated investment.

Including discontinued operations, it expects to post a loss of about $290 million to $300 million or $8.85 to $9.18 per share.

B. Riley, whose shares have slumped 77% this year, said it was “working diligently” to file the September quarter report. It is also yet to file the report for the three months ended June 30.

The bank said its debt is expected to be about $2.06 billion at the end of September, a decrease of $100 million from June end. It repaid about $82 million to Japanese investment bank Nomura in the quarter.

This post appeared first on investing.com
Become a VIP member by signing up for our newsletter. Enjoy exclusive content, early access to sales, and special offers just for you! As a VIP, you'll receive personalized updates, loyalty rewards, and invitations to private events. Elevate your experience and join our exclusive community today!

    By opting in you agree to receive emails from us and our affiliates. Your information is secure and your privacy is protected.

    You May Also Like

    Latest News

    The Gateway Pundit, a far-right website, published a note from its editor on Saturday acknowledging that two election workers in Georgia did not engage...

    Latest News

    New majorities in Congress, particularly when the incoming party has a new leader, offer the rare chance for the institution to take a breath...

    Investing

    JAKARTA (Reuters) -Indonesia has asked Alphabet (NASDAQ:GOOGL)’s Google and Apple (NASDAQ:AAPL) to block Chinese fast fashion e-commerce firm Temu in their application stores in...

    Latest News

    Sister Stephanie Schmidt had a hunch about what her fellow nuns would discuss over dinner at their Erie, Pennsylvania, monastery on Wednesday night. The...



    Disclaimer: alivebusinessplan.com, its managers, its employees, and assigns (collectively “The Company”) do not make any guarantee or warranty about what is advertised above. Information provided by this website is for research purposes only and should not be considered as personalized financial advice. The Company is not affiliated with, nor does it receive compensation from, any specific security. The Company is not registered or licensed by any governing body in any jurisdiction to give investing advice or provide investment recommendation. Any investments recommended here should be taken into consideration only after consulting with your investment advisor and after reviewing the prospectus or financial statements of the company.


    Copyright © 2024 alivebusinessplan.com