Piper Jaffray Reports Q4 EPS of $.49 vs. $.50

Piper Jaffray Companies PJC today announced net income of $9.4 million, or $0.49 per diluted common share, for the fourth quarter ended Dec. 31, 2010. These results were reduced by $0.48 per diluted common share, due to a $9.1 million after-tax charge ($9.5 million pre-tax), substantially all of which related to the previously-announced restructuring of the firm's European operations. On a non-GAAP, core basis for the quarter, which excludes the restructuring charge, results were $0.97 per diluted common share. For the fourth quarter of 2009, Piper Jaffray recorded net income of $12.3 million, or $0.63 per diluted common share, and net income of $7.1 million, or $0.36 per diluted common share, for the third quarter of 2010. Fourth quarter 2010 net revenues were a record $176.4 million, compared to $132.9 million in the year-ago period, and $116.5 million for the third quarter of 2010.