JMP Group Posts Q1 Profit

(RTTNews) - JMP Group Inc. (JMP) said that its first-quarter net income attributable to the company on a GAAP basis was $4.0 million, or $0.17 per share, compared to a net loss of $1.7 million, or $0.08 per share, for the first quarter of 2013.

Operating net income was $4.4 million, or $0.19 per share, an increase from $3.6 million, or $0.16 per share, last year.

Adjusted net revenues, which exclude certain non-cash items and non-controlling interests, were $44.1 million, an increase of 37.6% from $32.0 million in the prior year.

Total net revenues under generally accepted accounting principles, or GAAP, were $37.7 million, compared to $23.2 million for the first quarter of 2013.