Monday November 3, 2008
Navivest

Stifel Financial Corp. (SF) today reported record net revenues of $218.9 million for the third quarter of 2008. Net income for the period was $12.8 million, which translated into an EPS of $0.46 on a diluted basis. This compares to revenues of $183 million and net income of $8.1 million in the comparable period last year.

The company also reported results for the nine-month period that ended September 30, 2008 and for the period, Stifel Financial (SF) recorded revenues of $639.4 million while net income came in at $39.5 million. EPS on a diluted basis for the period was $1.44. For the same period in 2007, net revenues were $550.9 million, net income was $18.3 million and EPS was $0.73.

The company has restated all prior period share and earnings per share amounts retroactively, to reflect the three-for-two stock split distributed in June 2008.

According to the company, “At September 30, 2008, our equity was $565.4 million, resulting in book value per share of $22.21. During the first nine months of 2008, the Company repurchased 567,953 shares of its common stock, at an average price of $27.87 per share. On September 29, 2008, the Company completed the public offering of 1,495,000 new shares of Company common stock.”

After adjusting for acquisition related charges, non-GAAP net income, “Core earnings”, and non-GAAP, the company’s earnings per diluted share were $16.7 million and $0.60, respectively for Q3 2008 compared to 2007 Q3 non-GAAP earnings of $14.3 million and non-GAAP earnings per diluted share of $0.53.

For the nine months ended September 30, 2008, non-GAAP earnings and non-GAAP earnings per diluted share were $51.4 million and $1.88, respectively compared to 2007 year to date non-GAAP earnings of $46.3 million and non-GAAP earnings per diluted share of $1.83.

Prior year nine-month results included a significant investment banking transaction that contributed $24.7 million in revenues in the second quarter of 2007.