MINNEAPOLIS (AP) -- NEWS: Piper Jaffray's third-quarter net income dropped 71 percent, hurt by some charges and a loss from discontinued operations. But its adjusted income from continuing operations beat the previous quarter.
DETAILS: The Minneapolis-based investment bank and asset management firm reported a loss from discontinued operations of $1.5 million in the current quarter, which included the operating results of its Hong Kong capital markets business, which was shut down, and FAMCO, an asset management subsidiary sold in the second quarter. Last year's third quarter included $5.2 million in income from discontinued operations.
NUMBERS: Net income after preferred dividends dropped to $4.8 million, or 33 cents per share, for the three months ended Sept. 30. That's down from $16.8 million, or $1.11 per share, a year ago. Income from continuing operations was 42 cents per share. Taking out 15 cents per share for some acquisition-related costs, income from continuing operations was 57 cents per share. This topped the 25 cents per share in the previous quarter.
Revenue edged up to $138.8 million from $138.6 million. Removing interest expense, revenue slipped to $128.3 million from $131.5 million last year. But it topped the second quarter's $99.8 million.
In Piper's capital markets business, revenue declined 4 percent to $110.3 million. Revenue for the asset management unit rose 11 percent to $18.1 million.
STOCK: Piper Jaffray Companies' shares gained $1.85, or 5.5 percent, to $35.79 in Wednesday afternoon trading.