KBW, Inc. Announces 2011 Fourth Quarter and Full-Year Results, Including Restructuring Charges and Declares Quarterly Cash Dividend

NEW YORK--(BUSINESS WIRE)--KBW, Inc. (NYSE: KBW), a full-service investment bank that specializes in the financial services sector, today announced revenues of $54.9 million and a non-GAAP operating net loss of $8.3 million, or $0.28 per diluted share, for the quarter ended December 31, 2011. This compares with total revenues of $97.1 million and non-GAAP operating net income of $3.6 million, or $0.10 per diluted share, for the fourth quarter of 2010 and total revenues of $50.4 million and a non-GAAP operating net loss of $14.6 million, or $0.47 per diluted share, for the third quarter of 2011. See “Non-GAAP Financial Measures” below for a reconciliation of our non-GAAP operating results to our GAAP results, including restructuring charges taken in 2011 relating to a workforce reduction, exit from asset management and other cost reductions. The GAAP net loss for the fourth quarter of 2011 was $16.3 million, or $0.55 per diluted share. This compares with GAAP net income of $3.0 million, or ($0.01) per diluted share, for the fourth quarter of 2010, and a GAAP net loss of $15.7 million, or $0.51 per diluted share, for the third quarter of 2011.