Arlington-based FBR & Co. (Nasdaq:FBRC),an investment bank serving the middle market reported an increased net loss, posting a sharp 75% drop from the net loss in third quarter of 2010 that was $6.6 million. The net loss for the third quarter ended September 30, 2011 was $26.1 million or $-0.43 cents per share, almost double the $-0.23 cents forecast from analysts.
Revenue also had a large decline falling to $20.1 million in third quarter 2011 from $57.4 million in 2010 when it was more than double the recently reported amount. It also missed analyst projections of $25.99 million.
Richard J. Hendrix, President and Chief Executive Officer of FBR noted that the company would reduce its fixed costs by 35 percent, which could include layoffs.
The company had cash and cash equivalents of $120.8 million at the end of the quarter.