B. Riley Financial Shares Drop After Annual Report Delay


B. Riley Financial saw a significant decline in its shares, dropping 14% to $15.74 in post-market trading following news of a delay in its 2023 annual report. This delay came after an audit committee review of the company’s transactions with hedge-fund manager Brian Kahn.

Exploring Strategic Alternatives

In response to these developments, B. Riley Financial has enlisted Moelis & Company to examine strategic options for its appraisal and asset disposition businesses, previously known as Great American Group. The company reported a decrease in profit in the fourth quarter, leading to a substantial reduction in its quarterly dividend.

Financial Performance Overview

During the fourth quarter, B. Riley Financial recorded a net loss of $67.9 million, translating to $2.32 per share, compared to a loss of $63.5 million or $2.08 per share in the same period the previous year. Revenue also experienced a decline of 9.3%, totaling $346.5 million.

Dividend adjustments

The company’s board has approved a revision to its quarterly dividend, reducing it to 50 cents from the previous $1.00. This new payout equates to $2.00 annually, offering a yield of 10.9% based on the latest closing price of $18.33 for B. Riley Financial shares.

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