<PAGE>
FORM 8-K
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
CURRENT REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF
1934
Date of Report (date of earliest event reported): October 31, 2000
Friedman, Billings, Ramsey Group, Inc.
(Exact name of Registrant as specified in its charter)
001-13731
(Commission File Number)
Virginia 54-1870350
(State or other jurisdiction of (I.R.S. Employer
incorporation or organization) Identification No.)
1001 Nineteenth Street North
Arlington, VA 22209
(Address of principal executive offices)(Zip code)
(703) 312-9500
(Registrant's telephone number including area code)
Item 9.
On October 26, 2000, Friedman, Billings, Ramsey Group, Inc. issued a press
release reporting its earnings for third quarter 2000. A copy of the press
release has been filed on Form 8-K on October 27, 2000. Friedman, Billings,
Ramsey Group, Inc. is supplementing the financial information contained in the
October 26, 2000 press release by furnishing the following unaudited Financial
and Statistical Supplement.
The following Exhibit is furnished as part of this report:
99.1 Financial and Statistical Supplement (unaudited) September 30, 2000.
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the
Company has duly caused this Report to be signed on its behalf by the
undersigned hereunto duly authorized.
FRIEDMAN, BILLINGS, RAMSEY GROUP, INC.
By: /s/ Emanuel J. Friedman
Chief Executive Officer
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FRIEDMAN, BILLINGS, RAMSEY GROUP, INC.
[LOGO] Financial & Statistical Supplement -Operating Results (unaudited)
FBR September 30, 2000
(Dollars in thousands, except per share data)
<TABLE>
<CAPTION>
YTD 2000 Q-3 00 Q-2 00 Q-1 00
-------- -------- -------- -------
<S> <C> <C> <C> <C>
Revenues
--------
Investment banking:
Underwriting $ 16,639 $ 4,928 $ 1,205 $ 10,506
Corporate finance 22,195 7,264 8,741 6,190
Investment income 1,453 1,453 - -
Institutional brokerage:
Principal transactions 25,808 7,019 12,788 6,001
Agency commissions 15,292 4,989 4,627 5,676
Asset management:
Base management fees 6,884 2,504 2,206 2,174
Incentive income 52,203 7,751 7,849 36,603
Net investment income (loss) 6,648 5,780 3,768 (2,900)
Interest, dividends and other 7,359 3,014 2,352 1,993
-------- -------- -------- -------
Total revenues 154,481 44,702 43,536 66,243
-------- -------- -------- -------
Expenses
--------
Compensation and benefits 96,241 24,809 25,209 46,223
Business development & professional services 14,982 5,974 4,391 4,617
Clearing and brokerage fees 4,589 1,483 1,539 1,567
Occupancy & equipment 7,353 2,657 2,373 2,323
Communications 3,748 1,300 1,267 1,181
Interest expense 965 424 319 222
Other operating expenses 5,789 1,862 2,373 1,554
-------- -------- -------- -------
Total expenses 133,667 38,509 37,471 57,687
-------- -------- -------- -------
Net income (loss) before taxes 20,814 6,193 6,065 8,556
-------- -------- -------- -------
Provision for income taxes 4,163 1,239 785 2,139
Net income (loss) $ 16,651 $ 4,954 $ 5,280 $ 6,417
======== ======== ======== =======
Net income (loss) before taxes
as a percentage of revenue 13.5% 13.9% 13.9% 12.9%
ROE (annualized) 17.4% 9.5% 10.5% 13.9%
Total shareholders' equity $211,796 $211,796 $203,637 $198,063
Basic earnings (loss) per share $ 0.34 $ 0.10 $ 0.11 $ 0.13
Diluted earnings (loss) per share $ 0.33 $ 0.10 $ 0.11 $ 0.12
Ending shares outstanding (in thousands) 49,282 49,282 49,204 49,096
Book value per share $ 4.30 $ 4.30 $ 4.14 $ 4.03
Assets under management (in millions)
-------------------------------------
Managed accounts $ 136.9 $ 136.9 $ 131.9 $ 114.6
Hedge & offshore funds 135.1 135.1 114.3 98.8
Mutual funds 93.1 93.1 56.4 54.7
Private equity & venture capital 757.5 757.5 697.4 661.7
-------- -------- -------- -------
Total $1,122.6 $1,122.6 $1,000.0 $ 929.8
======== ======== ======== =======
Employee count 367 367 392 390
======== ======== ======== =======
<CAPTION>
YTD 1999 Q-3 99 Q-2 99 Q-1 99
-------- -------- -------- -------
<S> <C> <C> <C> <C>
Revenues
--------
Investment banking:
Underwriting $ 16,442 $ 4,026 $ 9,245 $ 3,171
Corporate finance 10,721 2,024 5,820 2,877
Investment income 2,163 15 2,148 -
Institutional brokerage:
Principal transactions 17,586 4,721 6,804 6,061
Agency commissions 9,940 3,372 3,749 2,819
Asset management:
Base management fees 7,030 2,714 2,052 2,264
Incentive income 605 62 470 73
Net investment income (loss) (1,326) (10,572) 6,985 2,261
Interest, dividends and other 8,209 2,560 3,106 2,543
-------- -------- -------- ---------
Total revenues 71,370 8,922 40,379 22,069
-------- -------- -------- ---------
Expenses
--------
Compensation and benefits 52,665 16,318 22,109 14,238
Business development & professional services 18,164 9,662 5,908 2,594
Clearing and brokerage fees 3,307 1,098 1,195 1,014
Occupancy & equipment 4,722 1,738 1,422 1,562
Communications 3,083 1,246 913 924
Interest expense 1,160 159 494 507
Other operating expenses 5,436 1,762 2,489 1,185
-------- -------- -------- ---------
Total expenses 88,537 31,983 34,530 22,024
-------- -------- -------- ---------
Net income (loss) before taxes (17,167) (23,061) 5,849 45
-------- -------- -------- ---------
Provision for income taxes - - - -
Net income (loss) $(17,167) $(23,061) $ 5,849 $ 45
======== ======== ======== ========
Net income (loss) before taxes
as a percentage of revenue -24.1% -258.5% 14.5% 0.2%
ROE (annualized) -9.6% -51.4% 12.8% 0.1%
Total shareholders' equity $170,922 $170,922 $187,852 $176,876
Basic earnings (loss) per share $ (0.35) $ (0.47) $ 0.12 $ 0.00
Diluted earnings (loss) per share $ (0.35) $ (0.47) $ 0.12 $ 0.00
Ending shares outstanding (in thousands) 48,882 48,882 48,882 48,733
Book value per share $ 3.50 $ 3.50 $ 3.84 $ 3.63
Assets under management (in millions)
-------------------------------------
Managed accounts $ 200.5 $ 200.5 $ 212.5 $ 229.4
Hedge & offshore funds 177.1 177.1 212.4 194.7
Mutual funds 78.1 78.1 91.6 95.9
Private equity & venture capital 329.6 329.6 295.7 152.9
-------- -------- -------- --------
Total $ 785.3 $ 785.3 $ 812.2 $ 672.9
======== ======== ======== ========
Employee count 390 390 350 349
======== ========= ======== ========
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