B. Riley Financial, Inc. Stock Price, News & Analysis

B. Riley Financial has announced cash dividends for its Preferred Stock series, specifically the 6.875% Series A and the 7.375% Series B. Each depositary share, representing 1/1000th of a share, has a liquidation preference of $25.00. The dividend for Series A is set at $0.42968750 per depositary share, while Series B is $0.4609375. These dividends are scheduled for payment on or around April 30, 2023, to holders of record as of April 21, 2023.

This announcement reaffirms B. Riley's commitment to providing returns to its shareholders, reflecting its financial stability and operational performance.

B. Riley Financial, Inc. (NASDAQ: RILY) announced it led financing for Harrow Health, Inc. (NASDAQ: HROW) to support its acquisition of exclusive commercial rights to five FDA-approved ophthalmic products. The financing included $59.75 million in debt provided in January 2023 and a fully backstopped $125 million commitment. The loan was fully repaid on March 27, 2023, coinciding with Harrow's new $100 million credit facility. B. Riley also managed Harrow's equity and senior notes offerings in December 2022, raising $65.25 million. Harrow aims to enhance its position in the U.S. ophthalmic pharmaceuticals market through this acquisition.

A joint venture including Hilco Merchant Retail Solutions, Gordon Brothers Canada, Tiger Asset Solutions, and B. Riley Retail has begun liquidation sales for all Nordstrom and Nordstrom Rack stores in Canada. This follows a court order from March 20, 2023, permitting the closure of 13 locations. Sales began on March 21, offering discounts of up to 20% on various products, with all sales final and no returns accepted. The impacted stores are located in major Canadian cities, including Calgary, Vancouver, Ottawa, and Toronto. The company aims for brisk sales during this unique liquidation event, providing an opportunity for consumers to purchase luxury items at discounted prices.

B. Riley Financial, a diversified financial services platform, has filed its Annual Report on Form 10-K for the fiscal year ending December 31, 2022. The report includes restated financial statements, correcting the classification of dividends and investment gains from 'Revenue' to 'Other Income.' This reclassification did not affect previously reported net income, earnings per share, or adjusted EBITDA. Key figures include total revenues of $1,080,670, operating expenses of $1,011,222, and a net loss of $167,837 for 2022. The full report can be accessed on the company's investor relations website.

B. Riley Financial, Inc. (RILY) reported Q4 2022 total revenues of $326.8 million and operating revenues of $450.4 million. The company experienced a net loss of ($59.4 million), impacted by investment losses of ($123.5 million). Despite these losses, operating adjusted EBITDA reached $101.8 million, surpassing guidance of $90-100 million. The company declared a quarterly dividend of $1.00 per common share, totaling approximately $113 million returned to shareholders in fiscal 2022. B. Riley's diversified portfolio is expected to stabilize amidst recovering market conditions.

B. Riley Financial (NASDAQ: RILY) announced the acquisition of the corporate division of Farber Group, a Toronto-based restructuring and advisory firm, on February 22, 2023. This acquisition enhances B. Riley's restructuring services by adding 45 staff, including 16 experienced professionals. Farber's offerings will integrate into B. Riley Advisory Services, now operating as B. Riley Farber. This strategic move expands B. Riley's capabilities across North America and strengthens its position in cross-border engagements, benefiting clients in the U.S., Canada, and Mexico. Financial terms of the acquisition were not disclosed.

B. Riley Financial (RILY) will disclose its financial results for Q4 and full year 2022 on February 22, 2023, after market close. An investor conference call, led by Co-CEOs Bryant Riley and Tom Kelleher, along with CFO Phillip Ahn, is scheduled for the same day at 4:30 p.m. ET. The call will include a Q&A session and will be accessible via the company’s investor relations website. Supplemental investor materials will be available ahead of the call, and a replay will be provided afterward.