Piper Jaffray 2nd-Qtr Profit Falls, Revenue Dips

MINNEAPOLIS (AP) — Investment bank and asset management firm Piper Jaffray said Wednesday that its second-quarter net income dropped 61 percent from results a year ago that were bolstered by tax benefit.

Piper Jaffray Cos. earned $2.3 million, or 15 cents per share, for the three months ended June 30. That's down from $5.9 million, or 37 cents per share, a year earlier.

The year-ago period included a tax benefit of 35 cents per share.

For the current quarter, earnings from continuing operations were 25 cents per share.

Revenue for the Minneapolis company dipped slightly to $109.1 million from $109.7 million.

The asset management segment posted a 16 percent increase in revenue, while the capital markets division reported a 7 percent revenue decline.

Its shares closed at $33.35 on Tuesday. They are in the middle of their 52-week range of $19.35 set last July to $42.56 reached in mid-February.

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