Thomas Weisel’s GAAP net income and diluted earnings per share for the fourth quarter of 2007 were $11.2 million and $0.43 compared to earnings of $8.7 million and $0.33 in the same period last year.
The company has realized net revenues of $289 million for the full year of 2007, an increase of 5% from the corresponding period in 2006. For the period, GAAP net income and diluted earnings per share were break-even compared to $34.9 million and $1.34 for the full year 2006.
Thomas Weisel, chairman and CEO, said: Our fourth quarter banking results did not meet our expectations, as many of our capital raising and M&A transactions scheduled for the fourth quarter were postponed due to difficult market conditions. We are cognizant of the near term uncertainty resulting from unfavorable markets; capital raising transactions and volumes in the market are down significantly in January. We expect continued uncertainty to negatively impact our investment banking business in the near term.
