* Q4 loss/shr $0.65 vs. Street estimate of loss of $0.13
* Investment banking revenue down 48 pct
* Total revenue down 60 pct
Feb 11 Boutique investment bank KBW Inc KBW.N
posted a wider-than-expected quarterly loss as investment
banking revenue nearly halved from a year ago.
The investment bank, which specializes in financial
services sector, also saw a 13 percent drop in its commissions
revenue to $39.9 million. Investment banking revenue for the
quarter was $27.3 million, compared with $52.4 million last
Loss from principal transactions also widened almost
seven-fold during the quarter to $30 million.
Net loss for the fourth quarter was $22.1 million, or 71
cents a share, compared with a profit of $3.6 million, or 11
cents a share, a year ago.
Excluding items, KBW recorded an operating loss of $20.2
million, compared with earnings of $5.3 million last year.
"Investment banking revenues and institutional commissions
declined as the turmoil in the markets led to a reduced level
of transactions and trading activity," Chief Executive John
Duffy said in a statement.
Shares of New York-based company closed at $18.18 Tuesday
on the New York Stock Exchange.
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(Reporting by Adheesha Sarkar in Bangalore; Editing by Jarshad