Sanders Morris Harris Group (SMHG) Misses Q3 EPS by 2c
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Sanders Morris Harris Group Inc. (Nasdaq: SMHG) reports Q3 EPS of $0.04 (ex-discontinued operations), 2 cents worse than estimates. Revenues were $47.86 million vs. $53.96 million consensus.
The Company also announced that it has agreed to sell $7.5 million of its common stock to Fletcher International, Ltd., an affiliate of private investment firm Fletcher Asset Management Inc., for $7.00 per share. Fletcher will also receive a 10-year warrant to purchase up to $7.5 million worth of shares at $5.75 per share. The transaction is expected to close by November 16, 2009, subject to customary closing conditions.
Client assets increased 11% from $9.5 billion on June 30, 2009 to $10.6 billion at the end of the third quarter.
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