B. Riley Financial (NASDAQ: RILY) reported Q3 EPS of $1.42, versus $0.24 reported last year. Revenue for the quarter came in at $180.1 million, versus $99.68 million reported last year.

Third Quarter 2019 Highlights

• Total revenues of $180.1 million
• Net income of $34.3 million or $1.21 per diluted share
• Adjusted EBITDA of $70.3 million
• Adjusted net income of $40.0 million or $1.42 per diluted share

"We are extremely pleased to report record results in our third quarter earnings. These results speak to the strength of our individual businesses, combined with the synergies and opportunities being created throughout B. Riley Financial. The value created by our combined businesses continues to exceed our expectations, and we believe our quarterly and year-to-date results demonstrate the earnings power of our company. Over the last five years, we have transitioned from a traditional investment banking and brokerage business into a diversified platform of companies which provide both recurring and episodic revenues. We have utilized the broad capabilities of our enhanced platform to create investment opportunities for ourselves and our clients, while at the same time expanding our service revenues organically and through acquisitions," said Bryant Riley, Chairman and Co-Chief Executive Officer of B. Riley Financial. "As a strategic matter, we use our balance sheet in situations where we can source off market, proprietary investment opportunities in partnership with our operating businesses. This strategy has created a tremendous number of investment opportunities, often combined with meaningful fee revenue, which have added to our short-term profits as well as our recurring revenues. We are mindful that a balance between steady revenues and episodic opportunities is critical, and today's announcement about the formation of our brand investment platform is a continuation of our efforts to grow recurring revenues."

Share Repurchase Program

The Board has also approved the repurchase of up to $50 million of the Company's outstanding shares of common stock during the year ending October 31, 2020. The share repurchases may be effected on the open market at prevailing market prices from time to time as market conditions warrant, or in privately negotiated transactions. All purchases will be implemented in accordance with the company's securities trading policy and applicable requirements of Rule 10b-18 under the U.S. Securities Exchange Act of 1934, as amended, or other legally permissible ways in accordance with applicable rules and regulations.

For earnings history and earnings-related data on B. Riley Financial (RILY) click here.