Tue, Nov. 17, 6:13 AM
Thu, Aug. 6, 2:35 PM
- CEO Michael Weil and CFO Brian Jones will be replaced at RCS Capital (RCAP -26.8%) once successors can be found.
- Apollo Global (APO -1%) will purchase RCAP's wholesale distribution division for $25M, and - along with Luxor Capital Partners - invest another $37.5M in convertible preferred stock of RCAP.
- RCAP's business will be refocused on Cetera Financial Group, with Cetera entering a strategic relationship with Apollo in which its sales force will sell Apollo products.
- The RCS Capital Management services agreement will be terminated, with 3M shares issued to Luxor Capital and 2.6M shares issued to members of RCAP management as part of the termination.
- Apollo co-founder Marc Rowan and Anthony Civale - COO of Apollo Credit - will join the RCAP board.
- The board also forms a committee to explore further options to enhance shareholder value.
- Source: Press Release
- RCAP shares are halted from trade, but were up sharply ahead of the announcement.
Thu, Aug. 6, 2:18 PM
Thu, May 7, 6:15 AM
Tue, Feb. 24, 7:14 AM
- Q4 adjusted net income of $12.6M or $0.14 per share tumbled from $42.7M and $0.46 one year ago, and missed consensus by $0.04 per share.
- In wholesale distribution, equity sales of $1.1B fell 55% Y/Y, and revenue of $92.1M fell 51%. Adjusted EBITDA of a loss of $9.9M compared to a loss of $6.2M a year earlier.
- In capital markets, revenue of $10.8M fell 80% Y/Y, with adjusted EBITDA of $3.9M down 91%.
- 2015 outlook: Adjusted EBITDA of $244M-$268M (vs. $213.4M in 2014). Adjusted net income per share of $1.43-$1.59 vs. $1.45 in 2014, and consensus of $1.63.
- Dial-in conference call at 11 ET
- Previously: RCS Capital misses by $0.04, misses on revenue (Feb. 24)
- RCAP flat premarket
Tue, Feb. 24, 6:26 AM
Nov. 13, 2014, 7:37 AM
- CEO Michael Weil: "Our retail advice business remains unaffected by the recent events involving ARCP, and we expect to continue to retain and recruit industry-leading advisors while exhibiting both strong revenue and EBITDA growth in the fourth quarter of 2014 and in 2015." He notes the advisor retention rate was 97.8% in Q3.
- Retail advice: AUA of $212.8B up 11% Y/Y. Revenue of $504.3M up 16%. Number of advisors of 9.139 up 2%. Adjusted EBITDA of $37.2M up 61%.
- Wholesale distribution: Equity sales of $2.3M flat Y/Y. Revenue of $2210.9M down 7%. Adjusted EBITDA of $1.4M -74%. "While we expect some short-term decrease in equity capital raised on the platform, we still see strong fundamental demand for portfolio solutions that mitigate broader market exposure,"
- Capital Markets: Revenue of $28.3M up 85%. Adjusted EBITDA of $15.7M up 97%.
- Investment management: AUM of $2.8B up 29%. Revenue of $17M up 45%. Adjusted EBITDA of $3.4M up 88%.
- Conference call at 11 ET looks to only be available by dial-in.
- Previously: RCS Capital misses by $0.03, misses on revenue
- RCAP +0.1% premarket
Nov. 13, 2014, 6:43 AM
Aug. 7, 2014, 12:21 PM
- Q2 adjusted net income of $42.6M or $0.49 per share up 12% from Q1.
- Pro forma revenue of $825.7M up 22%. Assets under administration for Retail Advice Segment of $214.2B up $5.9B.
- Acquisition synergies are on track and expected to be $57M-$65M on an annualized run rate this year, with incremental gains projected for next year.
- 272 new financial advisors recruited during Q, representing $24.2M in Gross Dealer Concession, for a net increase of 34 new advisors. 97% advisor retention on a trailing 12-month GDC.
- 2014 EBITDA guidance of $304M-$327M is confirmed. 2015 guidance will come in the Q3 report.
- Previously: RCS Capital beats by $0.06, beats on revenue
- RCAP +4.3%
Aug. 7, 2014, 8:57 AM
May 1, 2014, 9:01 AM
Feb. 12, 2014, 6:44 AM
Oct. 24, 2013, 9:53 AM
RCS Capital Corp is a holding company. The Company, through its subsidiaries, is engaged in the wholesale distribution and investment banking, capital markets and transaction management services businesses.
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