Friedman Billings Ramsey

Friedman Billings Ramsey Capital Markets Corporation's fourth-quarter earnings were down sharply due to volatile capital market conditions that occurred at the end of the year, the firm said. FBR booked a net loss of $27.8 million, or $0.43 diluted earnings per share, compared with a net loss of $7 million, or $0.11 diluted earnings per share, in the year-ago period. Revenue for the Arlington, Va.-based financial services firm were down 49% for the quarter with $60.7 million reported compared with $120 million in the 2006 fourth quarter. “Obviously, overall capital market conditions deteriorated meaningfully in the last five months of 2007 and our franchise was not immune to the fallout,” Richard J. Hendrix, FBR president and chief operating officer, said in a statement. For the year the Washington, D.C area firm’s after-tax earnings were $5.2 million, or $0.08 per diluted share, compared to a net after-tax loss of $9.8 million, or $0.18 per diluted share in 2006.