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Piper Jaffray News Releases

 

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MINNEAPOLIS, July 19 /PRNewswire-FirstCall/ -- Piper Jaffray Companies (NYSE: PJC) today announced its operating results for the quarter ended June 30, 2006. In light of the pending sale of its private client branch network to UBS AG, the Private Client Services segment is accounted for as discontinued operations.

For the quarter ended June 30, 2006, net income, which includes both continuing and discontinued operations, was $4.1 million, up from $1.2 million in the comparable quarter a year ago. Diluted earnings per share totaled $0.21, up from $0.06 in the same quarter last year. The current quarter results include restructuring and transaction costs related to the pending sale of the private client branch network; the restructuring and transaction costs reduced net income by $10.6 million after tax, or $0.54 per diluted share. The second quarter of 2005 results included a pre-tax restructuring charge of $8.6 million, or $0.29 per diluted share after tax, related to implementing certain expense reduction measures.

For the quarter ended June 30, 2006, net income from continuing operations totaled $7.9 million, up from a net loss of $1.1 million in the year-ago period, on net revenues of $105.3 million, up 11.7 percent from $94.2 million for the same quarter last year. Diluted earnings per share from continuing operations were $0.40, up from a loss of $0.06 per share in the prior-year quarter.

For the first six months of 2006, net income from continuing operations was $26.6 million, or $1.37 per diluted share, up from $2.3 million, or $0.12 per diluted share, for the year-ago period. Net revenues of $240.2 million year-to-date represent a 31.6 percent increase over the year-ago period, due to increases across all capital markets businesses.

"We are pleased to report solid second quarter financial results," said Chairman and Chief Executive Officer Andrew S. Duff. "During the quarter we continued to execute our growth strategy by adding senior professionals in investment banking, and expanding our high-yield and structured products group and our UK health care franchise. In addition, the PCS branch network transition to UBS is going well and we expect the transaction to close in the third quarter of 2006."

Results of Continuing Operations

Net Revenues

For the second quarter of 2006, net revenues from continuing operations totaled $105.3 million, up 11.7 percent from $94.2 million for the second quarter of 2005 and down 22.0 percent compared to the first quarter of 2006.

Institutional Sales and Trading

For the quarter ended June 30, 2006, total institutional sales and trading revenues were $48.2 million, up slightly from the second quarter of 2005. Compared to the first quarter of 2006, net revenues declined by $7.2 million, or 13.0 percent.

Investment Banking

For the second quarter of 2006, total investment banking revenues were $61.2 million, up $13.3 million, or 27.7 percent, compared to the second quarter of 2005. Compared to the first quarter of 2006, total investment banking revenues declined $8.5 million, or 12.2 percent.

Following is a recap of completed deal information for the second quarter of 2006:

Non-Interest Expenses

Compensation and benefits expense for the second quarter of 2006 was $60.7 million, up 12.3 percent compared to the prior-year period, primarily attributable to increased variable compensation driven by higher net revenues and profitability. Compared to the first quarter of 2006, compensation and benefits expense declined 16.8 percent, mainly due to lower variable compensation driven by lower net revenues and profitability.

Non-compensation expenses were $32.4 million for the current quarter, down 22.9 percent compared to the second quarter of 2005, primarily due to the $8.6 million pre-tax restructuring charge recorded in the year-ago quarter. Non-compensation expenses declined 2.7 percent from the first quarter of 2006.

For the three months ended June 30, 2006, pre-tax operating margin from continuing operations was 11.6 percent, up from 7.2 percent (excluding the $8.6 million restructuring charge) for the year-ago period and down from 21.3 percent for the first quarter of 2006. The margin in the first quarter of 2006 was increased by 650 basis points, due to a pre-tax gain of $10.2 million from the company's ownership of two seats on the New York Stock Exchange.

Results of Discontinued Operations

Discontinued operations include the operating results of the Private Client Services segment. On April 11, 2006, the firm announced that it is selling its private client branch network to UBS AG, and the sale is expected to close in the third quarter of 2006. In addition, discontinued operations include restructuring and transaction costs incurred in connection with this sale. All items are presented net of income taxes.

For the quarter ended June 30, 2006, Private Client Services recorded after-tax operating income of $6.8 million, or $0.34 per diluted share, up from $2.3 million, or $0.12 per diluted share, in the second quarter of 2005 and up from $5.2 million, or $0.27 per diluted share, in the first quarter of 2006. The restructuring and transaction costs, which were primarily for severance costs, were $10.6 million after tax, or $0.54 per diluted share.


     Additional Shareholder Information

                          As of June 30,  As of March 31,  As of June 30,
                          2006            2006             2005
     Full time employees: 2,638           2,793            2,907
     Financial advisors:  736             817              863
     Client assets:       $51 billion     $54 billion      $51 billion
     Shareholders'
      equity:             $807.4 million  $794.5 million   $725.0 million
     Annualized Return on
      Average Tangible
      Shareholders'
      Equity(1)           3.4%            21.1%            1.2%
     Book value
      per share:          $43.51          $42.82           $38.74
     Tangible book value
      per share:          $26.30          $25.58           $21.58

     (1) Tangible shareholders' equity equals total shareholders' equity less
         goodwill and identifiable intangible assets.  Annualized return on
         average tangible shareholders' equity is computed by dividing
         annualized net earnings by average monthly tangible shareholders'
         equity.  Management believes that annualized return on tangible
         shareholders' equity is a meaningful measure of performance because
         it reflects the tangible equity deployed in our businesses. This
         measure excludes the portion of our shareholders' equity attributable
         to goodwill and identifiable intangible assets.  The majority of our
         goodwill is a result of the 1998 acquisition of our predecessor
         company, Piper Jaffray Companies Inc., and its subsidiaries by U.S.
         Bancorp. The following table sets forth a reconciliation of
         shareholders' equity to tangible shareholders' equity.  Shareholders'
         equity is the most directly comparable GAAP financial measure to
         tangible shareholders' equity.


                                       Average for the
                           Three Months Ended  Three Months Ended   As of
     (Dollars in             June 30, 2006       June 30, 2005  June 30, 2006
      thousands)
     Shareholders' equity       $802,229            $731,297      $807,429
     Deduct:  Goodwill and
               identifiable
               intangible
               assets            319,634             321,234       319,434
     Tangible shareholders'
      equity                    $482,595            $410,063      $487,995


    Conference Call

Andrew S. Duff, chairman and chief executive officer, and Sandra G. Sponem, chief financial officer, will host a conference call to discuss second quarter 2006 financial results on Wednesday, July 19, 2006, at 11 a.m. ET (10 a.m. CT). The call can be accessed via live audio webcast available through the firm's web site at http://www.piperjaffray.com or by dialing (866) 244-9933, or (706) 758-0864 internationally, and referring to conference ID 2190437 and the leader's name, Andrew Duff. Callers should dial in at least 15 minutes early to receive instructions. A replay of the conference call will be available beginning at approximately 1 p.m. ET on July 19, 2006 at the same web address or by calling (800) 642-1687, or (706) 645-9291 internationally.

About Piper Jaffray Companies

Piper Jaffray Companies (NYSE: PJC) is a focused securities firm dedicated to delivering superior financial advice, investment products and transaction execution within selected sectors of the financial services marketplace. The company currently operates through two primary revenue-generating segments: Capital Markets and Private Client Services. The sale of the company's Private Client Services branch network, announced April 11, 2006, is currently pending. The company's Capital Markets business generates revenue through two groups, Corporate and Institutional Services and Public Finance Services. Through its chief operating subsidiary, Piper Jaffray & Co., the firm has served corporations, government and non-profit entities, institutional investors and the financial advisory needs of private individuals since 1895. Headquartered in Minneapolis, Piper Jaffray currently has approximately 2,800 employees in 107 offices in 23 states across the country and in London. For more information about Piper Jaffray, visit us online at http://www.piperjaffray.com .

Cautionary Note Regarding Forward-Looking Statements

This press release contains forward-looking statements. Statements that are not historical or current facts, including statements about beliefs and expectations, are forward-looking statements. These forward-looking statements cover, among other things, the future prospects of Piper Jaffray Companies. Forward-looking statements involve inherent risks and uncertainties, and important factors could cause actual results to differ materially from those anticipated, including the following: (1) the sale of our private client branch network may not be completed, or completed within the expected timeframe; (2) unforeseen difficulties associated with the sale, including business disruption and loss of personnel, could delay completion of the sale and/or cause it to be more expensive than anticipated and adversely affect our results of operations and financial condition; (3) the expected benefits of the sale, including the growth of our Capital Markets business, increased profitability and shareholder returns, may take longer than anticipated to achieve and may not be achieved in their entirety or at all; (4) strategies with respect to the deployment of sale proceeds may take longer than anticipated to be realized or may not be achieved in their entirety or at all; (5) developments in market and economic conditions have in the past adversely affected, and may in the future adversely affect, our business and profitability, (6) developments in specific sectors of the economy have in the past adversely affected, and may in the future adversely affect, our business and profitability, (7) we may not be able to compete successfully with other companies in the financial services industry who are often larger and better capitalized than we are, (8) we have experienced significant pricing pressure in areas of our business, which may impair our revenues and profitability, (9) our ability to attract, develop and retain highly skilled and productive employees is critical to the success of our business, (10) our underwriting and market-making activities may place our capital at risk, (11) an inability to readily divest or transfer trading positions may result in financial losses to our business, (12) use of derivative instruments as part of our risk management techniques may place our capital at risk, while our risk management techniques themselves may not fully mitigate our market risk exposure, (13) an inability to access capital readily or on terms favorable to us could impair our ability to fund operations and could jeopardize our financial condition, (14) we may make strategic acquisitions of businesses, engage in joint ventures or divest or exit existing businesses, which could cause us to incur unforeseen expense and have disruptive effects on our business but may not yield the benefits we expect, (15) our technology systems, including outsourced systems, are critical components of our operations, and failure of those systems or other aspects of our operations infrastructure may disrupt our business, cause financial loss and constrain our growth, (16) our business is subject to extensive regulation that limits our business activities, and a significant regulatory action against our company may have a material adverse financial effect or cause significant reputational harm to our company, (17) regulatory capital requirements may limit our ability to expand or maintain present levels of our business or impair our ability to meet our financial obligations, (18) our exposure to legal liability is significant, and could lead to substantial damages, (19) the business operations that we conduct outside of the United States subject us to unique risks, (20) we may suffer losses if our reputation is harmed, (21) our stock price may fluctuate as a result of several factors, including but not limited to changes in our revenues and operating results, (22) provisions in our certificate of incorporation and bylaws and of Delaware law may prevent or delay an acquisition of our company, which could decrease the market value of our common stock, and (23) other factors identified under "Risk Factors" in Part I, Item 1A of our Annual Report on Form 10-K for the year ended December 31, 2005, and updated in our subsequent reports filed with the SEC. These reports are available at our Web site at http://www.piperjaffray.com and at the SEC Web site at http://www.sec.gov . Forward-looking statements speak only as of the date they are made, and we undertake no obligation to update them in light of new information or future events.

    Since 1895. Member SIPC and NYSE.



    Piper Jaffray Companies
    Preliminary Unaudited Results of Operations

                                                                Percent
                                 For the Three Months Ended    Inc/(Dec)
                                                              2Q06     2Q06
    (Amounts in thousands,       June 30, March 31, June 30,   vs.      vs.
     except per share data)        2006     2006     2005     1Q06     2Q05
    Revenues:

      Institutional brokerage     $40,898  $46,274  $42,401  (11.6) %  (3.5) %
      Investment banking           61,236   69,764   47,958  (12.2)    27.7
      Interest                     13,521   14,544   10,835   (7.0)    24.8
      Other income                 (1,262)  12,530      947    N/M      N/M

        Total revenues            114,393  143,112  102,141  (20.1)    12.0

      Interest expense              9,143    8,153    7,909   12.1     15.6

        Net revenues              105,250  134,959   94,232  (22.0)    11.7

    Non-interest expenses:

      Compensation and benefits    60,653   72,924   53,998  (16.8)    12.3
      Occupancy and equipment       6,718    8,109    7,879  (17.2)   (14.7)
      Communications                5,593    5,383    6,097    3.9     (8.3)
      Floor brokerage and
       clearance                    3,373    2,675    3,963   26.1    (14.9)
      Marketing and business
       development                  6,122    5,179    5,226   18.2     17.1
      Outside services              6,836    6,292    6,460    8.6      5.8
      Cash award program              886    1,275    1,061  (30.5)   (16.5)
      Restructuring-related
       expense                        -        -      8,595    N/M      N/M
      Other operating expenses      2,910    4,437    2,811  (34.4)     3.5

        Total non-interest
         expenses                  93,091  106,274   96,090  (12.4)    (3.1)

    Income/(loss) from continuing
     operations before income tax
     expense/(benefit)             12,159   28,685   (1,858) (57.6)     N/M

      Income tax expense/(benefit)  4,230    9,979     (750) (57.6)     N/M

    Net income/(loss) from
     continuing operations          7,929   18,706   (1,108) (57.6)     N/M

    Discontinued operations:
      Income from discontinued
       operations, net of tax       6,774    5,151    2,345   31.5    188.9
      Restructuring and
       transaction costs, net of
       tax                        (10,566)     -        -      N/M      N/M

        Income/(loss) from
         discontinued operations,
         net of tax                (3,792)   5,151    2,345    N/M      N/M

    Net Income                     $4,137  $23,857   $1,237  (82.7) % 234.4 %

    Earnings per basic common
     share
      Income/(loss) from
       continuing operations        $0.43    $1.01   $(0.06) (57.4) %   N/M
      Income from discontinued
       operations excluding
       restructuring and
       transaction costs             0.37     0.28     0.12   32.1 %  208.3 %
      Loss from restructuring and
       transaction costs            (0.57)     -        -      N/M      N/M
        Earnings per basic common
         share                      $0.22    $1.29    $0.07  (82.9) % 214.3 %

    Earnings per diluted common
     share
      Income/(loss) from
       continuing operations        $0.40    $0.98   $(0.06) (59.2) %   N/M
      Income from discontinued
       operations excluding
       restructuring and
       transaction costs             0.34     0.27     0.12   25.9  % 183.3 %
      Loss from restructuring and
       transaction costs            (0.54)     -        -      N/M      N/M
        Earnings per diluted common
         share                      $0.21    $1.25    $0.06  (83.2) % 250.0 %

    Weighted average number of
     common shares
      Basic                        18,556   18,462   19,028    0.5 %   (2.5) %
      Diluted                      19,669   19,146   19,195    2.7 %    2.5 %

    N/M - Not meaningful


    Piper Jaffray Companies
    Preliminary Unaudited Results of Operations

                                        For the Six Months Ended
                                          June 30,    June 30,    Percent
    (Amounts in thousands, except per
     share data)                               2006     2005     Inc/(Dec)
    Revenues:

      Institutional brokerage               $87,172     $79,223        10.0 %
      Investment banking                    131,000      96,502        35.7
      Interest                               28,065      20,658        35.9
      Other income                           11,268       1,454       675.0

        Total revenues                      257,505     197,837        30.2

      Interest expense                       17,296      15,268        13.3

        Net revenues                        240,209     182,569        31.6

    Non-interest expenses:

      Compensation and benefits             133,577     104,613        27.7
      Occupancy and equipment                14,827      15,202        (2.5)
      Communications                         10,976      12,398       (11.5)
      Floor brokerage and clearance           6,048       7,449       (18.8)
      Marketing and business development     11,301      10,966         3.1
      Outside services                       13,128      11,674        12.5
      Cash award program                      2,161       2,197        (1.6)
      Restructuring-related expense             -         8,595         N/M
      Other operating expenses                7,347       6,197        18.6

        Total non-interest expenses         199,365     179,291        11.2

    Income/(loss) from continuing
     operations before income tax
     expense/(benefit)                       40,844       3,278     1,146.0

      Income tax expense/(benefit)           14,209         983      1345.5

    Net income/(loss) from continuing
     operations                              26,635       2,295     1,060.6

    Discontinued operations:
      Income from discontinued
       operations, net of tax                11,925       6,277        90.0
      Restructuring and transaction
       costs, net of tax                    (10,566)        -           N/M

        Income/(loss) from discontinued
         operations, net of tax               1,359       6,277       (78.3)

    Net Income                              $27,994      $8,572       226.6 %

    Earnings per basic common share
      Income/(loss) from continuing
       operations                             $1.44       $0.12     1,100.0 %
      Income from discontinued operations
       excluding restructuring and
       transaction costs                       0.64        0.33        93.9 %
      Loss from restructuring and
       transaction costs                      (0.57)        -           N/M
        Earnings per basic common share       $1.51       $0.45       235.6 %

    Earnings per diluted common share
      Income/(loss) from continuing
       operations                             $1.37       $0.12     1,041.7 %
      Income from discontinued operations
       excluding restructuring and
       transaction costs                       0.61        0.33        84.8 %
      Loss from restructuring and
       transaction costs                      (0.54)        -           N/M
        Earnings per diluted common share     $1.44       $0.44       227.3 %

    Weighted average number of common
     shares
      Basic                                  18,509      19,141        (3.3) %
      Diluted                                19,408      19,297         0.6 %

    N/M - Not meaningful



    Piper Jaffray Companies
    Preliminary Unaudited Revenue From Continuing Operations (Detail)

                                For the Three Months Ended   Percent Inc/(Dec)
                                                              2Q06     2Q06
                                June 30,  March 31, June 30,   vs.      vs.
    (Dollars in thousands)        2006      2006      2005    1Q06     2Q05

      Institutional sales
       and trading
        Fixed income             $16,621   $22,615  $17,391  (26.5) %  (4.4)%
        Equities                  31,530    32,759   30,029   (3.8)     5.0
      Total institutional
       sales and trading          48,151    55,374   47,420  (13.0)     1.5

      Investment banking
        Underwriting
          Fixed income            15,675    15,752   19,758   (0.5)   (20.7)
          Equities                25,648    30,043   16,960  (14.6)    51.2
        Advisory services         19,913    23,969   11,240  (16.9)    77.2
      Total investment
       banking                    61,236    69,764   47,958  (12.2)    27.7

      Subordinated debt
       interest expense           (2,875)   (2,709)  (2,093)   6.1     37.4
      Other income                (1,262)   12,530      947    N/M      N/M

    Net revenues                $105,250  $134,959  $94,232  (22.0) %  11.7 %

    N/M - Not meaningful


    Piper Jaffray Companies
    Preliminary Unaudited Revenue From Continuing Operations (Detail)


                                           For the Six Months Ended
                                             June 30,    June 30,   Percent
    (Dollars in thousands)                     2006        2005      Inc

      Institutional sales
       and trading
        Fixed income                         $39,236     $31,659     23.9 %
        Equities                              64,289      56,867     13.1
      Total institutional
       sales and trading                     103,525      88,526     16.9

      Investment banking
        Underwriting
          Fixed income                        31,427      31,390      0.1
          Equities                            55,691      37,298     49.3
        Advisory services                     43,882      27,814     57.8
      Total investment banking               131,000      96,502     35.7

      Subordinated debt
       interest expense                       (5,584)     (3,913)    42.7
      Other income                            11,268       1,454    675.0

    Net revenues                            $240,209    $182,569     31.6 %

    N/M - Not meaningful



    Piper Jaffray Companies
    Selected Financial Results of Discontinued Operations

                                                                 Percent
                                  For the Three Months Ended    Inc/(Dec)
                                                              2Q06    2Q06
                                  June 30, March 31, June 30,  vs.     vs.
    (Dollars in thousands)          2006     2006      2005   1Q06    2Q05

      Net revenues                 $89,195  $92,595  $85,433  (3.7) %   4.4 %
      Operating expenses            77,511   84,399   81,983  (8.2)    (5.5)

    Income before tax expense       11,684    8,196    3,450  42.6    238.7

      Income tax expense             4,910    3,045    1,105  61.2    344.3

    Income from discontinued
     operations, net of tax         $6,774   $5,151   $2,345  31.5  % 188.9 %


    Piper Jaffray Companies
    Selected Financial Results of Discontinued Operations

                                          For the Six Months Ended
                                           June 30,     June 30,    Percent
    (Dollars in thousands)                   2006         2005     Inc/(Dec)

      Net revenues                          $181,790    $176,164      3.2 %
      Operating expenses                     161,910     166,371     (2.7)

    Income before tax expense                 19,880       9,793    103.0

    Income tax expense                         7,955       3,516    126.3

    Income from discontinued operations,
     net of tax                              $11,925      $6,277     90.0 %



    Piper Jaffray Companies
    Preliminary Unaudited Results of Operations

                                               For the Three Months Ended
    (Amounts in thousands, except per     Dec. 31, Sep. 30, June 30, March 31,
     share data)                            2005     2005     2005     2005
    Revenues:

      Institutional brokerage              $40,369  $42,476  $42,401  $36,822
      Investment banking                    73,438   73,407   47,958   48,544
      Interest                              12,842   11,357   10,835    9,823
      Other income                           1,127      949      947      507

        Total revenues                     127,776  128,189  102,141   95,696

      Interest expense                       9,162    8,064    7,909    7,359

        Net revenues                       118,614  120,125   94,232   88,337

    Non-interest expenses:

      Compensation and benefits             66,571   72,649   53,998   50,615
      Occupancy and equipment                7,896    7,710    7,879    7,323
      Communications                         5,906    5,683    6,097    6,301
      Floor brokerage and clearance          3,449    3,887    3,963    3,486
      Marketing and business development     5,744    4,827    5,226    5,740
      Outside services                       6,970    5,237    6,460    5,214
      Cash award program                     1,004    1,004    1,061    1,136
      Restructuring-related expense            -        -      8,595      -
      Other operating expenses               4,130    3,319    2,811    3,386

        Total non-interest expenses        101,670  104,316   96,090   83,201

    Income/(loss) from continuing
     operations before income tax
     expense/(benefit)                      16,944   15,809   (1,858)   5,136

      Income tax expense/(benefit)           5,009    4,871     (750)   1,733

    Net income/(loss) from continuing
     operations                             11,935   10,938   (1,108)   3,403

    Discontinued operations:
      Income from discontinued operations,
       net of tax                            4,428    4,210    2,345    3,932

        Income from discontinued operations,
         net of tax                          4,428    4,210    2,345    3,932

    Net Income                             $16,363  $15,148   $1,237   $7,335

    Earnings per basic common share
      Income/(loss) from continuing
       operations                            $0.65    $0.58   $(0.06)   $0.18
      Income from discontinued operations     0.24     0.22     0.12     0.20
        Earnings per basic common share      $0.89    $0.80    $0.07    $0.38

    Earnings per diluted common share
      Income/(loss) from continuing
       operations                            $0.63    $0.57   $(0.06)   $0.17
      Income from discontinued operations     0.23     0.22     0.12     0.20
        Earnings per diluted common share    $0.87    $0.79    $0.06    $0.38

    Weighted average number of common
     shares
      Basic                                 18,365   18,841   19,028   19,378
      Diluted                               18,850   19,107   19,195   19,523


    Piper Jaffray Companies
    Preliminary Unaudited Results of Operations

                                                     For the Year Ended
    (Amounts in thousands, except per            Dec. 31,           Dec. 31,
     share data)                                   2005               2004

    Revenues:

      Institutional brokerage                    $162,068           $179,604
      Investment banking                          243,347            227,667
      Interest                                     44,857             35,718
      Other income                                  3,530             13,638

        Total revenues                            453,802            456,627

      Interest expense                             32,494             22,421

        Net revenues                              421,308            434,206

    Non-interest expenses:

      Compensation and benefits                   243,833            251,187
      Occupancy and equipment                      30,808             28,581
      Communications                               23,987             24,757
      Floor brokerage and clearance                14,785             14,017
      Marketing and business development           21,537             24,660
      Outside services                             23,881             20,378
      Cash award program                            4,205              4,717
      Restructuring-related expense                 8,595                -
      Other operating expenses                     13,646             16,871

        Total non-interest expenses               385,277            385,168

    Income/(loss) from continuing
     operations before income tax
     expense/(benefit)                             36,031             49,038

      Income tax expense/(benefit)                 10,863             16,727

    Net income/(loss) from continuing
     operations                                    25,168             32,311

    Discontinued operations:
      Income from discontinued
       operations, net of tax                      14,915             18,037

        Income from discontinued
         operations, net of tax                    14,915             18,037

    Net Income                                    $40,083            $50,348

    Earnings per basic common share
      Income/(loss) from continuing
       operations                                   $1.34              $1.67
      Income from discontinued
       operations                                    0.79               0.93
        Earnings per basic common share             $2.13              $2.60

    Earnings per diluted common share
      Income/(loss) from continuing
       operations                                   $1.32              $1.67
      Income from discontinued
       operations                                    0.78               0.93
        Earnings per diluted common share           $2.10              $2.60

    Weighted average number of common
     shares
      Basic                                        18,813             19,333
      Diluted                                      19,081             19,399

SOURCE Piper Jaffray Companies

CONTACT:
Jennifer A. Olson-Goude, Investor Relations,
+1-612-303-6277,
or
Rob Litt, Media Relations,
+1-612-303-8266,
both of Piper Jaffray Companies
Web site: http://www.piperjaffray.com