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MINNEAPOLIS (AP) - Piper Jaffray Cos. swung to a first-quarter loss as its underwriting business slowed to a five-year low and severance charges weighed on the bottom line, the investment bank said Wednesday.
| PJC | 28 |  0.08 |
Piper reported a loss of $3.4 million, or 22 cents per share, after earning $15.1 million, or 97 cents per share, in the year-ago period.
Analysts expected the company to turn a profit of 12 cents per share, according to Thomson Financial.
A 59 percent decline in equity financing revenue helped push total revenue down 30 percent to $95.7 million from $137 million last year. Investment banking revenue fell 29 percent to $61.2 million.
Piper said it expects the "weakness in the equity environment" to persist through the second quarter.
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