Piper Jaffray books $153.3 million loss

Piper Jaffray & Co. today reported a $153.3 net loss, or a loss of $9.78 diluted earnings per share, for the fourth quarter. In the fourth quarter of 2007, the Minneapolis-based international middle-market investment firm reported earnings of $6.49 million, or diluted earnings per share of 37 cents. For its fiscal year ended Dec. 31, the firm reported losses of $183 million, or a loss of $11.55 diluted earnings per share, compared with a profit of $21.9 million, or $1.21 diluted earnings per share, in 2007. “We expect the challenging conditions to continue into 2009, but we are mindful that our firm has a unique opportunity to capitalize on the changes in the competitive landscape,” Andrew Duff, Piper Jaffray’s chief executive, said in a statement.