Bear Stearns expects Q1 results significantly lower
Bear Stearns Cos, the troubled investment bank being acquired by JPMorgan Chase & Co said it expects Q1 results to be “significantly lower” than a year earlier.
Bear said it cannot provide a reasonable estimate of operating results for the quarter ended February 29, but expects to file its quarterly report by April 14. The company reported a profit of $553.7 million, or $3.82 per share, in the year-earlier quarter, another SEC filing shows.
JPMorgan agreed last month to acquire Bear in an all-stock transaction then valued at $10 per share. The purchase kept Bear out of bankruptcy after liquidity evaporated. As part of the transaction, JPMorgan agreed to buy 95 million newly issued Bear shares, for a nearly 40% stake. That purchase closed this week. (Reuters)
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