Cohen (COHN) Stock

Cohen & Company Inc. (NYSE:COHN ) Q3 2024 Earnings Conference Call November 4, 2024 10:00 AM ET Company Participants Lester Brafman - CEO Joe Pooler - CFO Operator Good morning, ladies and gentlemen. And welcome to Cohen & Company's Third Quarter 2024 Earnings Call.

PHILADELPHIA and NEW YORK, Nov. 04, 2024 (GLOBE NEWSWIRE) -- Cohen & Company Inc. (NYSE American: COHN), a financial services firm specializing in an expanding range of capital markets and asset management services, today reported financial results for its third quarter ended September 30, 2024. Summary Operating Results     Three Months Ended   Nine Months Ended ($ in thousands) 9/30/24   6/30/24   9/30/23   9/30/24   9/30/23                     Net trading $ 8,816     $ 8,798     $ 7,491     $ 27,462     $ 23,117   Asset management   2,147       2,078       1,788       6,942       5,418   New issue and advisory   22,459       6,500       7,247       53,347       9,542   Principal transactions and other revenue   (1,727 )     (6,578 )     595       (26,694 )     10,440   Total revenues   31,695       10,798       17,121       61,057       48,517                                           Compensation and benefits   17,915       10,699       15,219       43,453       35,757   Non-compensation operating expenses   6,558       6,466       6,006       20,124       17,348   Operating income (loss)   7,222       (6,367 )     (4,104 )     (2,520 )     (4,588 )                                         Interest expense, net   (1,256 )     (1,425 )     (1,685 )     (4,347 )     (4,907 ) Income (loss) from equity method affiliates   (683 )     (5,996 )     (702 )     22,366       (1,608 ) Income (loss) before income tax expense (benefit)   5,283       (13,788 )     (6,491 )     15,499       (11,103 )                                         Income tax expense (benefit)   142       (205 )     (755 )     435       5,379   Net income (loss)   5,141       (13,583 )     (5,736 )     15,064       (16,482 ) Less: Net income (loss) attributable to the non-convertible non-controlling interest   (2,455 )     (5,206 )     1,936       8,609       8,536   Enterprise net income (loss)   7,596       (8,377 )     (7,672 )     6,455       (25,018 ) Less: Net income (loss) attributable to the convertible non-controlling interest   5,446       (6,028 )     (7,249 )     4,631       (15,357 ) Net income (loss) attributable to Cohen & Company Inc. $ 2,150     $ (2,349 )   $ (423 )   $ 1,824     $ (9,661 ) Fully diluted net income (loss) per share $ 1.31     $ (1.47 )   $ (0.28 )   $ 1.12     $ (6.40 )                     (1)   Adjusted pre-tax income (loss) is not a measure recognized under U.S. generally accepted accounting principles (“GAAP”).

PHILADELPHIA and NEW YORK, Aug. 05, 2024 (GLOBE NEWSWIRE) -- Cohen & Company Inc. (NYSE American: COHN), a financial services firm specializing in an expanding range of capital markets and asset management services, today reported financial results for its second quarter ended June 30, 2024. Summary Operating Results       Three Months Ended   Six Months Ended ($ in thousands) 6/30/24   3/31/24   6/30/23   6/30/24   6/30/23                     Net trading $ 8,798     $ 9,848     $ 7,416     $ 18,646     $ 15,626   Asset management   2,078       2,717       1,605       4,795       3,630   New issue and advisory   6,500       24,388       1,395       30,888       2,295   Principal transactions and other revenue   (6,578 )     (18,389 )     12,156       (24,967 )     9,845   Total revenues   10,798       18,564       22,572       29,362       31,396                                           Compensation and benefits   10,699       14,839       10,001       25,538       20,538   Non-compensation operating expenses   6,466       7,100       5,572       13,566       11,342   Operating income (loss)   (6,367 )     (3,375 )     6,999       (9,742 )     (484 )                                         Interest expense, net   (1,425 )     (1,666 )     (1,630 )     (3,091 )     (3,222 ) Income (loss) from equity method affiliates   (5,996 )     29,045       (511 )     23,049       (906 ) Income (loss) before income tax expense (benefit)   (13,788 )     24,004       4,858       10,216       (4,612 )                                         Income tax expense (benefit)   (205 )     498       5,550       293       6,134   Net income (loss)   (13,583 )     23,506       (692 )     9,923       (10,746 ) Less: Net income (loss) attributable to the non-convertible non-controlling interest   (5,206 )     16,270       6,503       11,064       6,600   Enterprise net income (loss)   (8,377 )     7,236       (7,195 )     (1,141 )     (17,346 ) Less: Net income (loss) attributable to the convertible non-controlling interest   (6,028 )     5,213       (594 )     (815 )     (8,108 ) Net income (loss) attributable to Cohen & Company Inc. $ (2,349 )   $ 2,023     $ (6,601 )   $ (326 )   $ (9,238 ) Fully diluted net income (loss) per share $ (1.47 )   $ 1.28     $ (4.34 )   $ (0.20 )   $ (6.14 )                     Adjusted pre-tax income (loss) (1) $ (8,582 )   $ 7,734     $ (1,645 )   $ (848 )   $ (11,212 ) Fully diluted adjusted pre-tax income (loss) per share $ (1.51 )   $ 1.37     $ (0.30 )   $ (0.15 )   $ (2.03 )                                         (1)   Adjusted pre-tax income (loss) is not a measure recognized under U.S. generally accepted accounting principles (“GAAP”).

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