Cohen & company reports first quarter 2024 financial results
Net income attributable to cohen & company inc. of $2.0 million, or $1.28 per diluted share adjusted pre-tax income of $7.7 million, or $1.37 per diluted share board declares quarterly dividend of $0.25 per share philadelphia and new york, may 06, 2024 (globe newswire) -- cohen & company inc. (nyse american: cohn), a financial services firm specializing in an expanding range of capital markets and asset management services, today reported financial results for its first quarter ended march 31, 2024. summary operating results three months ended ($ in thousands) 3/31/24 12/31/23 3/31/23 net trading $ 9,848 $ 7,809 $ 8,210 asset management 2,717 1,919 2,025 new issue and advisory 24,388 18,722 900 principal transactions and other revenue (18,389 ) 6,014 (2,311 ) total revenues 18,564 34,464 8,824 compensation and benefits 14,839 16,335 10,537 non-compensation operating expenses 7,100 6,680 5,770 goodwill impairment - - - operating income (loss) (3,375 ) 11,449 (7,483 ) interest expense, net (1,666 ) (1,619 ) (1,592 ) other non-operating income - - - income (loss) from equity method affiliates 29,045 17,217 (395 ) income (loss) before income tax expense (benefit) 24,004 27,047 (9,470 ) income tax expense (benefit) 498 166 584 net income (loss) 23,506 26,881 (10,054 ) less: net income (loss) attributable to the non-convertible non-controlling interest 16,270 11,054 97 enterprise net income (loss) 7,236 15,827 (10,151 ) less: net income (loss) attributable to the convertible non-controlling interest 5,213 11,279 (7,514 ) net income (loss) attributable to cohen & company inc. $ 2,023 $ 4,548 $ (2,637 ) fully diluted net income (loss) per share $ 1.28 $ 2.97 $ (1.77 ) adjusted pre-tax income (loss) (1) $ 7,734 $ 15,993 $ (9,567 ) fully diluted adjusted pre-tax income (loss) per share $ 1.37 $ 2.88 $ (1.74 ) (1) adjusted pre-tax income (loss) is not a measure recognized under u.s. generally accepted accounting principles (“gaap”).
