Cohen & company reports second quarter 2024 financial results
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”).
