Cohen & company reports second quarter 2023 financial results
Philadelphia and new york, aug. 02, 2023 (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, 2023. summary operating results three months ended six months ended ($ in thousands) 6/30/23 3/31/23 6/30/22 6/30/23 6/30/22 net trading $ 7,416 $ 8,210 $ 10,377 $ 15,626 $ 22,399 asset management 1,605 2,025 1,898 3,630 3,787 new issue and advisory 1,395 900 3,481 2,295 7,251 principal transactions and other revenue 12,156 (2,311 ) (6,602 ) 9,845 (24,965 ) total revenues 22,572 8,824 9,154 31,396 8,472 compensation and benefits 10,001 10,537 12,214 20,538 26,093 non-compensation operating expenses 5,572 5,770 5,102 11,342 10,419 operating income 6,999 (7,483 ) (8,162 ) (484 ) (28,040 ) interest expense, net (1,630 ) (1,592 ) (1,106 ) (3,222 ) (2,457 ) income (loss) from equity method affiliates (511 ) (395 ) (3,044 ) (906 ) (15,148 ) income (loss) before income tax expense (benefit) 4,858 (9,470 ) (12,312 ) (4,612 ) (45,645 ) income tax expense (benefit) 5,550 584 (60 ) 6,134 1,773 net income (loss) (692 ) (10,054 ) (12,252 ) (10,746 ) (47,418 ) less: net income (loss) attributable to the non-convertible non-controlling interest 6,503 97 (4,167 ) 6,600 (18,871 ) enterprise net income (loss) (7,195 ) (10,151 ) (8,085 ) (17,346 ) (28,547 ) less: net income (loss) attributable to the convertible non-controlling interest (594 ) (7,514 ) (6,228 ) (8,108 ) (19,078 ) net income (loss) attributable to cohen & company inc. $ (6,601 ) $ (2,637 ) $ (1,857 ) $ (9,238 ) $ (9,469 ) fully diluted net income (loss) per share $ (4.34 ) $ (1.77 ) $ (1.53 ) $ (6.14 ) $ (6.71 ) adjusted pre-tax income (loss) $ (1,645 ) $ (9,567 ) $ (8,145 ) $ (11,212 ) $ (26,774 ) fully diluted adjusted pre-tax income (loss) per share $ (0.30 ) $ (1.74 ) $ (1.51 ) $ (2.03 ) $ (4.91 ) adjusted pre-tax income (loss) is not a measure recognized under u.s. generally accepted accounting principles (“gaap”).
