Cohen & company reports third quarter 2023 financial results
Philadelphia and new york, nov. 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 third quarter ended september 30, 2023. summary operating results ($ in thousands) three months ended nine months ended 9/30/23 6/30/23 9/30/22 9/30/23 9/30/22 net trading $ 7,491 $ 7,416 $ 7,966 $ 23,117 $ 30,365 asset management 1,788 1,605 3,456 5,418 7,243 new issue and advisory 7,247 1,395 13,235 9,542 20,486 principal transactions and other revenue 595 12,156 (1,192 ) 10,440 (26,157 ) total revenues 17,121 22,572 23,465 48,517 31,937 compensation and benefits 15,219 10,001 15,227 35,757 41,320 non-compensation operating expenses 6,006 5,572 5,390 17,348 15,809 operating income (loss) (4,104 ) 6,999 2,848 (4,588 ) (25,192 ) interest expense, net (1,685 ) (1,630 ) (1,346 ) (4,907 ) (3,803 ) income (loss) from equity method affiliates (702 ) (511 ) 618 (1,608 ) (14,530 ) income (loss) before income tax expense (benefit) (6,491 ) 4,858 2,120 (11,103 ) (43,525 ) income tax expense (benefit) (755 ) 5,550 1,761 5,379 3,534 net income (loss) (5,736 ) (692 ) 359 (16,482 ) (47,059 ) less: net income (loss) attributable to the non-convertible non-controlling interest 1,936 6,503 (109 ) 8,536 (18,980 ) enterprise net income (loss) (7,672 ) (7,195 ) 468 (25,018 ) (28,079 ) less: net income (loss) attributable to the convertible non-controlling interest (7,249 ) (594 ) 1,387 (15,357 ) (17,691 ) net income (loss) attributable to cohen & company inc. $ (423 ) $ (6,601 ) $ (919 ) $ (9,661 ) $ (10,388 ) fully diluted net income (loss) per share $ (0.28 ) $ (4.34 ) $ (0.64 ) $ (6.40 ) $ (7.33 ) adjusted pre-tax income (loss) $ (8,427 ) $ (1,645 ) $ 2,229 $ (19,639 ) $ (24,545 ) fully diluted adjusted pre-tax income (loss) per share $ (1.52 ) $ (0.30 ) $ 0.41 $ (3.55 ) $ (4.49 ) adjusted pre-tax income (loss) is not a measure recognized under u.s. generally accepted accounting principles (“gaap”).
