{"id":754935,"date":"2023-05-04T09:53:55","date_gmt":"2023-05-04T13:53:55","guid":{"rendered":"https:\/\/www.marketnewsdesk.com\/index.php\/cohen-company-reports-first-quarter-2023-financial-results\/"},"modified":"2023-05-04T09:53:55","modified_gmt":"2023-05-04T13:53:55","slug":"cohen-company-reports-first-quarter-2023-financial-results","status":"publish","type":"post","link":"https:\/\/www.marketnewsdesk.com\/index.php\/cohen-company-reports-first-quarter-2023-financial-results\/","title":{"rendered":"Cohen & Company Reports First Quarter 2023 Financial Results"},"content":{"rendered":"

\nBoard Declares Quarterly Dividend of $0.25 per Share
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PHILADELPHIA and NEW YORK, May 04, 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 first quarter ended March 31, 2023.<\/p>\n

\n Summary Operating Results<\/strong>\n <\/p>\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\u00a0<\/td>\n\u00a0<\/td>\nThree Months Ended<\/td>\n<\/tr>\n
($ in thousands)<\/td>\n\u00a0<\/td>\n3\/31\/23<\/td>\n\u00a0<\/td>\n12\/31\/22<\/td>\n\u00a0<\/td>\n3\/31\/22<\/td>\n<\/tr>\n
\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
Net trading<\/td>\n\u00a0<\/td>\n$<\/td>\n8,210<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n$<\/td>\n9,644<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n$<\/td>\n12,022<\/td>\n\u00a0<\/td>\n<\/tr>\n
Asset management<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n2,025<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n1,761<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n1,889<\/td>\n\u00a0<\/td>\n<\/tr>\n
New issue and advisory<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n900<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n4,235<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n3,770<\/td>\n\u00a0<\/td>\n<\/tr>\n
Principal transactions and other revenue<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n(2,311<\/td>\n)<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n(3,190<\/td>\n)<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n(18,363<\/td>\n)<\/td>\n<\/tr>\n
Total revenues<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n8,824<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n12,450<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n(682<\/td>\n)<\/td>\n<\/tr>\n
Compensation and benefits<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n10,537<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n8,970<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n13,879<\/td>\n\u00a0<\/td>\n<\/tr>\n
Non-compensation operating expenses<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n5,770<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n6,251<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n5,317<\/td>\n\u00a0<\/td>\n<\/tr>\n
Operating income<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n(7,483<\/td>\n)<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n(2,771<\/td>\n)<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n(19,878<\/td>\n)<\/td>\n<\/tr>\n
Interest expense, net<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n(1,592<\/td>\n)<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n(1,179<\/td>\n)<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n(1,351<\/td>\n)<\/td>\n<\/tr>\n
Income (loss) from equity method affiliates<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n(395<\/td>\n)<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n(6,401<\/td>\n)<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n(12,104<\/td>\n)<\/td>\n<\/tr>\n
Income (loss) before income tax expense (benefit)<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n(9,470<\/td>\n)<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n(10,351<\/td>\n)<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n(33,333<\/td>\n)<\/td>\n<\/tr>\n
Income tax expense (benefit)<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n584<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n1,260<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n1,833<\/td>\n\u00a0<\/td>\n<\/tr>\n
Net income (loss)<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n(10,054<\/td>\n)<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n(11,611<\/td>\n)<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n(35,166<\/td>\n)<\/td>\n<\/tr>\n
Less: Net income (loss) attributable to the non-convertible non-controlling interest<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n97<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n(4,223<\/td>\n)<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n(14,704<\/td>\n)<\/td>\n<\/tr>\n
Enterprise net income (loss)<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n(10,151<\/td>\n)<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n(7,388<\/td>\n)<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n(20,462<\/td>\n)<\/td>\n<\/tr>\n
Less: Net income (loss) attributable to the convertible non-controlling interest<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n(7,514<\/td>\n)<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n(4,387<\/td>\n)<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n(12,850<\/td>\n)<\/td>\n<\/tr>\n
Net income (loss) attributable to Cohen & Company Inc.<\/td>\n\u00a0<\/td>\n$<\/td>\n(2,637<\/td>\n)<\/td>\n\u00a0<\/td>\n$<\/td>\n(3,001<\/td>\n)<\/td>\n\u00a0<\/td>\n$<\/td>\n(7,612<\/td>\n)<\/td>\n<\/tr>\n
Fully diluted net income (loss) per share<\/td>\n\u00a0<\/td>\n$<\/td>\n(1.77<\/td>\n)<\/td>\n\u00a0<\/td>\n$<\/td>\n(2.10<\/td>\n)<\/td>\n\u00a0<\/td>\n$<\/td>\n(5.46<\/td>\n)<\/td>\n<\/tr>\n
\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
Adjusted pre-tax income (loss)<\/td>\n\u00a0<\/td>\n$<\/td>\n(9,567<\/td>\n)<\/td>\n\u00a0<\/td>\n$<\/td>\n(6,128<\/td>\n)<\/td>\n\u00a0<\/td>\n$<\/td>\n(18,629<\/td>\n)<\/td>\n<\/tr>\n
Fully diluted adjusted pre-tax income (loss) per share<\/td>\n\u00a0<\/td>\n$<\/td>\n(1.74<\/td>\n)<\/td>\n\u00a0<\/td>\n$<\/td>\n(1.13<\/td>\n)<\/td>\n\u00a0<\/td>\n$<\/td>\n(3.35<\/td>\n)<\/td>\n<\/tr>\n
\u00a0<\/td>\n<\/tr>\n<\/table>\n

Adjusted pre-tax income (loss) is not a measure recognized under U.S. generally accepted accounting principles (\u201cGAAP\u201d). See Note 1 below.<\/p>\n

Lester Brafman, Chief Executive Officer of Cohen & Company, said, \u201cOur investment portfolio continues to impact our results, as our combined negative principal transactions revenue and loss from equity method affiliates amounted to $3.0 million for the quarter. The prolonged slump in investment banking and origination resulted in less than expected new issue and advisory revenue during the quarter. We strongly believe in our team of bankers and originators, as we continue to build our pipeline, and look forward to more favorable capital markets. As we move forward, we remain focused on enhancing stockholder value, and in the first quarter we continued to pay our quarterly dividend.\u201d<\/p>\n

\n Financial Highlights<\/strong>\n <\/p>\n