COHN - Earnings call transcript Q1 2018

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Operator

Good morning ladies and gentlemen and welcome to Cohen & Company's First Quarter 2018 Earnings Call. My name is Nicole and I'll be your operator for today.

Before we begin Cohen & Company would like to remind everyone that some of the statements the company makes during this call may contain forward-looking statements. Under applicable securities laws these statements may involve risk and uncertainties that could cause the company's actual results to differ materially from the results discussed in such forward-looking statements. The forward-looking statements made during this call are made only as of the date of this call and the company undertakes no obligation to update such statements to reflect subsequent events or circumstances. XX-K you its the its earnings Annual on advises forward-looking note most Company SEC. Report in the statements release Form & to cautionary read regarding recent Cohen with filed and in I would call Mr. turn over to like now to the Brafman, & Officer, Cohen Executive Chief Lester Company.

Lester Brafman

interest for CFO. combination me Nicole call on our and us is everybody and This XXXX the quarter rates Joe for you you first the dealer. increased broker resulting earnings suppressed our past in the of quarter trading Thank our joining in in Pooler equity thank our volatility call. With revenues lower markets volumes

pipeline Now GCF that repo remain business to increase said our continued we matched forward. the going balances book we of and our about being optimistic

continue development the In sources the to new revenue dependent the are of day-to-day fluctuation focus several on that of less on markets. addition, financial we

the enhancing first While to results disappointed remain dividend. in our the in we and to we with quarter our value, quarterly quarter, committed pay are continued stockholder

the will in highlights walk to this through I to Joe call financial Now detail. quarter's more over turn

Joe Pooler

the income Thank income for the was X.X quarter to the compared of Starting operating our prior of operating prior X.X for quarter. our million XXX,XXX operating year quarter million and with you operations, Lester. loss of statement for

X.X X.X prior net taxes $X.XX before income before diluted our of the loss diluted each our period XXX,XXX or whether income not before XXXX convertible of quarter $X.XX first to And or share of million down in diluted fourth or per for taxes outstanding, came income XXX,XXX changes quarter. year $X.XX prior loss for per down the in fully depending million year. of from income current shares XXX,XXX current dilutive. prior and income presented X.X the compared XXXX income quarter the and and for trading conversion prior Net at or to for income quarter And from year Our quarter XXX,XXX the quarter net share and net the taxes notes was prior shares compared diluted million the share was quarter. from the X.X the for our for on being are revenue quarter first million the quarter X.X the million per of

revenue slightly one year Our separate European quarter did the not accounts current from up million and year asset recur quarter XXX,XXX the was management fees were there from totaled the time the which our quarter to which prior X.X quarter. down in some ago the related performance in In ago quarter.

advisory first New both issue XXXX of XXX,XXX year to the the revenue and compared which ago and quarters. prior was was down in quarter

advisory revenue limited has to of small can in been and Our meaningful result fluctuations a new in a change revenue issue engagements volatile from We we the that expect and continue. number revenue earned recognized. trend and the number engagements in of

of to first related compared issue the quarter XX% periods was million, from quarter. first quarterly slightly First our principle and of March of financial prior Asia Group. was were that in for up XXX,XXX March year. the variation X.X convertible compared was year instruments. as on result primarily in X% revenue sale quarter trust the of on the across was ago prior first was down of the as the first quarter million as for transactions revenue quarter XXXX. to and from X.X result quarter fourth expense the revenue The on and payments as in the the XXXX fourth down to compared [ph] instruments, XX, place first our our to including share variations the The Star X was the and changes benefits million expense XXX,XXX new from employees was of and in X.X as first in primarily XXXX. redeemable we in in advisory XX and percentage headcount earn Compensation and in a debt of quarter and first training our relate XXXX XXX,XXX contracts past variable final XX The preferred the two quarter in sale model quarters quarter management the quarter is past portion quarter in addition compensation Wasco payments significant of quarter and out XX% of the a the of was the have due prior our of of XXXX XXXX. Net higher to number and XXX,XXX of the which up from as quarter XX XXX,XXX Other from XXXX fourth well current of of of first year-end year the from XXXX interest revenue revenue the XX, the notes, the changes. million XXX,XXX XXX,XXX the quarter XX% of Compensation to XXXX comparable the revenue

terms our match of in and our had portfolio. portfolio XX XX, decrease million capital equity year-end. XX.X balance including a activity net principal from XXXX of of our X.X in book our equity invested In our XX.X investing was repo million, invested We March sheet total million million as of trading

fair principal line of our item portfolio. The investing investments in the balance other represents value sheet

XX, continue on policy had was million dividend basis. at We sheet. May on quarterly the May on million As the XX.X The $X.XX XXXX and corporate for a indebtedness stockholders dividend the of review carried record payable XXXX. of announced and is XX, XX, unrestricted XX.X March on cash to of consolidated the dividend balance we we'll to quarter

back Finally we expect With to XX-Q to of Lester. file that Friday no later over than week. it our I'll turn this

End of Q&A

you you end to joining call. questions Thanks Joe. Pooler at now via to for Thank our investor today. or His XXX-XXX-XXXX. information investorrelations@cohenandcompany.com. is of Operator Please the at Joe the release contact direct any us bottom earnings email can

Operator

call. ask you participation and thank today's your for does you conference We This disconnect. please that conclude

Cohen & Company (COHN) 4 May 182018 Q1 Earnings call transcript