NEW YORK, Oct. 26, 2018 /CNW/ - Oppenheimer Holdings Inc.
(NYSE: OPY) today reported net income of $5.1 million or $0.38 basic net income per share for the third
quarter of 2018 compared with net income of $7.8 million or $0.59 basic net income per share for the third
quarter of 2017. Net income for the third quarter of 2018 was
negatively impacted by $9.2 million
(or $0.69 basic net income per share)
by recognizing losses of $6.0 million
related to sales of auction rate securities ("ARS") owned by the
Company and increased compensation and related expenses of
$3.2 million directly correlated to
the increase in the Company's stock price through its stock
appreciation rights program (see below for further
information). Income before income taxes from continuing
operations was $7.1 million for the
third quarter of 2018 compared with income before income taxes from
continuing operations of $11.8
million for the third quarter of 2017. Revenue from
continuing operations for the third quarter of 2018 was
$237.8 million compared with revenue
from continuing operations of $226.2
million for the third quarter of 2017, an increase of
5.1%.
Summary Operating
Results (Unaudited)
|
('000s, except Per
Share Amounts)
|
|
|
|
|
|
|
|
|
|
For the 3-Months
Ended
|
|
For the 9-Months
Ended
|
|
|
|
9/30/2018
|
|
|
|
9/30/2017
|
|
|
%
Change
|
|
|
|
9/30/2018
|
|
|
|
9/30/2017
|
|
|
%
Change
|
|
Revenue
|
|
$
|
237,814
|
|
|
$
|
226,220
|
|
|
5.1
|
|
|
$
|
714,900
|
|
|
$
|
655,365
|
|
|
9.1
|
|
Expenses
|
|
230,670
|
|
|
214,392
|
|
|
7.6
|
|
|
685,630
|
|
|
652,199
|
|
|
5.1
|
|
Income Before Income
Taxes from Continuing Operations
|
|
7,144
|
|
|
11,828
|
|
|
(39.6)
|
|
|
29,270
|
|
|
3,166
|
|
|
824.5
|
|
Income
Taxes
|
|
2,083
|
|
|
4,425
|
|
|
(52.9)
|
|
|
8,661
|
|
|
2,464
|
|
|
251.5
|
|
Net Income from
Continuing Operations
|
|
5,061
|
|
|
7,403
|
|
|
(31.6)
|
|
|
20,609
|
|
|
702
|
|
|
2,835.8
|
|
Net Income from
Discontinued Operations
|
|
—
|
|
|
461
|
|
|
(100.0)
|
|
|
—
|
|
|
1,101
|
|
|
(100.0)
|
|
Net Income
|
|
5,061
|
|
|
7,864
|
|
|
(35.6)
|
|
|
20,609
|
|
|
1,803
|
|
|
1,043.0
|
|
Less Net Income
(Loss) Attributable to Non-Controlling Interest, Net of
Tax
|
|
|
(10)
|
|
|
|
75
|
|
|
*
|
|
|
|
(22)
|
|
|
|
180
|
|
|
*
|
|
Net Income
Attributable to Oppenheimer Holdings Inc
|
|
$
|
5,071
|
|
|
$
|
7,789
|
|
|
(34.9)
|
|
|
$
|
20,631
|
|
|
$
|
1,623
|
|
|
1,171.2
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic Net Income
Per Share(1)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Continuing
Operations
|
|
$
|
0.38
|
|
|
$
|
0.56
|
|
|
(32.1)
|
|
|
$
|
1.56
|
|
|
$
|
0.05
|
|
|
3,020.0
|
|
|
Discontinued
Operations
|
|
—
|
|
|
0.03
|
|
|
(100.0)
|
|
|
—
|
|
|
0.07
|
|
|
(100.0)
|
|
|
Net Income Per
Share
|
|
$
|
0.38
|
|
|
$
|
0.59
|
|
|
(35.6)
|
|
|
$
|
1.56
|
|
|
$
|
0.12
|
|
|
1,200.0
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Diluted Net Income
Per Share(1)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Continuing
Operations
|
|
$
|
0.36
|
|
|
$
|
0.54
|
|
|
(33.3)
|
|
|
$
|
1.47
|
|
|
$
|
0.05
|
|
|
2,840.0
|
|
|
Discontinued
Operations
|
|
—
|
|
|
0.03
|
|
|
(100.0)
|
|
|
—
|
|
|
0.07
|
|
|
(100.0)
|
|
|
Net Income Per
Share
|
|
$
|
0.36
|
|
|
$
|
0.57
|
|
|
(36.8)
|
|
|
$
|
1.47
|
|
|
$
|
0.12
|
|
|
1,125.0
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted Average
Number of Common Shares Outstanding
|
|
|
|
|
|
|
|
|
|
Basic
|
|
13,269
|
|
|
13,213
|
|
|
0.4
|
|
|
13,253
|
|
|
13,290
|
|
|
(0.3)
|
|
|
Diluted
|
|
14,140
|
|
|
13,764
|
|
|
2.7
|
|
|
14,043
|
|
|
13,790
|
|
|
1.8
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
As
of
|
|
As
of
|
|
|
|
9/30/2018
|
|
9/30/2017
|
|
%
Change
|
|
9/30/2018
|
|
12/31/2017
|
|
%
Change
|
Book Value Per Share
(1)
|
|
$
|
40.94
|
|
|
$
|
38.48
|
|
|
6.4
|
|
|
$
|
40.94
|
|
|
$
|
39.55
|
|
|
3.5
|
|
Tangible Book Value
Per Share (1)(2)
|
|
$
|
28.13
|
|
|
$
|
25.54
|
|
|
10.1
|
|
|
$
|
28.13
|
|
|
$
|
26.74
|
|
|
5.2
|
|
|
(1)
|
Attributable to
Oppenheimer Holdings Inc
|
(2)
|
Represents book value
less goodwill and intangible assets divided by number of shares
outstanding
|
*
|
Percentage not
meaningful
|
The S&P 500 index increased 7.2% during the third quarter of
2018 despite global trade tensions, higher interest rates, a
strengthening U.S. dollar, and higher oil prices. Despite
these headwinds, the equity markets experienced low volatility as
investors focused on strong corporate earnings although volatility
picked up measurably in the first few weeks of the fourth quarter
of 2018. The Federal Reserve raised the discount rate by 25
basis points in September, the eighth such increase. The yield on
the 10-Year U.S. Treasury increased 20 basis points during the
quarter to yield 3.05% at September 30th. Concerns
remain about rising inflation due to low levels of unemployment and
the effects of higher interest rates on the economy.
Albert G. Lowenthal, Chairman and
CEO commented, "The operating results for the period were strong
despite the negative impact resulting from the ARS sales and
increased compensation expenses related to our stock appreciation
rights program. During the period, we made a strategic
decision to sell a significant portion of our ARS holdings
recognizing both realized and unrealized losses. The Company
expects that a continued rise in short term interest rates will
help the Company finally put this issue behind it. The
Company believes that it can put the capital previously devoted to
ARS purchases to more productive uses and that this is extremely
positive from a liquidity perspective. Also affecting
operating results, the positive performance of our stock price
during the period led to a significant increase in compensation
costs from the Oppenheimer Appreciation Rights Plan ("OARs
Plan"). As stated above, the impact of these items on
reported net income for the third quarter of 2018 was $0.69 per share.
Notwithstanding the foregoing, strong operating results were
driven by continued robust investment banking activity, higher
asset management fee-based revenue, as well as higher bank deposit
sweep income. Investment banking results were impacted by
increases in equity underwritings and advisory fees from M&A
transactions. While retail commission revenue declined for
the period reflecting the continued downward trend in
transaction-based business, it was offset by higher levels of
revenue from assets under management as clients continue to embrace
a managed solution in our wealth management business.
Increases in short-term interest rates continued to benefit our
bank deposit fee income. Despite recent volatility, we remain
optimistic about the growing economy and the positive impact that
it could have on the business for the balance of 2018 and as we
move into 2019."
Notable Items for the Third Quarter of 2018
- During the third quarter of 2018, the Company participated in
tender offers by issuers of ARS which resulted in recognized losses
totaling $8.1 million (after-tax
impact of $6.0 million). The
recognized losses are comprised of realized losses of $4.6 million related to tendering ARS holdings at
prices below par and unrealized losses of $3.5 million related to revaluing the remaining
affected ARS owned and commitments to purchase at the tender offer
prices.
- The Company recorded compensation and related expenses of
$4.3 million (after-tax impact of
$3.2 million) related to its OARs
Plan due to the price of its Class A Stock increasing from
$28.00 at the end of the second
quarter of 2018 to $31.60 at the end
of the third quarter of 2018.
Financial Highlights
- Commission revenue was $79.7
million for the third quarter of 2018, an increase of 2.6%
compared with $77.6 million for the
third quarter of 2017 due to higher transaction-based revenue in
the institutional equities business partially offset by lower
transaction-based revenue in the retail business during the third
quarter of 2018.
- Advisory fees were $78.2 million
for the third quarter of 2018, an increase of 5.1% compared with
$74.3 million for the third quarter
of 2017 due to a higher level of client assets under management
("AUM").
- Investment banking revenue increased 18.3% to $28.3 million for the third quarter of 2018
compared with $23.9 million for the
third quarter of 2017 due to higher equity underwriting fees as
well as higher merger and acquisition advisory fees during the
third quarter of 2018.
- Bank deposit sweep income was $30.1
million for the third quarter of 2018, an increase of 42.1%
compared with $21.1 million for the
third quarter of 2017 due to higher short-term interest rates
during the third quarter of 2018.
- Interest revenue was $13.4
million for the third quarter of 2018, an increase of 3.5%
compared with $13.0 million for the
third quarter of 2017 due primarily to an increase in interest
revenue on margin extended to customers during the third quarter of
2018.
- Principal transactions revenue was $(16,000) for the third quarter of 2018 compared
with $5.1 million for the third
quarter of 2017 primarily due to recognized losses during the third
quarter of 2018 resulting from participating in tender offers of
ARS as indicated above partially offset by higher government
trading income.
Business Segment
Results (Unaudited)
|
('000s)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For the 3-Months
Ended
|
|
For the 9-Months
Ended
|
|
|
|
|
9/30/2018
|
|
|
|
9/30/2017
|
|
|
%
Change
|
|
|
|
9/30/2018
|
|
|
|
9/30/2017
|
|
|
%
Change
|
|
Revenue
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Private
Client
|
|
$
|
158,083
|
|
|
$
|
147,428
|
|
|
7.2
|
|
|
$
|
468,730
|
|
|
$
|
425,069
|
|
|
10.3
|
|
|
Asset
Management
|
|
17,870
|
|
|
19,277
|
|
|
(7.3)
|
|
|
53,220
|
|
|
57,247
|
|
|
(7.0)
|
|
|
Capital
Markets
|
|
68,130
|
|
|
58,808
|
|
|
15.9
|
|
|
197,865
|
|
|
168,418
|
|
|
17.5
|
|
|
Corporate/Other
|
|
|
(6,269)
|
|
|
|
707
|
|
|
*
|
|
|
|
(4,915)
|
|
|
|
4,631
|
|
|
*
|
|
|
|
|
$
|
237,814
|
|
|
$
|
226,220
|
|
|
5.1
|
|
|
$
|
714,900
|
|
|
$
|
655,365
|
|
|
9.1
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income (Loss)
Before Income Taxes from Continuing Operations
|
|
|
|
|
|
|
|
Private
Client
|
|
$
|
37,608
|
|
|
$
|
36,950
|
|
|
1.8
|
|
|
$
|
111,283
|
|
|
$
|
93,763
|
|
|
18.7
|
|
|
Asset
Management
|
|
4,127
|
|
|
3,338
|
|
|
23.6
|
|
|
11,803
|
|
|
11,130
|
|
|
6.0
|
|
|
Capital
Markets
|
|
(2,076)
|
|
|
(1,639)
|
|
|
26.7
|
|
|
(8,332)
|
|
|
(25,235)
|
|
|
(67.0)
|
|
|
Corporate/Other
|
|
(32,515)
|
|
|
(26,821)
|
|
|
21.2
|
|
|
(85,484)
|
|
|
(76,492)
|
|
|
11.8
|
|
|
|
|
$
|
7,144
|
|
|
$
|
11,828
|
|
|
(39.6)
|
|
|
$
|
29,270
|
|
|
$
|
3,166
|
|
|
824.5
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
*
|
Percentage not
meaningful
|
|
|
|
|
|
|
|
|
|
|
Private Client
Private Client reported revenue of $158.1
million for the third quarter of 2018, 7.2% higher than the
third quarter of 2017 due to increased advisory fee revenue from
higher AUM, higher fees earned on client deposits in the
FDIC-insured bank deposit program, and higher margin interest
revenue during the third quarter of 2018. Income before
income taxes was $37.6 million for
the third quarter of 2018, an increase of 1.8% compared with the
third quarter of 2017 due to the increases in revenue referred to
above.
- Client assets under administration were $86.9 billion at September
30, 2018, remained flat compared with $86.9 billion at December
31, 2017.
- Financial adviser headcount was 1,078 at the end of the third
quarter of 2018 (1,083 at the end of the second quarter of 2018),
down from 1,117 at the end of the third quarter of 2017. The
decline since the third quarter of 2017 has resulted from the
Company's emphasis on adviser productivity.
- Retail commissions were $47.6
million for the third quarter of 2018, a decrease of 1.0%
from the third quarter of 2017 due to reduced transaction volumes
from retail investors during the third quarter of 2018.
- Advisory fee revenue on traditional and alternative managed
products was $60.5 million for the
third quarter of 2018, an increase of 9.6% from the third quarter
of 2017 (see Asset Management below for further information). The
increase in advisory fees was due to the increase in the value of
AUM.
- Bank deposit sweep income was $30.1
million for the third quarter of 2018, an increase of 42.1%
compared with $21.1 million for the
third quarter of 2017 due to higher short-term interest rates
during the third quarter of 2018.
Asset Management
Asset Management reported revenue of $17.9 million for the third quarter of 2018, 7.3%
lower than the third quarter of 2017 due to a change in the method
of reporting management fees earned through an investment adviser
of alternative investments adopted during the first quarter of
2018. Income before income taxes was $4.1 million for the third quarter of 2018, an
increase of 23.6% compared with the third quarter of 2017.
- Advisory fee revenue on traditional and alternative managed
products was $17.6 million for the
third quarter of 2018, a decrease of 7.9% from the third quarter of
2017 primarily due to the change in the method of reporting
management fees from alternative investments referred to above
offset by higher AUM. Advisory fees are calculated based on the
value of AUM at the end of the prior quarter which totaled
$28.7 billion at June 30, 2018 ($26.1
billion at June 30, 2017) and
are allocated to the Private Client and Asset Management business
segments.
- AUM increased 8.8% to a record high of $29.6 billion at September
30, 2018 compared with $27.2
billion at September 30, 2017.
AUM at September 30, 2018 is the
basis for advisory fee billings for the fourth quarter of 2018. The
increase in AUM was comprised of asset appreciation of $1.7 billion and net contributions of assets of
$0.7 billion.
Capital Markets
Capital Markets reported revenue of $68.1
million for the third quarter of 2018, 15.9% higher than the
third quarter of 2017 due to higher equities underwriting and
merger and acquisition advisory fees as well as higher commission
and trading revenue during the third quarter of 2018. Loss
before income taxes was $2.1 million
for the third quarter of 2018, compared with a loss before income
taxes of $1.6 million for the third
quarter of 2017 primarily due to the increases in compensation and
related expenses related to guaranteed compensation arrangements
with senior hires in investment banking and interest costs during
the third quarter of 2018.
- Institutional equities commissions increased 7.4% to
$23.1 million for the third quarter
of 2018 compared with the third quarter of 2017 reflecting higher
client trading activity in the third quarter of 2018.
- Advisory fees from investment banking activities increased
41.2% to $9.6 million in the third
quarter of 2018 compared with the third quarter of 2017 due to
higher fees earned on completed merger and acquisition transactions
during the third quarter of 2018.
- Equity underwriting fees increased 26.5% to $14.8 million for the third quarter of 2018
compared with the third quarter of 2017 due to the Company's
increased focus on equity issuances as well as a robust market for
equity underwritings during the third quarter of 2018.
- Revenue from Taxable Fixed Income increased 10.5% to
$14.7 million for the third quarter
of 2018 compared with the third quarter of 2017 due to higher
government trading income during the third quarter of 2018.
- Public Finance and Municipal Trading revenue increased 37.1% to
$4.8 million for the third quarter of
2018 compared with the third quarter of 2017 due to higher
municipal capital markets fees and commissions offset by lower
municipal trading income during the third quarter of 2018.
Compensation and Related Expenses
Compensation and related expenses (including salaries,
production and incentive compensation, share-based compensation,
deferred compensation, and other benefit-related items) totaled
$152.8 million during the third
quarter of 2018, an increase of 7.6% compared with the third
quarter of 2017. The increase was due to higher salary,
production-related, incentive, deferred and share-based
compensation expenses during the third quarter of 2018. As
noted above, the Company recorded compensation and related expenses
of $4.3 million related to its OARs
Plan due to the price of its Class A Stock increasing from
$28.00 at the end of the second
quarter of 2018 to $31.60 at the end
of the third quarter of 2018. Compensation and related
expenses as a percentage of revenue was 64.3% during the third
quarter of 2018 compared with 62.8% during the third quarter of
2017.
Non-Compensation Expenses
Non-compensation expenses were $77.8
million during the third quarter of 2018, an increase of
7.6% compared with $72.3 million
during the third quarter of 2017 primarily due to an increase of
$6.4 million in interest costs during
the third quarter of 2018.
Income Taxes
The effective income tax rate from continuing operations for the
third quarter of 2018 was 29.2% compared with 37.4% for the third
quarter of 2017 and reflects the Company's estimate of the annual
effective tax rate adjusted for certain discrete items. The
lower estimated effective tax rate for the third quarter of 2018 is
due to the Federal tax rate of 21% (versus 35%) as a result of the
passage of the Tax Cuts and Jobs Act ("TCJA") in December 2017 offset by foreign income inclusion
and larger non-deductible expenses related to items such as
entertainment, fringe benefits, regulatory fines and penalties, and
limitations around the deductibility of executive compensation
under the TCJA.
Balance Sheet and Liquidity
- At September 30, 2018, total
equity was $543.9 million compared
with $523.9 million at December 31, 2017, an increase of 3.8%.
- At September 30, 2018, book value
per share was $40.94 (compared with
$39.55 at December 31, 2017) and tangible book value per
share was $28.13 (compared with
$26.74 at December 31, 2017).
- The Company's level 3 assets, primarily auction rate
securities, were $21.5 million at
September 30, 2018 (compared with
$87.6 million at December 31, 2017). The decline in level 3 assets
during the period was driven by the sales of ARS referred to
above.
- During the third quarter of 2018, the Company obtained
additional liquidity on its ARS owned of $45.2 million through ARS issuer redemptions and
tender offers, net of additional client buybacks.
Dividend Announcement
The Company today announced a quarterly dividend in the amount
of $0.11 per share payable on
November 23, 2018 to holders of Class
A non-voting and Class B voting common stock of record on
November 9, 2018.
Company Information
Oppenheimer Holdings Inc., through its operating subsidiaries,
is a leading middle market investment bank and full service
broker-dealer that provides a wide range of financial services
including retail securities brokerage, institutional sales and
trading, investment banking (both corporate and public finance),
research, market-making, trust, and investment management.
With roots tracing back to 1881, the firm is headquartered in
New York and has 91 retail branch
offices in the United States and
has institutional businesses located in London, Tel
Aviv, and Hong Kong.
Forward-Looking Statements
This press release includes certain "forward-looking statements"
relating to anticipated future performance. For a discussion
of the factors that could cause future performance to be different
than anticipated, reference is made to Factors Affecting
"Forward-Looking Statements" and Part 1A – Risk Factors in the
Company's Annual Report on Form 10-K for the year ended
December 31, 2017.
Oppenheimer
Holdings Inc
|
Consolidated
Statements of Operations (Unaudited)
|
('000s, except Per
Share Amounts)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For the 3-Months
Ended
|
|
For the 9-Months
Ended
|
|
|
|
|
9/30/2018
|
|
|
|
9/30/2017
(1)
|
|
|
%
Change
|
|
|
|
9/30/2018
|
|
|
|
9/30/2017
(1)
|
|
|
%
Change
|
|
REVENUE
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Commissions
|
|
$
|
79,678
|
|
|
$
|
77,635
|
|
|
2.6
|
|
|
$
|
245,935
|
|
|
$
|
248,204
|
|
|
(0.9)
|
|
|
Advisory
fees
|
|
78,154
|
|
|
74,329
|
|
|
5.1
|
|
|
232,972
|
|
|
216,521
|
|
|
7.6
|
|
|
Investment
banking
|
|
28,328
|
|
|
23,940
|
|
|
18.3
|
|
|
84,442
|
|
|
57,347
|
|
|
47.2
|
|
|
Bank deposit sweep
income
|
|
30,053
|
|
|
21,146
|
|
|
42.1
|
|
|
84,203
|
|
|
52,992
|
|
|
58.9
|
|
|
Interest
|
|
13,403
|
|
|
12,952
|
|
|
3.5
|
|
|
38,686
|
|
|
36,346
|
|
|
6.4
|
|
|
Principal
transactions, net
|
|
(16)
|
|
|
5,135
|
|
|
*
|
|
|
9,110
|
|
|
15,810
|
|
|
(42.4)
|
|
|
Other
|
|
8,214
|
|
|
11,083
|
|
|
(25.9)
|
|
|
19,552
|
|
|
28,145
|
|
|
(30.5)
|
|
|
Total
revenue
|
|
237,814
|
|
|
226,220
|
|
|
5.1
|
|
|
714,900
|
|
|
655,365
|
|
|
9.1
|
|
EXPENSES
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Compensation and
related expenses
|
|
152,846
|
|
|
142,090
|
|
|
7.6
|
|
|
457,821
|
|
|
428,625
|
|
|
6.8
|
|
|
Communications and
technology
|
|
18,602
|
|
|
17,781
|
|
|
4.6
|
|
|
55,287
|
|
|
53,886
|
|
|
2.6
|
|
|
Occupancy and
equipment costs
|
|
15,106
|
|
|
15,288
|
|
|
(1.2)
|
|
|
45,435
|
|
|
45,721
|
|
|
(0.6)
|
|
|
Clearing and exchange
fees
|
|
5,378
|
|
|
5,622
|
|
|
(4.3)
|
|
|
17,254
|
|
|
17,392
|
|
|
(0.8)
|
|
|
Interest
|
|
12,915
|
|
|
6,500
|
|
|
98.7
|
|
|
32,787
|
|
|
18,710
|
|
|
75.2
|
|
|
Other
|
|
25,823
|
|
|
27,111
|
|
|
(4.8)
|
|
|
77,046
|
|
|
87,865
|
|
|
(12.3)
|
|
|
Total
expenses
|
|
230,670
|
|
|
214,392
|
|
|
7.6
|
|
|
685,630
|
|
|
652,199
|
|
|
5.1
|
|
Income before income
taxes from continuing operations
|
|
7,144
|
|
|
11,828
|
|
|
(39.6)
|
|
|
29,270
|
|
|
3,166
|
|
|
824.5
|
|
Income
taxes
|
|
2,083
|
|
|
4,425
|
|
|
(52.9)
|
|
|
8,661
|
|
|
2,464
|
|
|
251.5
|
|
Net income from
continuing operations
|
|
5,061
|
|
|
7,403
|
|
|
(31.6)
|
|
|
20,609
|
|
|
702
|
|
|
2,835.8
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Discontinued
operations
|
|
|
|
|
|
|
|
|
|
|
|
|
Income from
discontinued operations
|
|
—
|
|
|
769
|
|
|
(100.0)
|
|
|
—
|
|
|
1,834
|
|
|
(100.0)
|
|
Income
taxes
|
|
—
|
|
|
308
|
|
|
(100.0)
|
|
|
—
|
|
|
733
|
|
|
(100.0)
|
|
Net income from
discontinued operations
|
|
—
|
|
|
461
|
|
|
(100.0)
|
|
|
—
|
|
|
1,101
|
|
|
(100.0)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net
income
|
|
5,061
|
|
|
7,864
|
|
|
(35.6)
|
|
|
20,609
|
|
|
1,803
|
|
|
1,043.0
|
|
Less net income
(loss) attributable to non-controlling interest, net of
tax
|
|
|
(10)
|
|
|
|
75
|
|
|
*
|
|
|
|
(22)
|
|
|
|
180
|
|
|
*
|
|
Net income
attributable to Oppenheimer Holdings Inc
|
|
$
|
5,071
|
|
|
$
|
7,789
|
|
|
(34.9)
|
|
|
$
|
20,631
|
|
|
$
|
1,623
|
|
|
1,171.2
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic net income
per share attributable to Oppenheimer Holdings Inc
|
|
|
|
|
|
|
|
Continuing
operations
|
|
$
|
0.38
|
|
|
$
|
0.56
|
|
|
(32.1)
|
|
|
$
|
1.56
|
|
|
$
|
0.05
|
|
|
3,020.0
|
|
|
Discontinued
operations
|
|
—
|
|
|
0.03
|
|
|
(100.0)
|
|
|
—
|
|
|
0.07
|
|
|
(100.0)
|
|
|
Net income per
share
|
|
$
|
0.38
|
|
|
$
|
0.59
|
|
|
(35.6)
|
|
|
$
|
1.56
|
|
|
$
|
0.12
|
|
|
1,200.0
|
|
Diluted net income
per share attributable to Oppenheimer Holdings Inc
|
|
|
|
|
|
|
|
Continuing
operations
|
|
$
|
0.36
|
|
|
$
|
0.54
|
|
|
(33.3)
|
|
|
$
|
1.47
|
|
|
$
|
0.05
|
|
|
2,840.0
|
|
|
Discontinued
operations
|
|
—
|
|
|
0.03
|
|
|
(100.0)
|
|
|
—
|
|
|
0.07
|
|
|
(100.0)
|
|
|
Net income per
share
|
|
$
|
0.36
|
|
|
$
|
0.57
|
|
|
(36.8)
|
|
|
$
|
1.47
|
|
|
$
|
0.12
|
|
|
1,125.0
|
|
Weighted Average
Number of Common Shares Outstanding
|
|
|
|
|
|
|
|
|
|
Basic
|
|
13,269
|
|
|
13,213
|
|
|
0.4
|
|
|
13,253
|
|
|
13,290
|
|
|
(0.3)
|
|
|
Diluted
|
|
14,140
|
|
|
13,764
|
|
|
2.7
|
|
|
14,043
|
|
|
13,790
|
|
|
1.8
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1)
|
Certain prior period
amounts have been reclassified to conform to the current period
presentation
|
*
|
Percentage not
meaningful
|
|
|
|
|
|
|
|
|
|
|
View original
content:http://www.prnewswire.com/news-releases/oppenheimer-holdings-inc-reports-third-quarter-2018-earnings-and-announces-quarterly-dividend-300738370.html
SOURCE Oppenheimer Holdings Inc.