NEW YORK, Feb. 1, 2019 /CNW/ - Oppenheimer Holdings Inc.
(NYSE: OPY) today reported net income of $8.3 million or $0.62 basic net income per share for the fourth
quarter of 2018 compared with net income of $21.2 million or $1.61 basic net income per share for the fourth
quarter of 2017. Income before income taxes was $15.6 million for the fourth quarter of 2018
compared with income before income taxes of $16.6 million for the fourth quarter of 2017.
For the year ended December 31,
2018, the Company reported net income of $28.9 million or $2.18 basic net income per share compared with
net income of $22.8 million or
$1.72 basic net income per share for
the year ended December 31,
2017. Income before income taxes for the year ended
December 31, 2018 was $44.9 million compared with income before income
taxes of $19.7 million for the year
ended December 31, 2017.
|
Summary Operating
Results (Unaudited)
|
('000s)
|
|
|
|
For the 3-Months
Ended
|
|
For the Year
Ended
|
|
|
December
31,
|
|
December
31,
|
|
|
2018
|
|
2017
|
|
%
Change
|
|
2018
|
|
2017
|
|
%
Change
|
Revenue
|
$
|
243,254
|
|
$
|
264,973
|
|
(8.2)
|
|
$
|
958,154
|
|
$
|
920,338
|
|
4.1
|
Expenses
|
227,671
|
|
248,403
|
|
(8.3)
|
|
913,301
|
|
900,602
|
|
1.4
|
Income Before Income
Taxes from Continuing Operations
|
15,583
|
|
16,570
|
|
(6.0)
|
|
44,853
|
|
19,736
|
|
127.3
|
Income
Taxes
|
7,316
|
|
(4,598)
|
|
(259.1)
|
|
15,977
|
|
(2,134)
|
|
(848.7)
|
Net Income from
Continuing Operations
|
8,267
|
|
21,168
|
|
(60.9)
|
|
28,876
|
|
21,870
|
|
32.0
|
Net Income from
Discontinued Operations
|
—
|
|
29
|
|
(100.0)
|
|
—
|
|
1,130
|
|
(100.0)
|
Net Income
|
8,267
|
|
21,197
|
|
(61.0)
|
|
28,876
|
|
23,000
|
|
25.5
|
Less Net Income
(Loss) Attributable to Non-Controlling Interest
|
6
|
|
4
|
|
50.0
|
|
(16)
|
|
184
|
|
(108.7)
|
Net Income
Attributable to Oppenheimer Holdings Inc.
|
$
|
8,261
|
|
$
|
21,193
|
|
(61.0)
|
|
$
|
28,892
|
|
$
|
22,816
|
|
26.6
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
During the fourth quarter of 2018, the major stock indexes in
the U.S. posted their worst performance since the fourth quarter of
2008 as investor's concerns around a global economic slowdown,
trade negotiations between the U.S. and China, future monetary policy, declining oil
prices and, late in the quarter, a looming government shutdown,
weighed on the markets. The S&P 500 decreased 14% for the
fourth quarter of 2018 and was down 6.2% for the full year
2018. A sizable amount of the market's fourth quarter's
losses came during an extremely volatile December. The Dow
Jones Industrial Average and the S&P 500 recorded their worst
December performance since 1931 and their biggest monthly loss
since February 2009. The Federal
Reserve raised short-term interest rates by 25 basis points in
December 2018, the ninth 25 basis
point increase since the Fed began raising rates in December
2015. Concerns around global economic growth, low inflation,
and falling oil prices led to a significant decline in long-term
interest rates during the fourth quarter of 2018. The 10-Year
Treasury Yield decreased 36 basis points during the quarter to
yield 2.69% at December 31st.
Albert G. Lowenthal, Chairman and
CEO commented, "We are pleased with our results for 2018,
reflecting a positive operating environment powered by rising
interest rates and the benefit of tax reform. The increased
volatility and slide in equity prices during the fourth quarter of
2018 negatively impacted operating results for the period.
However, results for the period were bolstered by higher management
fees from advisory programs, continued robust investment banking
activity, and higher bank deposit sweep income. These were
offset by low levels of transaction business in both our
institutional and wealth management businesses as well as lower
incentive fees from alternative investments, which are measured and
earned at the end of each year based on equity market returns and
were particularly strong in 2017, as well as higher legal and
regulatory costs during the fourth quarter of 2018.
Spreads continued to widen on our interest rate sensitive assets
which were bolstered by the December
2018 rate hike by the Federal Reserve. Despite a
significant uptick in volatility during the fourth quarter of 2018,
trading activity and transaction revenues continued to be pressured
as a result of changing investor behavior. The recent
significant declines in equity prices will adversely affect our
fee-based revenues in the first quarter of 2019. Results for
the fourth quarter of 2018 and throughout the year were positively
impacted by significantly better results from investment banking
fees and capital market activity. We are optimistic about the
investment banking pipeline as we begin 2019. Finally, the decline
in our stock price during the period led to a significant decrease
in compensation costs related to share-based compensation plans for
employees. Despite the sell-off in the overall equities
markets during the fourth quarter of 2018, share prices are
recovering and the economy continues to remain strong, as does our
outlook for our business as we move into 2019."
Notable Items Impacting the Fourth Quarter Comparison (2018
vs. 2017)
The comparison of the after-tax results for the fourth quarter
of 2018 to those of the fourth quarter of 2017 was significantly
impacted by the following items, the sum of which reduced after-tax
results by approximately $12.1
million from the fourth quarter 2017 to the fourth quarter
2018:
- The Company recorded an after-tax benefit of $9.0 million, or $0.69 basic net income per share, during the
fourth quarter of 2017 primarily related to re-measuring deferred
tax assets and deferred tax liabilities as a result of the
enactment of the Tax Cuts and Jobs Act ("TCJA") on December 22, 2017. There was no such after-tax
adjustment made to the fourth quarter of 2018; however, the Company
did benefit from a lower marginal tax rate (see Provision for
Income Tax section below).
- Incentive fees earned during the fourth quarter of 2017 totaled
$27.3 million as a result of the
return on assets under management from alternative investments
exceeding certain benchmark returns over a 12-month period. By
comparison, incentive fees earned during the fourth quarter of 2018
totaled $0.5 million due to the
volatility and significant decline in the valuation of assets held
by alternative investment funds sponsored by the Company during the
fourth quarter of 2018.
- The Company recorded compensation and related expenses of
$7.6 million related to its stock
appreciation rights plan ("OARs Plan") due to the price of its
Class A Stock increasing from $17.35
at the end of the third quarter of 2017 to $26.80 at the end of the fourth quarter of 2017.
During the fourth quarter of 2018, the Company recorded a credit to
compensation and related expenses of $5.8
million related to its OARs Plan due to the price of its
Class A Stock decreasing from $31.60
at the end of the third quarter of 2018 to $25.55 at the end of the fourth quarter of
2018.
|
Business Segment
Results (Unaudited)
|
('000s)
|
|
|
For the 3-Months
Ended
|
|
For the Year
Ended
|
|
|
December
31,
|
|
December
31,
|
|
|
2018
|
|
2017
|
|
%
Change
|
|
2018
|
|
2017
|
|
%
Change
|
Revenue
|
|
|
|
|
|
|
|
|
|
|
|
|
Private
Client
|
$
|
149,141
|
|
$
|
167,684
|
|
(11.1)
|
|
$
|
617,871
|
|
$
|
592,753
|
|
4.2
|
|
Asset
Management
|
18,476
|
|
32,649
|
|
(43.4)
|
|
71,696
|
|
89,896
|
|
(20.2)
|
|
Capital
Markets
|
74,854
|
|
63,214
|
|
18.4
|
|
272,719
|
|
231,632
|
|
17.7
|
|
Corporate/Other
|
783
|
|
1,426
|
|
(45.1)
|
|
(4,132)
|
|
6,057
|
|
(168.2)
|
|
|
243,254
|
|
264,973
|
|
(8.2)
|
|
958,154
|
|
920,338
|
|
4.1
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income (Loss)
Before Income Taxes from Continuing Operations
|
|
|
|
|
|
|
|
Private
Client
|
37,814
|
|
35,077
|
|
7.8
|
|
149,097
|
|
128,840
|
|
15.7
|
|
Asset
Management
|
6,787
|
|
15,555
|
|
(56.4)
|
|
18,590
|
|
26,685
|
|
(30.3)
|
|
Capital
Markets
|
(5,084)
|
|
(14,743)
|
|
65.5
|
|
(13,416)
|
|
(39,978)
|
|
66.4
|
|
Corporate/Other
|
(23,934)
|
|
(19,319)
|
|
(23.9)
|
|
(109,418)
|
|
(95,811)
|
|
(14.2)
|
|
|
$
|
15,583
|
|
$
|
16,570
|
|
(6.0)
|
|
$
|
44,853
|
|
$
|
19,736
|
|
127.3
|
|
Private Client
Fourth Quarter
Private Client reported revenue of $149.1
million for the fourth quarter of 2018, 11.1% lower than the
fourth quarter of 2017 due to lower incentive fees, lower
commissions, and a decrease in the cash surrender value of
Company-owned life insurance partially offset by higher management
fees and higher bank deposit sweep income during the fourth quarter
of 2018. However, income before income taxes was $37.8 million for the fourth quarter of 2018, an
increase of 7.8% compared with the fourth quarter of 2017 due to
the credit recorded to compensation and related expenses for the
OARs Plan as discussed above partially offset by the foregoing
revenue items as well as higher legal and regulatory costs during
the fourth quarter of 2018.
- Client assets under administration were $80.1 billion at December
31, 2018 compared with $86.9
billion at December 31, 2017,
a decrease of 7.8%.
- Financial adviser headcount was 1,073 at the end of the fourth
quarter of 2018, down from 1,107 at the end of the fourth quarter
of 2017. The decline in financial adviser headcount since the
fourth quarter of 2017 has resulted from the Company's emphasis on
adviser productivity.
- Retail commissions were $48.4
million for the fourth quarter of 2018, a decrease of 8.0%
from the fourth quarter of 2017.
- Advisory fee revenue on traditional and alternative managed
products was $63.0 million for the
fourth quarter of 2018, a decrease of 12.2% from the fourth quarter
of 2017 (see Asset Management below for further information). The
decrease in advisory fees was due to a decrease in incentive fees
earned from alternative investments partially offset by an increase
in management fees from traditional products during the fourth
quarter of 2018.
-
- Incentive fees from alternative investments were $0.4 million for the fourth quarter of 2018
compared with $17.7 million for the
fourth quarter of 2017. Incentive fees allocated to this business
segment are computed at the fiscal year-end of the underlying fund
when the measurement period ends and generally are earned in the
fourth quarter of the Company's fiscal year.
- Bank deposit sweep income was $31.8
million for the fourth quarter of 2018, an increase of 33.6%
compared with $23.8 million for the
fourth quarter of 2017 due to higher short-term interest rates
during the fourth quarter of 2018.
Full Year
Private Client reported revenue of $617.9
million for the year ended December
31, 2018, 4.2% higher than the year ended December 31, 2017 due to higher management fees,
bank deposit sweep income, and margin revenue partially offset by
decreases in incentive fees, commissions, and the cash surrender
value of the Company-owned life insurance during the year ended
December 31, 2018. Income
before income taxes was $149.1
million for the year ended December
31, 2018, an increase of 15.7% compared with the year ended
December 31, 2017 due to the
foregoing partially offset by higher legal and regulatory costs
during the year ended December 31,
2018.
- Retail commissions were $196.7
million for the year ended December
31, 2018, a decrease of 3.2% from the year ended
December 31, 2017.
- Advisory fee revenue on traditional and alternative managed
products was $243.5 million for the
year ended December 31, 2018, an
increase of 4.8% compared with the year ended December 31, 2017. The increase in advisory fees
was due to the increase in management fees partially offset by a
decrease in incentive fees earned from alternative investments.
- Bank deposit sweep income was $116.1
million for the year ended December
31, 2018, an increase of 51.0% compared with $76.8 million for the year ended December 31, 2017 due to higher short-term
interest rates during the year ended December 31, 2018.
Asset Management
Fourth Quarter
Asset Management reported revenue of $18.5
million for the fourth quarter of 2018, 43.4% lower than the
fourth quarter of 2017 due to lower incentive fees and a change in
the method of reporting alternative investment management fees
earned through an investment adviser that was adopted during the
first quarter of 2018. The decrease for the fourth quarter of
2018 was partially offset by higher management fees earned from
traditional products. Income before income taxes was
$6.8 million for the fourth quarter
of 2018, a decrease of 56.4% compared with the fourth quarter of
2017 due to lower incentive fees partially offset by an increase in
management fees in the fourth quarter of 2018.
- Advisory fee revenue on traditional and alternative managed
products was $18.3 million for the
fourth quarter of 2018, a decrease of 43.4% from the fourth quarter
of 2017 primarily due to lower incentive fees and the change in the
method of reporting management fees from alternative investments
referred to above partially offset by higher management fees from
traditional products.
-
- Advisory fees are calculated based on the value of client
assets under management ("AUM") at the end of the prior quarter
which totaled $29.6 billion at
September 30, 2018 ($27.2 billion at September
30, 2017) and are allocated between the Private Client and
Asset Management business segments.
- Incentive fees earned from alternative investments were
$0.1 million for the fourth quarter
of 2018 compared with $9.6 million
for the fourth quarter of 2017. Incentive fees allocated to this
business segment are computed when the measurement period of the
underlying fund ends and generally are earned in the fourth quarter
of the Company's fiscal year.
- AUM decreased 5.6% to $26.7
billion at December 31, 2018
compared with $28.3 billion at
December 31, 2017, which is the basis
for advisory fee billings for the first quarter of 2019. The
decrease in AUM was comprised of asset depreciation of $2.2 billion and a positive net contribution of
assets of $0.6 billion.
Full Year
Asset Management reported revenue of $71.7
million for the year ended December
31, 2018, 20.2% lower than the year ended December 31, 2017 due to lower incentive fees and
a change in the method of reporting alternative investment
management fees earned through an investment adviser that was
adopted during the first quarter of 2018. The decrease for
the year ended December 31, 2018 was
partially offset by higher management fees from traditional
products. Income before income taxes was $18.6 million for the year ended December 31, 2018, a decrease of 30.3% compared
with the year ended December 31,
2017.
- Advisory fee revenue on traditional and alternative managed
products was $70.8 million for the
year ended December 31, 2018, a
decrease of 19.9% compared with the year ended December 31, 2017 primarily due to lower
incentive fees and the change in the method of reporting management
fees from alternative investments referred to above partially
offset by higher management fees earned from traditional products
during the year ended December 31,
2018.
Capital Markets
Fourth Quarter
Capital Markets reported revenue of $74.9
million for the fourth quarter of 2018, 18.4% higher than
the fourth quarter of 2017 due to higher fees from mergers and
acquisition activity and equities underwriting transactions during
the fourth quarter of 2018. Loss before income taxes was
$5.1 million for the fourth quarter
of 2018, a decrease of 65.5% compared with a loss before income
taxes of $14.7 million for the fourth
quarter of 2017.
- Institutional equities commissions increased 4.6% to
$26.8 million for the fourth quarter
of 2018 compared with the fourth quarter of 2017 due to higher
levels of turnover in client portfolios and improved market
penetration by the Company.
- Advisory fees earned from investment banking activities
increased 67% to $16.4 million for
the fourth quarter of 2018 compared with $9.8 million for the fourth quarter of 2017 due
to an increase in mergers and acquisitions activity during the
fourth quarter of 2018.
- Equities underwriting fees increased 49.7% to $8.8 million for the fourth quarter of 2018
compared with the fourth quarter of 2017 due to higher capital
raising activity during the fourth quarter of 2018.
- Revenue from Global Fixed Income decreased to $19.4 million during the fourth quarter of 2018
from $19.6 million during the fourth
quarter of 2017 as higher trading income in taxable fixed income
products was not sufficient enough to offset lower commissions and
trading income in municipal securities during the fourth quarter of
2018.
Full Year
Capital Markets reported revenue of $272.7
million for the year ended December
31, 2018, 17.7% higher than the year ended December 31, 2017 due to higher fees from mergers
and acquisitions activity and equities underwriting transactions
partially offset by lower debt capital market transactions during
the year ended December 31,
2018. Loss before income taxes was $13.4 million for the year ended December 31, 2018 compared with a loss before
income taxes of $40.0 million for the
year ended December 31, 2017.
Results for this segment continue to be impacted by elevated
compensation costs as the Company continues to re-position its
business.
- Institutional equities commissions increased 1.2% to
$96.2 million for the year ended
December 31, 2018 compared with the
year ended December 31, 2017 due to
higher client participation in the equities markets during the year
ended December 31, 2018.
- Advisory fees earned from investment banking activities
increased 45.2% to $42.8 million for
the year ended December 31, 2018
compared with the year ended December 31,
2017 due to an increase in mergers and acquisitions activity
during the year ended December 31,
2018.
- Equities underwriting fees increased 106.1% to $50.4 million for the year ended December 31, 2018 compared with the year ended
December 31, 2017 due to increased
capital raising activity during the year ended December 31, 2018.
- Revenue from Global Fixed Income increased 1.2% to $74.5 million for the year ended December 31, 2018 compared with the year ended
December 31, 2017 due to higher
trading profits in government trading offset by lower institutional
commissions and trading profits in municipal bonds during the year
ended December 31, 2018.
Compensation and Related Expenses
Fourth Quarter
Compensation and related expenses totaled $149.4 million during the fourth quarter of 2018,
a decrease of 13.9% compared with the fourth quarter of 2017.
The decrease was due to lower production, share-based, and deferred
compensation expenses partially offset by higher salaries and
incentive compensation costs during the fourth quarter of
2018. Compensation and related expenses as a percentage of
revenue was 61.4% during the fourth quarter of 2018 compared with
65.5% during the fourth quarter of 2017.
Full Year
Compensation and related expenses totaled $607.2 million during the year ended December 31, 2018, an increase of 0.8% compared
with the year ended December 31,
2017. The increase was due to higher salaries, producer, and
incentive compensation expenses partially offset by lower
share-based and deferred compensation expenses during the year
ended December 31, 2018.
Compensation and related expenses as a percentage of revenue was
63.4% during the year ended December 31,
2018 compared with 65.4% during the year ended December 31, 2017.
Non-Compensation Expenses
Fourth Quarter
Non-compensation expenses were $78.3
million during the fourth quarter of 2018, an increase of
4.6% compared with $74.9 million
during the fourth quarter of 2017 due primarily to higher legal and
regulatory costs, interest costs, and communication and technology
costs partially offset by lower external portfolio management costs
during the fourth quarter of 2018.
Full Year
Non-compensation expenses were $306.1
million during the year ended December 31, 2018, an increase of 2.6% compared
with $298.5 million during the year
ended December 31, 2017 due primarily
to higher interest costs, legal and regulatory costs, and
communication and technology costs partially offset by lower
external portfolio manager costs during the year ended December 31, 2018 and the charge of $6.4 million associated with the settlement with
the Israeli VAT Authority in the first quarter of 2017.
Provision for Income Taxes
Fourth Quarter
The effective income tax rate from continuing operations for the
fourth quarter of 2018 was 46.9% compared with 27.7% (benefit) for
the fourth quarter of 2017. The elevated effective tax rate
for the fourth quarter of 2018 is primarily due to the
establishment of a valuation allowance for the deferred tax asset
related to net operating losses of the Company's operations in
Europe. The effective rate on the tax benefit for the fourth
quarter of 2017 was due to the enactment of the TCJA in
December 2017 which resulted in a net
discrete after-tax benefit of $9.0
million in the fourth quarter of 2017. The net
discrete after-tax benefit was comprised of a benefit of
$29.0 million related to the
re-measurement of deferred tax liabilities offset by a detriment of
$19.6 million related to the
re-measurement of deferred tax assets as well as a detriment of
$0.4 million related to miscellaneous
non-deductible items.
Full Year
The effective income tax rate from continuing operations for the
year ended December 31, 2018 was
35.6% compared with 10.8% (benefit) for the year ended December 31, 2017. The effective tax rate
for the year ended December 31, 2018
benefited due to the Federal tax rate of 21% (versus 35% in prior
years) as a result of the enactment of the TCJA in December 2017 offset by a detriment from the
establishment of a valuation allowance for the deferred tax asset
related to net operating losses of the Company's operations in
Europe as well as 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. The effective income tax rate for the year ended
December 31, 2017 was positively
impacted by the estimated impact of the TCJA which resulted in a
net discrete after-tax benefit of $9.0
million as discussed above in the Provision for Income Taxes
for the fourth quarter of 2017.
Balance Sheet and Liquidity
- At December 31, 2018, total
equity was $545.3 million compared
with $523.9 million at December 31, 2017.
- At December 31, 2018, book value
per share was $41.81 (compared with
$39.55 at December 31, 2017) and tangible book value per
share was $28.78 (compared with
$26.74 at December 31, 2017).
- During the year ended December 31,
2018, the Company realized liquidity on its auction rate
securities ("ARS") owned of $66.1
million through ARS issuer redemptions and tender offers,
net of additional client buybacks.
- The Company's level 3 assets, primarily ARS, were $21.8 million at December
31, 2018 (compared with $87.6
million at December 31, 2017).
The decline in level 3 assets was primarily driven by issuer
redemptions and tender offers of ARS during the year ended
December 31, 2018.
Dividend Announcement
The Company today announced a quarterly dividend in the amount
of $0.11 per share payable on
February 28, 2019 to holders of Class
A non-voting and Class B voting common stock of record on
February 15, 2019.
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 92 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 Form10-K for the year ended December 31, 2017.
|
Oppenheimer
Holdings Inc.
|
Consolidated
Income Statement (Unaudited)
|
('000s, except Per
Share Amounts)
|
|
|
|
|
|
For the 3-Months
Ended
|
|
For the Year
Ended
|
|
|
December
31,
|
|
December
31,
|
|
|
2018
|
|
2017
(1)
|
|
%
Change
|
|
2018
|
|
2017
(1)
|
|
%
Change
|
REVENUE
|
|
|
|
|
|
|
|
|
|
|
|
|
Commissions
|
$
|
83,733
|
|
$
|
88,416
|
|
(5.3)
|
|
$
|
329,668
|
|
$
|
336,620
|
|
(2.1)
|
|
Advisory
fees
|
81,377
|
|
104,225
|
|
(21.9)
|
|
314,349
|
|
320,746
|
|
(2.0)
|
|
Investment
banking
|
30,911
|
|
20,868
|
|
48.1
|
|
115,353
|
|
78,215
|
|
47.5
|
|
Bank deposit sweep
income
|
31,849
|
|
23,847
|
|
33.6
|
|
116,052
|
|
76,839
|
|
51.0
|
|
Interest
|
13,798
|
|
12,152
|
|
13.5
|
|
52,484
|
|
48,498
|
|
8.2
|
|
Principal
transactions, net
|
5,351
|
|
7,463
|
|
(28.3)
|
|
14,461
|
|
23,273
|
|
(37.9)
|
|
Other
|
(3,765)
|
|
8,002
|
|
(147.1)
|
|
15,787
|
|
36,147
|
|
(56.3)
|
|
Total
revenue
|
243,254
|
|
264,973
|
|
(8.2)
|
|
958,154
|
|
920,338
|
|
4.1
|
EXPENSES
|
|
|
|
|
|
|
|
|
|
|
|
Compensation and
related
expenses
|
149,371
|
|
173,513
|
|
(13.9)
|
|
607,192
|
|
602,138
|
|
0.8
|
|
Communications and
technology
|
19,192
|
|
18,092
|
|
6.1
|
|
74,479
|
|
71,978
|
|
3.5
|
|
Occupancy and
equipment costs
|
15,736
|
|
15,443
|
|
1.9
|
|
61,171
|
|
61,164
|
|
—
|
|
Clearing and exchange
fees
|
5,731
|
|
6,153
|
|
(6.9)
|
|
22,985
|
|
23,545
|
|
(2.4)
|
|
Interest
|
13,609
|
|
9,644
|
|
41.1
|
|
46,396
|
|
28,354
|
|
63.6
|
|
Other
|
24,032
|
|
25,558
|
|
(6.0)
|
|
101,078
|
|
113,423
|
|
(10.9)
|
|
Total
expenses
|
227,671
|
|
248,403
|
|
(8.3)
|
|
913,301
|
|
900,602
|
|
1.4
|
Income before income
taxes from continuing operations
|
15,583
|
|
16,570
|
|
(6.0)
|
|
44,853
|
|
19,736
|
|
127.3
|
Income
taxes
|
7,316
|
|
(4,598)
|
|
(259.1)
|
|
15,977
|
|
(2,134)
|
|
(848.7)
|
Net income from
continuing operations
|
8,267
|
|
21,168
|
|
(60.9)
|
|
28,876
|
|
21,870
|
|
32.0
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Discontinued
operations
|
|
|
|
|
|
|
|
|
|
|
|
Income from
discontinued operations
|
—
|
|
237
|
|
(100.0)
|
|
—
|
|
2,071
|
|
(100.0)
|
Income
taxes
|
—
|
|
208
|
|
(100.0)
|
|
—
|
|
941
|
|
(100.0)
|
Net income from
discontinued operations
|
—
|
|
29
|
|
(100.0)
|
|
—
|
|
1,130
|
|
(100.0)
|
|
|
|
|
|
|
|
|
|
|
Net
income
|
8,267
|
|
21,197
|
|
(61.0)
|
|
28,876
|
|
23,000
|
|
25.5
|
Less net income
(loss) attributable to non-controlling interest, net of
tax
|
6
|
|
4
|
|
50.0
|
|
(16)
|
|
184
|
|
(108.7)
|
Net income
attributable to Oppenheimer Holdings Inc.
|
$
|
8,261
|
|
$
|
21,193
|
|
(61.0)
|
|
$
|
28,892
|
|
$
|
22,816
|
|
26.6
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic net income
per share attributable to Oppenheimer Holdings Inc.
|
|
|
|
|
|
|
|
|
Continuing
operations
|
$
|
0.62
|
|
$
|
1.61
|
|
(61.5)
|
|
$
|
2.18
|
|
$
|
1.65
|
|
32.1
|
|
Discontinued
operations
|
—
|
|
—
|
|
—
|
|
—
|
|
0.07
|
|
(100.0)
|
|
Net income per
share
|
$
|
0.62
|
|
$
|
1.61
|
|
(61.5)
|
|
$
|
2.18
|
|
$
|
1.72
|
|
26.7
|
Diluted net income
per share attributable to Oppenheimer Holdings Inc.
|
|
|
|
|
Continuing
operations
|
$
|
0.59
|
|
$
|
1.54
|
|
(61.7)
|
|
$
|
2.05
|
|
$
|
1.60
|
|
28.1
|
|
Discontinued
operations
|
—
|
|
—
|
|
—
|
|
—
|
|
0.07
|
|
(100.0)
|
|
Net income per
share
|
$
|
0.59
|
|
$
|
1.54
|
|
(61.7)
|
|
$
|
2.05
|
|
$
|
1.67
|
|
22.8
|
Weighted Average
Number of Common Shares Outstanding
|
|
|
|
|
|
|
|
Basic
|
13,238
|
|
13,116
|
|
0.9
|
|
13,249
|
|
13,246
|
|
—
|
|
Diluted
|
14,118
|
|
13,747
|
|
2.7
|
|
14,061
|
|
13,673
|
|
2.8
|
|
|
|
|
|
|
|
|
|
|
|
|
(1)
|
Certain prior period
amounts have been reclassified to conform to the current period
presentation.
|
View original
content:http://www.prnewswire.com/news-releases/oppenheimer-holdings-inc-reports-fourth-quarter-and-full-year-2018-earnings-and-announces-quarterly-dividend-300788073.html
SOURCE Oppenheimer Holdings Inc.