NEW YORK, Jan. 30, 2015 /CNW/ - Oppenheimer Holdings
Inc. (NYSE: OPY) today reported net income of $2.7 million or $0.20 per share for the fourth quarter of 2014
compared with net income of $13.3
million or $0.99 per share for
the fourth quarter of 2013, a decrease of 79.8%. Income
before taxes was $9.6 million for the
fourth quarter of 2014 compared with income before taxes of
$23.4 million for the fourth quarter
of 2013, a decrease of 58.9%. The Company's operating results
for the fourth quarter of 2014 were significantly impacted by a
decrease of $31.9 million in gross
incentive fees earned from the Company's participation in hedge
funds in its asset management business. Revenue for the
fourth quarter of 2014 was $254.9
million compared with $293.4
million for the fourth quarter of 2013, a decrease of
13.1%. Separately, the effective income tax rate was
negatively impacted by the non-deductible charges related to two
regulatory matters during the six months ended June 30, 2014 (see next paragraph), significantly
lowering net income during the fourth quarter of 2014.
For the year ended December 31,
2014, the Company reported net income of $8.8 million or $0.65 per share compared with net income of
$25.1 million or $1.85 per share for the year ended December 31, 2013, a decrease of 64.8%.
Income before taxes for the year ended December 31, 2014 was $25.7 million compared with income before taxes
of $43.9 million for the year ended
December 31, 2013, a decrease of
41.4%. The Company's operating results for the year ended
December 31, 2014 were significantly
impacted by the reduction in gross incentive fees (referred to
above) and $19.7 million in charges
during the six months ended June 30,
2014 related to two regulatory matters emanating from
low-priced securities transactions. The non-deductible nature
of these charges had a negative impact on the effective tax rate
for the year ended December 31,
2014. Revenue for the year ended December 31, 2014 was $1.0
billion, a decrease of 1.5% compared to the 2013 year.
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Summary Operating
Results (Unaudited)
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('000s, except
Earnings Per Share and Book Value Per Share)
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For the 3-Months
Ended
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For the Year
Ended
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12/31/2014
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12/31/2013
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%
Change
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12/31/2014
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12/31/2013
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%
Change
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Revenue
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$
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254,928
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$
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293,362
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(13.1)
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$
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1,004,464
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$
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1,019,714
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(1.5)
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Income Before Income
Taxes
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$
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9,595
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$
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23,359
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(58.9)
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$
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25,736
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$
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43,909
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(41.4)
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Net Income
(1)
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$
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2,686
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$
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13,313
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(79.8)
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$
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8,826
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$
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25,061
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(64.8)
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Earnings Per Share
(1)
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Basic
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$
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0.20
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$
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0.99
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(79.8)
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$
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0.65
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$
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1.85
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(64.9)
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Diluted
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$
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0.19
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$
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0.94
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(79.8)
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$
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0.62
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$
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1.77
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(65.0)
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Weighted Average
Number of Common Shares Outstanding
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Basic
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13,630
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13,492
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1.0
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13,604
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13,578
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0.2
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Diluted
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14,349
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14,143
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1.5
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14,251
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14,124
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0.9
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As
of:
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12/31/2014
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12/31/2013
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%
Change
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Book Value Per
Share
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$
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38.71
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$
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38.77
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(0.2)
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Tangible Book Value
Per Share
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$
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26.27
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$
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26.19
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0.3
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(1) Attributable to
Oppenheimer Holdings Inc.
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Equity markets in the U.S. continued to outperform with the
S&P 500 returning 4.4% for the fourth quarter of 2014 and 11.4%
for the full year 2014, continuing a rally that has now extended to
six years. The U.S. economy continued to perform well and
easily outperformed all other developed economies. Continued
low interest rates coupled with low inflation, despite a wind down
of the Federal Reserve's bond buying program, propelled investors
into the equity markets. Contrary to consensus forecasts, the
yield on the 10-year Treasury decreased finishing the year yielding
2.2%, relying heavily on demand from non-U.S. investors fleeing
uncertain markets and weak currencies abroad. The significant
increase in domestic production of crude oil combined with reduced
demand from weakening economies elsewhere was reflected in the
sharp decline in the price of crude oil which ended 2014 at
$53.46 a barrel as compared to
$98.90 a barrel at the end of
2013.
Albert G. Lowenthal, Chairman and
CEO commented, "The Company's revenues reached $1.0 billion in 2014 for only the third time in
its history driven by increased fees earned on traditional
management products and from mergers and acquisitions activity as
well as increased institutional equities commissions. This,
however, was more than offset by decreased retail commissions,
lower trading profits, decreases in incentive fees earned on
alternative products, and lower originations in the commercial
mortgage banking business. The Company's operating results
for the full fiscal year were particularly hampered by
substantially increased legal and regulatory costs in its Private
Client business segment.
As reported earlier in the week, the Company has resolved its
outstanding issues related to low-priced securities with two
regulatory agencies. The Company continues to put legal and
regulatory issues that arose during much earlier periods behind it
and is taking important steps to prevent a recurrence. We
look forward to higher levels of profitability through the
considerable improvements in our core capital markets businesses as
well as the favorable impact that the expected rise in interest
rates will have on our business."
Financial Highlights
- Commission revenue was $120.8
million for the fourth quarter of 2014, a decrease of 1.4%
compared with $122.5 million for the
fourth quarter of 2013 due to low transaction volumes from retail
investors during the fourth quarter of 2014. For the year
ended December 31, 2014, commission
revenue was $469.8 million compared
with $486.8 million for the
comparable period last year, a decrease of 3.5% due to low
transaction volumes from retail investors during the 2014 year.
- Advisory fees were $72.1 million
during the fourth quarter of 2014, a decrease of 25.5% compared
with $96.8 million for the fourth
quarter of 2013 due to the decrease in incentive fees referred to
above offset by increases in advisory fees on traditional managed
products. For the year ended December
31, 2014, advisory fees were $281.7
million compared with $274.2
million for the comparable period in 2013, an increase of
2.7% due to increases in advisory fees on traditional managed
products offset by decreases in incentive fees referred to
above.
- Investment banking revenue decreased 11.7% to $31.4 million for the fourth quarter of 2014
compared with $35.6 million for the
fourth quarter of 2013 due to a large decrease in equities
underwriting fees which was partially offset by increased fees from
mergers and acquisitions activity during the fourth quarter of
2014. For the year ended December 31,
2014, investment banking revenue was $125.6 million compared with $98.0 million for the comparable period in 2013,
an increase of 28.2% due to increases in equities underwriting fees
and fees from mergers and acquisitions activity during the 2014
year.
- Principal transactions revenue decreased 52.7% to $4.8 million during the fourth quarter of 2014
compared with $10.2 million for the
fourth quarter of 2013 due to lower trading profits in equities and
lower originations of commercial mortgages during the fourth
quarter of 2014. For the year ended December 31, 2014, principal transactions revenue
was $29.7 million compared with
$43.8 million for the comparable
period in 2013, a decrease of 32.1% due to lower trading profits in
equities and fixed income and lower originations of commercial
mortgages during the 2014 year.
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Business Segment
Results (Unaudited)
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('000s)
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For the 3-Months
Ended
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For the Year
Ended
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12/31/2014
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12/31/2013
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%
Change
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12/31/2014
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12/31/2013
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%
Change
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Revenue
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Private
Client
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$
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146,594
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$
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169,108
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(13.3)
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$
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582,364
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$
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600,071
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(3.0)
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Asset
Management
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25,521
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37,764
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(32.4)
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99,964
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102,214
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(2.2)
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Capital
Markets
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77,273
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79,882
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(3.3)
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298,597
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281,377
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6.1
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Commercial Mortgage
Banking
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5,150
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7,287
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(29.3)
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23,329
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34,144
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(31.7)
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Corporate/Other
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390
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(679)
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(157.4)
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210
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1,908
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(89.0)
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254,928
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293,362
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(13.1)
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1,004,464
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1,019,714
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(1.5)
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Income (Loss)
Before Income Taxes
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Private
Client
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23,350
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17,811
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31.1
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60,116
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65,924
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(8.8)
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Asset
Management
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9,407
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20,619
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(54.4)
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33,707
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40,951
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(17.7)
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Capital
Markets
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(6,146)
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(1,838)
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234.4
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17,819
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6,968
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155.7
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Commercial Mortgage
Banking
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1,277
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3,436
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(62.8)
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8,546
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11,413
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(25.1)
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Corporate/Other
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(18,293)
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(16,669)
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9.7
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(94,452)
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(81,347)
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16.1
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$
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9,595
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$
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23,359
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(58.9)
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$
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25,736
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$
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43,909
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(41.4)
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FOURTH QUARTER 2014 RESULTS
Private Client
Private Client reported revenue of $146.6
million for the fourth quarter of 2014, 13.3% lower than the
fourth quarter of 2013, due to decreases in incentive fees earned
on alternative products and decreases in transaction-based business
partially offset by increases in fees earned on traditional
products during the fourth quarter of 2014. Income before
income taxes was $23.4 million for
the fourth quarter of 2014, an increase of 31.1% compared with the
fourth quarter of 2013 due to decreases in share-based and deferred
compensation expenses during the fourth quarter of 2014.
- Client assets under administration were $87.3 billion at December
31, 2014 compared to $84.6
billion at December 31, 2013,
an increase of 3.2%.
- Financial adviser headcount was 1,324 at the end of the fourth
quarter of 2014, down from 1,388 at the end of the fourth quarter
of 2013, reflecting the competitive nature of the industry.
- Retail commissions were $74.7
million for the fourth quarter of 2014, a decrease of 8.8%
from the fourth quarter of 2013.
- Advisory fee revenue on traditional and alternative managed
products was $48.0 million for the
fourth quarter of 2014, a decrease of 20.5% over the fourth quarter
of 2013 (see Asset Management below for further information).
- Incentive fees from the participation in hedge funds were
$321 thousand for the fourth quarter
of 2014 compared with $17.8 million
for the fourth quarter of 2013, a decrease of 98.2%.
Incentive fees allocated to this business segment are computed at
the underlying fund's year-end when the measurement period ends and
generally are earned in the fourth quarter of the Company's fiscal
year.
- Money market fees continue to be negatively impacted by waivers
in the amount of $7.7 million during
the fourth quarter of 2014 versus waivers of $8.1 million during the fourth quarter of
2013.
Asset Management
Asset Management reported revenue of $25.5 million for the fourth quarter of 2014,
32.4% lower than the fourth quarter of 2013. Income before
income taxes was $9.4 million for the
fourth quarter of 2014, a decrease of 54.4% compared with the
fourth quarter of 2013, as a result of lower incentive fees on
alternative products.
- Advisory fee revenue on traditional and alternative managed
products was $24.0 million for the
fourth quarter of 2014, a decrease of 33.9% over the fourth quarter
of 2013. Advisory fees are calculated based on the value of
client assets under management ("AUM") at the end of the prior
quarter which totaled $26.0 billion
at September 30, 2014 ($23.8 billion at September
30, 2013) and are allocated to the Private Client and Asset
Management business segments. Incentive fees allocated to
this business segment are computed at the underlying fund's
year-end when the measurement period ends and generally are earned
in the fourth quarter of the Company's fiscal year.
- AUM increased 2.3% to $25.9
billion at December 31, 2014,
compared to $25.3 billion at
December 31, 2013, which is the basis
for advisory fee billings for the first quarter of 2015. The
increase in AUM was comprised of asset appreciation of $0.2 billion and net new assets of $0.4 billion.
- Incentive fees from the participation in hedge funds were
$317 thousand for the fourth quarter
of 2014 compared with $15.5 million
for the fourth quarter of 2013, a decrease of 98.0%.
Capital Markets
Capital Markets reported revenue of $77.3
million for the fourth quarter of 2014, 3.3% lower than the
fourth quarter of 2013, primarily due to lower equities
underwriting fees during the fourth quarter of 2014. Loss
before income taxes was $6.1 million
for the fourth quarter of 2014, an increase of 234.4% compared with
a loss before income taxes of $1.8
million for the fourth quarter of 2013 due to lower trading
profits and increases in incentive compensation.
- Institutional equities commissions were $31.3 million for the fourth quarter of 2014, an
increase of 11.8% compared with the fourth quarter of 2013.
- Advisory fees from investment banking activities increased
71.6% to $17.5 million in the fourth
quarter of 2014 compared with the prior year quarter due to an
increase in corporate finance advisory services during the fourth
quarter of 2014.
- Equity underwriting fees decreased 57.9% to $8.2 million for the fourth quarter of 2014
compared with the fourth quarter of 2013.
- Revenue from Taxable Fixed Income decreased 13.7% to
$16.4 million for the fourth quarter
of 2014 compared with the fourth quarter of 2013.
- Public Finance and Municipal Trading revenue increased 27.5% to
$6.5 million for the fourth quarter
of 2014 compared with the fourth quarter of 2013.
Commercial Mortgage Banking
Commercial Mortgage Banking reported revenue of $5.2 million for the fourth quarter of 2014,
29.3% lower than the fourth quarter of 2013, due to a decrease in
the dollar volume of purchased loans during the fourth quarter of
2014. Income before income taxes was $1.3 million for the fourth quarter of 2014, a
decrease of 62.8% compared with the fourth quarter of 2013.
- Loan origination fees for the fourth quarter of 2014 were
$890 thousand, an increase of 7.0%
compared with the fourth quarter of 2013, as the Company originated
9 commercial loans (7 in the fourth quarter of 2013) with an
aggregate principal loan balance of $87.0
million ($86.5 million in the
fourth quarter of 2013).
- Net servicing revenue for the fourth quarter of 2014 was
$1.4 million compared with
$1.3 million for the comparable
period in 2013.
- Principal loan balances related to servicing activities totaled
$4.1 billion at December 31, 2014, up 6.4% from December 31, 2013.
Compensation and Benefit Expenses
Compensation and benefits (including salaries, production and
incentive compensation, share-based compensation, deferred
compensation, and other benefit-related items) totaled $171.5 million during the fourth quarter of 2014,
a decrease of 12.3% compared to the fourth quarter of 2013.
The decrease was due to lower production and incentive compensation
expenses as well as lower share-based and deferred compensation
expenses during the fourth quarter of 2014. Compensation and
related expenses as a percentage of revenue was 67.3% during the
fourth quarter of 2014 compared to 66.7% during the fourth quarter
of 2013.
Non-Compensation Expenses
Non-compensation expenses were $73.8
million during the fourth quarter of 2014, a decrease of
0.7% compared to $74.4 million during
the same period in 2013 primarily due to lower debt service costs
on the outstanding Senior Secured Notes during the fourth quarter
of 2014.
Provision for Income Taxes
The effective income tax rate for the fourth quarter of 2014 was
71.4% compared with 41.4% for the fourth quarter of 2013. The
significant increase in the effective income tax rate for the
fourth quarter of 2014 was due to the impact of non-deductible
charges associated with the low-priced securities regulatory
matters that were recorded during the first and second quarters of
2014 and their size relative to the amount that was originally
estimated for income before income taxes versus the actual income
before income taxes for the full fiscal year ended December 31, 2014. The Company is required
to use its best estimate to arrive at an effective annual tax rate
for quarterly reporting purposes in accordance with FASB Accounting
Standards Codification Topic 270, Interim Reporting.
FULL-YEAR 2014 RESULTS
Private Client
Private Client reported revenue of $582.4
million for the year ended December
31, 2014, 3.0% lower than the year ended December 31, 2013, primarily due to a decrease in
transaction-based business and a decrease in incentive fees
earned on alternative products partially offset by increases in
fees earned on traditional products during the 2014 year.
Income before income taxes was $60.1
million for the year ended December
31, 2014, a decrease of 8.8% compared with the year ended
December 31, 2013, affected by
increased legal and regulatory costs partially offset by
decreases in deferred compensation expenses during the 2014
year.
- Retail commissions were $300.9
million for the year ended December
31, 2014, a decrease of 7.7% over the 2013 year.
- Advisory fee revenue on traditional and alternative managed
products was $187.5 million for the
year ended December 31, 2014, an
increase of 5.7% over the 2013 year (see Asset Management below for
further information).
- Incentive fees from the participation in hedge funds were
$366 thousand for the year ended
December 31, 2014 compared with
$17.8 million over the 2013 year, a
decrease of 97.9%. Incentive fees allocated to this business
segment are computed at the underlying fund's year-end when the
measurement period ends and generally are earned in the fourth
quarter of the Company's fiscal year.
- Money market fees continue to be negatively impacted by waivers
in the amount of $31.0 million during
the year ended December 31, 2014
versus waivers of $30.4 million
during the year ended December 31,
2013.
Asset Management
Asset Management reported revenue of $100.0 million for the year ended December 31, 2014, 2.2% lower than the year ended
December 31, 2013. Income
before income taxes was $33.7 million
for the year ended December 31, 2014,
a decrease of 17.7% compared with the year ended December 31, 2013 as a result of lower incentive
fees earned on alternative products.
- Advisory fee revenue on traditional and alternative managed
products was $93.6 million for the
year ended December 31, 2014, a
decrease of 3.3% over the 2013 year.
- Incentive fees from the participation in hedge funds were
$415 thousand for the year ended
December 31, 2014 compared with
$15.5 million for the year ended
December 31, 2013, a decrease of
97.3%. Incentive fees allocated to this business segment are
computed at the underlying fund's year-end when the measurement
period ends and generally are earned in the fourth quarter of the
Company's fiscal year.
Capital Markets
Capital Markets reported revenue of $298.6 million for the year ended December 31, 2014, 6.1% higher than the year
ended December 31, 2013 primarily due
to increased fees from mergers and acquisitions activity.
Income before income taxes was $17.8
million for the year ended December
31, 2014, an increase of 155.7% compared with income before
income taxes of $7.0 million for the
year ended December 31, 2013.
- Institutional equities commissions were $115.4 million for the year ended December 31, 2014, an increase of 8.4% compared
with the 2013 year.
- Advisory fees from investment banking activities increased
99.3% to $54.0 million in the year
ended December 31, 2014 compared with
the 2013 year due to an increase in corporate finance advisory
services during the 2014 year.
- Equity underwriting fees decreased 8.4% to $47.1 million for the year ended December 31, 2014 compared with the 2013
year.
- Revenue from Taxable Fixed Income decreased 19.6% to
$65.0 million for the year ended
December 31, 2014 compared with the
2013 year.
- Public Finance and Municipal Trading revenue increased 6.4% to
$23.3 million for the year ended
December 31, 2014 compared with the
2013 year.
Commercial Mortgage Banking
Commercial Mortgage Banking reported revenue of $23.3 million for the year ended December 31, 2014, 31.7% lower than the year
ended December 31, 2013, due to a
decrease in the dollar volume of loans originated during the 2014
year as well as adjustments made for unfunded loan commitments
extended and changes in the value of MSRs made during the fourth
quarter of 2013. Income before income taxes was $8.5 million for the year ended December 31, 2014, a decrease of 25.1% compared
with the year ended December 31,
2013, due to the lower number of loans originated during the
2014 year.
- Loan origination fees for the year ended December 31, 2014 were $4.5 million, a decrease of 38.2% compared with
the 2013 year, as the Company originated 36 commercial loans (62 in
the year end December 31, 2013) with
an aggregate principal loan balance of $285.4 million ($589.0
million in the year ended December
31, 2013).
- Net servicing revenue for the year ended December 31, 2014 was $5.6
million compared with $5.1
million for the comparable period in 2013.
Compensation and Benefit Expenses
Compensation and benefits (including salaries, production and
incentive compensation, share-based compensation, deferred
compensation, and other benefit-related items) totaled $664.6 million during the year ended December 31, 2014, a decrease of 1.7% compared to
$675.9 million during the year ended
December 31, 2013. Increases in
incentive compensation were offset by decreases in
production-related, share based and deferred compensation
obligations during the year ended December
31, 2014. Compensation and related expenses as a
percentage of revenue was 66.2% during the year ended December 31, 2014 compared to 66.3% during the
year ended December 31, 2013.
Non-Compensation Expenses
Non-compensation expenses were $314.1
million during the year ended December 31, 2014, an increase of 4.7% compared
to $299.9 million during the 2013
year due to higher legal and regulatory costs partially offset by
lower debt service costs on the outstanding Senior Secured Notes
during the 2014 year.
Provision for Income Taxes
The effective income tax rate for the year ended December 31, 2014 was 62.8% compared with 40.4%
for the 2013 year. The significant increase in the effective
income tax rate for the year ended December
31, 2014 was due to the impact of non-deductible charges
associated with the low-priced securities regulatory matters that
were recorded during the first and second quarters of 2014.
Balance Sheet and Liquidity
- At December 31, 2014, total
equity was $533.7 compared with
$527.9 million at December 31, 2013.
- At December 31, 2014, book value
per share was $38.71 (compared with
$38.77 at December 31, 2013) and tangible book value per
share was $26.27 (compared with
$26.19 at December 31, 2013).
- The Company's level 3 assets, primarily auction rate
securities, were $108.7 million at
December 31, 2014 (compared with
$93.7 million at December 31, 2013). The increase in level 3
assets was due to increases in auction rate securities, interest
rate lock commitments, and firm investments in private equity funds
it sponsored during the 2014 year.
Dividend Announcement
The Company today announced a quarterly dividend in the amount
of $0.11 per share payable on
February 27, 2015 to holders of Class
A non-voting and Class B voting common stock of record on
February 13, 2015.
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, investment management, and
commercial mortgage banking. With roots tracing back to 1881,
the firm is headquartered in New
York and has 92 offices in 24 states and 6 foreign
jurisdictions.
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, 2013.
|
Oppenheimer
Holdings Inc.
|
Consolidated
Income Statement (unaudited)
|
('000s, except
EPS)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For the 3-Months
Ended
|
|
For the Year
Ended
|
|
12/31/2014
|
|
12/31/2013
|
|
%
Change
|
|
12/31/2014
|
|
12/31/2013
|
|
%
Change
|
|
REVENUE
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Commissions
|
$
|
120,767
|
|
$
|
122,495
|
|
(1.4)
|
|
$
|
469,829
|
|
$
|
486,767
|
|
(3.5)
|
|
|
Advisory
fees
|
72,088
|
|
96,761
|
|
(25.5)
|
|
281,680
|
|
274,178
|
|
2.7
|
|
|
Investment
banking
|
31,434
|
|
35,600
|
|
(11.7)
|
|
125,598
|
|
97,977
|
|
28.2
|
|
|
Interest
|
11,857
|
|
13,300
|
|
(10.8)
|
|
49,244
|
|
53,216
|
|
(7.5)
|
|
|
Principal
transactions, net
|
4,816
|
|
10,172
|
|
(52.7)
|
|
29,699
|
|
43,768
|
|
(32.1)
|
|
|
Other
|
13,966
|
|
15,034
|
|
(7.1)
|
|
48,414
|
|
63,808
|
|
(24.1)
|
|
|
254,928
|
|
293,362
|
|
(13.1)
|
|
1,004,464
|
|
1,019,714
|
|
(1.5)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
EXPENSES
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Compensation and
related expenses
|
171,506
|
|
195,640
|
|
(12.3)
|
|
664,641
|
|
675,936
|
|
(1.7)
|
|
|
Communications and
technology
|
16,909
|
|
16,936
|
|
(0.2)
|
|
67,170
|
|
65,817
|
|
2.1
|
|
|
Occupancy and
equipment costs
|
15,907
|
|
15,647
|
|
1.7
|
|
63,012
|
|
66,758
|
|
(5.6)
|
|
|
Clearing and exchange
fees
|
6,824
|
|
6,047
|
|
12.8
|
|
24,709
|
|
24,481
|
|
0.9
|
|
|
Interest
|
4,098
|
|
5,973
|
|
(31.4)
|
|
17,801
|
|
26,142
|
|
(31.9)
|
|
|
Other
|
30,089
|
|
29,760
|
|
1.1
|
|
141,395
|
|
116,671
|
|
21.2
|
|
|
245,333
|
|
270,003
|
|
(9.1)
|
|
978,728
|
|
975,805
|
|
0.3
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income before income
taxes
|
9,595
|
|
23,359
|
|
(58.9)
|
|
25,736
|
|
43,909
|
|
(41.4)
|
|
Income tax
provision
|
6,826
|
|
9,673
|
|
(29.4)
|
|
16,175
|
|
17,756
|
|
(8.9)
|
|
Net income for the
period
|
2,769
|
|
13,686
|
|
(79.8)
|
|
9,561
|
|
26,153
|
|
(63.4)
|
|
Less net income
attributable to non-controlling interest, net of tax
|
83
|
|
373
|
|
(77.7)
|
|
735
|
|
1,092
|
|
(32.7)
|
|
Net income
attributable to Oppenheimer Holdings Inc.
|
$
|
2,686
|
|
$
|
13,313
|
|
(79.8)
|
|
$
|
8,826
|
|
$
|
25,061
|
|
(64.8)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Earnings per share
attributable to Oppenheimer Holdings Inc.
|
|
|
|
|
|
|
|
|
Basic
|
$
|
0.20
|
|
$
|
0.99
|
|
(79.8)
|
|
$
|
0.65
|
|
$
|
1.85
|
|
(64.9)
|
|
|
Diluted
|
$
|
0.19
|
|
$
|
0.94
|
|
(79.8)
|
|
$
|
0.62
|
|
$
|
1.77
|
|
(65.0)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted Average
Number of Common Shares Outstanding
|
|
|
|
|
|
|
|
|
|
Basic
|
13,630
|
|
13,492
|
|
1.0
|
|
13,604
|
|
13,578
|
|
0.2
|
|
|
Diluted
|
14,349
|
|
14,143
|
|
1.5
|
|
14,251
|
|
14,124
|
|
0.9
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
SOURCE Oppenheimer Holdings Inc.