NEW YORK, July 28, 2017 /PRNewswire/ - Oppenheimer Holdings
Inc. (NYSE: OPY) today reported a net loss of $1.3 million or $0.10 basic net loss per share for the second
quarter of 2017 compared with net income of $5.2 million or $0.39 basic net income per share for the second
quarter of 2016. Loss before income taxes from continuing
operations was $1.6 million for the
second quarter of 2017 compared with a loss before income taxes
from continuing operations of $5.2
million for the second quarter of 2016. The Company
incurred $1.2 million in charges
related to the refinancing of its Senior Secured Notes during the
second quarter of 2017. Net income from discontinued
operations was $53,000 for the second
quarter of 2017 compared with net income from discontinued
operations of $9.6 million for the
second quarter of 2016. Revenue from continuing operations
for the second quarter of 2017 was $215.9
million compared with revenue from continuing operations of
$212.1 million for the second quarter
of 2016. Revenue from discontinued operations for the second
quarter of 2017 was $111,000 compared
with revenue from discontinued operations of $17.9 million for the second quarter of 2016.
|
Summary Operating
Results (Unaudited)
|
('000s, except Per
Share Amounts)
|
|
|
|
|
|
|
|
|
|
|
|
|
For the 3-Months
Ended
|
|
For the 6-Months
Ended
|
|
6/30/2017
|
|
6/30/2016
|
|
%
Change
|
|
6/30/2017
|
|
6/30/2016
|
|
%
Change
|
Revenue
|
$
|
215,884
|
|
$
|
212,074
|
|
1.8
|
|
$
|
429,145
|
|
$
|
427,030
|
|
0.5
|
Expenses
(1)
|
217,521
|
|
217,320
|
|
0.1
|
|
437,807
|
|
439,616
|
|
(0.4)
|
Loss Before Income
Taxes from Continuing Operations
|
(1,637)
|
|
(5,246)
|
|
(68.8)
|
|
(8,662)
|
|
(12,586)
|
|
(31.2)
|
Income
Taxes
|
(274)
|
|
(2,391)
|
|
(88.5)
|
|
(1,961)
|
|
(6,439)
|
|
(69.5)
|
Net Loss from
Continuing Operations
|
(1,363)
|
|
(2,855)
|
|
(52.3)
|
|
(6,701)
|
|
(6,147)
|
|
9.0
|
Net Income from
Discontinued Operations
|
53
|
|
9,566
|
|
(99.4)
|
|
640
|
|
8,949
|
|
(92.8)
|
Net Income (Loss
)
|
(1,310)
|
|
6,711
|
|
*
|
|
(6,061)
|
|
2,802
|
|
*
|
Less Net Income
Attributable to Non-Controlling Interest, Net of Tax
|
9
|
|
1,523
|
|
(99.4)
|
|
105
|
|
1,461
|
|
(92.8)
|
Net Income (Loss)
Attributable to Oppenheimer Holdings Inc.
|
$
|
(1,319)
|
|
$
|
5,188
|
|
*
|
|
$
|
(6,166)
|
|
$
|
1,341
|
|
*
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic Net Income
(Loss) Per Share (2)
|
|
|
|
|
|
|
|
|
|
|
|
|
Continuing
Operations
|
$
|
(0.10)
|
|
$
|
(0.21)
|
|
(52.4)
|
|
$
|
(0.50)
|
|
$
|
(0.46)
|
|
8.7
|
|
Discontinued
Operations
|
—
|
|
0.60
|
|
(100.0)
|
|
0.04
|
|
0.56
|
|
(92.9)
|
|
Net Income (Loss) Per
Share
|
$
|
(0.10)
|
|
$
|
0.39
|
|
*
|
|
$
|
(0.46)
|
|
$
|
0.10
|
|
*
|
|
|
|
|
|
|
|
|
|
|
|
|
Diluted Net Income
(Loss) Per Share (2)
|
|
|
|
|
|
|
|
|
|
|
|
|
Continuing
Operations
|
$
|
(0.10)
|
|
$
|
(0.21)
|
|
(52.4)
|
|
$
|
(0.50)
|
|
$
|
(0.46)
|
|
8.7
|
|
Discontinued
Operations
|
—
|
|
0.60
|
|
(100.0)
|
|
0.04
|
|
0.56
|
|
(92.9)
|
|
Net Income (Loss) Per
Share
|
$
|
(0.10)
|
|
$
|
0.39
|
|
*
|
|
$
|
(0.46)
|
|
$
|
0.10
|
|
*
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted Average
Number of Common Shares Outstanding
|
|
|
|
|
|
|
|
|
|
|
|
Basic
|
13,261
|
|
13,367
|
|
(0.8)
|
|
13,330
|
|
13,374
|
|
(0.3)
|
|
Diluted
|
13,261
|
|
13,367
|
|
(0.8)
|
|
13,330
|
|
13,374
|
|
(0.3)
|
|
|
As
of
|
|
As
of
|
|
|
6/30/2017
|
|
6/30/2016
|
|
%
Change
|
|
6/30/2017
|
|
12/31/2016
|
|
%
Change
|
Book Value Per
Share
|
$
|
37.73
|
|
$
|
38.45
|
|
(1.9)
|
|
$
|
37.73
|
|
$
|
38.22
|
|
(1.3)
|
Tangible Book Value
Per Share
|
$
|
24.91
|
|
$
|
25.75
|
|
(3.3)
|
|
$
|
24.91
|
|
$
|
25.53
|
|
(2.4)
|
*
|
Percentage not
meaningful.
|
(1)
|
During the first
quarter of 2017, the Company recorded a charge of $6.4 million
related to a value-added-tax matter in its Oppenheimer Israel
business.
|
(2)
|
Attributable to
Oppenheimer Holdings Inc.
|
U.S. equities markets increased 2.6% during the second quarter
of 2017 extending the rally that began after the U.S. presidential
election which was based on expectations of lower tax rates,
reduced regulatory requirements, higher inflation, and increased
spending on infrastructure. This coupled with economic expansion
and lower unemployment continued to fuel investor optimism driving
equity valuations near all-time highs. The U.S. dollar
continued to decline during the second quarter of 2017 compared to
other currencies as yields on long-term U.S. Treasuries declined
from first quarter levels. The Federal Reserve followed up
its December 2016 and March 2017 rate increases with another 25 basis
point increase in June 2017. The Federal Reserve also
announced that it would soon begin the process of reducing its bond
holdings. The 10-Year Treasury yield ended the quarter at
2.30%.
Albert G. Lowenthal, Chairman and
CEO commented, "Results from continuing operations improved
slightly over the comparable prior period as the business continued
to be impacted by low volatility and trading volumes in the equity
and fixed income markets as well as significantly reduced turnover
in the accounts of our retail investors. Continued weakness in the
U.S. equities underwriting market weighed on investment banking
results during the period. The fee-based business continued
to perform well given the strong equity markets and continued
adoption of fee-based strategies by our retail clients.
Spreads increased on our interest rate sensitive assets as we saw
short term interest rates increase once again during the
period. We are pleased with the successful refinancing of our
outstanding Senior Secured Notes at a lower rate and look forward
to redeploying the excess proceeds in a manner that is additive to
our current businesses."
Financial Highlights
- Commission revenue was $83.9
million for the second quarter of 2017, a decrease of 9.4%
compared with $92.6 million for the
second quarter of 2016 due to reduced transaction volumes from
retail and institutional investors and a lower financial adviser
headcount during the second quarter of 2017.
- Advisory fees were $72.8 million
for the second quarter of 2017, an increase of 10.1% compared with
$66.1 million for the second quarter
of 2016 due to a higher level of client assets under
management.
- Investment banking revenue decreased 18.5% to $15.4 million for the second quarter of 2017
compared with $18.9 million for the
second quarter of 2016 due to lower merger and acquisition advisory
fees during the second quarter of 2017.
- Principal transactions revenue decreased 30.0% to $5.3 million for the second quarter of 2017
compared with $7.6 million for the
second quarter of 2016 due to lower income from equities and fixed
income trading and changes in the fair value of auction rate
securities partially offset by increases in the value of firm
investments.
|
Business Segment
Results (Unaudited)
|
('000s)
|
|
|
|
|
|
For the 3-Months
Ended
|
|
For the 6-Months
Ended
|
|
|
|
6/30/2017
|
|
6/30/2016
|
|
%
Change
|
|
6/30/2017
|
|
6/30/2016
|
|
%
Change
|
Revenue
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Private Client
(1)
|
|
$
|
140,252
|
|
$
|
121,358
|
|
15.6
|
|
$
|
277,641
|
|
$
|
248,902
|
|
11.5
|
|
Asset Management
(1)
|
|
19,304
|
|
22,770
|
|
(15.2)
|
|
37,970
|
|
45,744
|
|
(17.0)
|
|
Capital
Markets
|
|
53,707
|
|
65,524
|
|
(18.0)
|
|
109,610
|
|
126,589
|
|
(13.4)
|
|
Corporate/Other
|
|
2,621
|
|
2,422
|
|
8.2
|
|
3,924
|
|
5,795
|
|
(32.3)
|
|
|
|
215,884
|
|
212,074
|
|
1.8
|
|
429,145
|
|
427,030
|
|
0.5
|
Income (Loss)
Before Income Taxes from Continuing Operations
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Private
Client(1)
|
|
28,051
|
|
14,345
|
|
95.5
|
|
56,813
|
|
30,662
|
|
85.3
|
|
Asset
Management(1)
|
|
4,081
|
|
5,703
|
|
(28.4)
|
|
7,792
|
|
12,471
|
|
(37.5)
|
|
Capital
Markets
|
|
(10,982)
|
|
4,045
|
|
*
|
|
(23,596)
|
|
(2,753)
|
|
757.1
|
|
Corporate/Other
|
|
(22,787)
|
|
(29,339)
|
|
(22.3)
|
|
(49,671)
|
|
(52,966)
|
|
(6.2)
|
|
|
|
$
|
(1,637)
|
|
$
|
(5,246)
|
|
(68.8)
|
|
$
|
(8,662)
|
|
$
|
(12,586)
|
|
(31.2)
|
*
|
Percentage not
meaningful.
|
(1)
|
Effective January 1,
2017, the allocation of advisory fees between Private Client and
Asset Management changed from 77.5% and 22.5% to 90.0% and 10.0%,
respectively.
|
Private Client
Private Client reported revenue of $140.3
million for the second quarter of 2017, 15.6% higher than
the second quarter of 2016 due to increased advisory fee revenue
and higher fees earned on client deposits in the FDIC-insured bank
deposit program during the second quarter of 2017. Income
before income taxes was $28.1 million
for the second quarter of 2017, an increase of 95.5% compared with
the second quarter of 2016 due to the revenue and fee increases
referred to above offset by higher production-related compensation
costs, communications and technology costs and legal and regulatory
costs during the second quarter of 2017.
- Client assets under administration were $81.2 billion at June 30,
2017 compared with $77.2
billion at December 31, 2016,
an increase of 5.2%.
- Financial adviser headcount was 1,132 at the end of the second
quarter of 2017 (1,159 at the end of the first quarter of 2017),
down from 1,199 at the end of the second quarter of 2016. The
decline in financial adviser headcount from the second quarter of
2016 has been a result of the Company's attention to productivity
leading to attrition for less productive financial advisers. The
decline in headcount also has been impacted by retirements and
normal attrition.
- Retail commissions were $50.7
million for the second quarter of 2017, a decrease of 2.3%
from the second quarter of 2016 due to reduced transaction volumes
from retail investors and a lower financial adviser headcount
during the second quarter of 2017.
- Advisory fee revenue on traditional and alternative managed
products was $53.8 million for the
second quarter of 2017, an increase of 20.9% from the second
quarter of 2016 (see Asset Management below for further
information). The increase in advisory fees was due to the increase
in the value of client assets under management ("AUM") and the
change in the allocation of advisory fees between the Private
Client and Asset Management segments, effective January 1, 2017, which contributed to an increase
of $5.5 million in revenue in the
Private Client segment.
- Fees earned on client cash deposits in the FDIC-insured bank
deposit program were $17.7 million
during the second quarter of 2017 versus $8.4 million for the second quarter of 2016. The
increase was due primarily to higher short-term interest rates
during the second quarter of 2017.
Asset Management
Asset Management reported revenue of $19.3 million for the second quarter of 2017,
15.2% lower than the second quarter of 2016 due to the change in
revenue allocation (see below). Income before income taxes
was $4.1 million for the second
quarter of 2017, a decrease of 28.4% compared with the second
quarter of 2016.
- Advisory fee revenue on traditional and alternative managed
products was $18.9 million for the
second quarter of 2017, a decrease of 12.5% from the second quarter
of 2016. Advisory fees are calculated based on the value of AUM at
the end of the prior quarter which totaled $25.8 billion at March 31,
2017 ($23.7 billion at
March 31, 2016) and are allocated to
the Private Client and Asset Management business segments. Advisory
fees decreased $5.5 million due to
the change in the allocation of advisory fees between the Private
Client and Asset Management segments which became effective
January 1, 2017.
- AUM increased 7.4% to $26.1
billion at June 30, 2017
compared with $24.3 billion at
June 30, 2016, which is the basis for
advisory fee billings for the third quarter of 2017. The increase
in AUM was comprised of asset appreciation of $1.4 billion and net contributions of assets of
$0.4 billion.
Capital Markets
Capital Markets reported revenue of $53.7
million for the second quarter of 2017, 18.0% lower than the
second quarter of 2016 due to lower institutional equities and
fixed income commissions and lower fees from investment banking
activities during the second quarter of 2017. Loss before
income taxes was $11.0 million for
the second quarter of 2017, compared with income before income
taxes of $4.0 million for the second
quarter of 2016 due to the decreases in revenue referred to above
as well as an increase in allocated incentive compensation costs
during the second quarter of 2017.
- Institutional equities commissions decreased 11.2% to
$23.9 million for the second quarter
of 2017 compared with the second quarter of 2016 due to lower
volatility and trading volumes in the equity markets.
- Advisory fees from investment banking activities decreased
20.8% to $5.7 million in the second
quarter of 2017 compared with the second quarter of 2016 due to
fewer completed mergers and acquisitions transactions during the
second quarter of 2017.
- Equity underwriting fees increased 1.9% to $5.5 million for the second quarter of 2017
compared with the second quarter of 2016.
- Revenue from Taxable Fixed Income decreased 29.4% to
$12.7 million for the second quarter
of 2017 compared with the second quarter of 2016 due to lower
institutional fixed income commissions during the second quarter of
2017.
- Public Finance and Municipal Trading revenue decreased 13.1% to
$5.3 million for the second quarter
of 2017 compared with the second quarter of 2016.
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
$142.7 million during the second
quarter of 2017, roughly flat compared with the second quarter of
2016. Lower salaries and production-related expenses were
offset by higher incentive compensation costs during the second
quarter of 2017. Compensation and related expenses as a percentage
of revenue was 66.1% during the second quarter of 2017 compared
with 66.8% during the second quarter of 2016.
Non-Compensation Expenses
Non-compensation expenses were $74.9
million during the second quarter of 2017, a decrease of
1.0% compared with $75.6 million
during the second quarter of 2016 due to lower legal and regulatory
costs partially offset by higher interest and communications and
technology costs during the second quarter of 2017.
Income Taxes
The effective income tax rate from continuing operations for the
second quarter of 2017 was 16.7% compared with 45.6% for the second
quarter of 2016 and reflects the Company's estimate of the annual
effective tax rate adjusted for certain discrete items. The
elevated income tax benefit during the second quarter of 2016 was
primarily due to book-to-tax return adjustments recorded during the
period partially offset by non-deductible regulatory charges.
Discontinued Operations
During 2016, the Company completed the sales of substantially
all of the assets of its Oppenheimer Multifamily Housing and
Healthcare Finance Inc. ("OMHHF") subsidiary. The following
table is a summary of revenue and expenses from discontinued
operations for the three and six months ended June 30, 2017 and 2016:
|
|
|
|
('000s)
|
|
|
|
|
For the 3-Months
Ended
|
|
For the 6-Months
Ended
|
|
6/30/2017
|
|
6/30/2016
|
|
6/30/2017
|
|
6/30/2016
|
Revenue
|
|
|
|
|
|
|
|
|
Interest
|
$
|
2
|
|
$
|
472
|
|
$
|
5
|
|
$
|
809
|
|
Principal
transactions, net
|
—
|
|
(1,541)
|
|
—
|
|
(6,628)
|
|
Other
(1)
|
109
|
|
18,986
|
|
1,104
|
|
27,474
|
|
Total
revenue
|
111
|
|
17,917
|
|
1,109
|
|
21,655
|
Expenses
|
|
|
|
|
|
|
|
|
Compensation and
related expenses
|
6
|
|
734
|
|
17
|
|
3,652
|
|
Communications and
technology
|
4
|
|
60
|
|
12
|
|
161
|
|
Occupancy and
equipment costs
|
—
|
|
287
|
|
—
|
|
362
|
|
Interest
|
—
|
|
159
|
|
—
|
|
380
|
|
Other
|
12
|
|
1,311
|
|
15
|
|
2,391
|
|
Total
expenses
|
22
|
|
2,551
|
|
44
|
|
6,946
|
Income before income
taxes
|
89
|
|
15,366
|
|
1,065
|
|
14,709
|
Income
taxes
|
36
|
|
5,800
|
|
425
|
|
5,760
|
Net income from
discontinued operations
|
$
|
53
|
|
$
|
9,566
|
|
$
|
640
|
|
$
|
8,949
|
|
|
|
|
|
|
|
|
|
(1)
|
Other revenue for the
three and six months ended June 30, 2017 was primarily due to an
earn-out from the sale of OMHHF's pipeline of business in
2016.
|
Balance Sheet and Liquidity
- On April 15, 2017, the Company
redeemed $30 million of its 8.75%
Senior Secured Notes due 2018 plus accrued and unpaid interest with
the proceeds from the sale of the assets of OMHHF.
- On June 23, 2017, the Company
issued $200 million aggregate
principal amount of 6.75% Senior Secured Notes due 2022. The
Company used a portion of the net proceeds from the offering to
redeem in full the remaining $120
million of its 8.75% Senior Secured Notes due 2018, and pay
all related fees and expenses in relation thereto. The remaining
net proceeds from the offering are expected to be used for general
corporate purposes, which may include acquisitions of or
investments in other businesses that the Company believes will
complement its current businesses.
- At June 30, 2017, total equity
was $501.1 million compared with
$513.3 million at December 31, 2016.
- At June 30, 2017, book value per
share was $37.73 (compared with
$38.22 at December 31, 2016) and tangible book value per
share was $24.91 (compared with
$25.53 at December 31, 2016).
- The Company's level 3 assets, primarily auction rate
securities, were $107.4 million at
June 30, 2017 (compared with
$86.0 million at December 31, 2016). The increase in level 3
assets was primarily due to the purchase of auction rate securities
during the six-month period ended June 30,
2017 pursuant to regulatory and legal settlements.
Dividend Announcement
The Company today announced a quarterly dividend in the amount
of $0.11 per share payable on
August 25, 2017 to holders of Class A
non-voting and Class B voting common stock of record on
August 11, 2017.
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 94 offices in 24
states and 5 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 Exhibit 99.1 – Risk Factors in the
Company's Current Report on Form 8-K filed with the SEC on
June 7, 2017.
|
Oppenheimer
Holdings Inc.
|
Consolidated
Statements of Operations (unaudited)
|
('000s, except Per
Share Amounts)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For the 3-Months
Ended
|
|
For the 6-Months
Ended
|
|
|
|
6/30/2017
|
|
6/30/2016
|
|
%
Change
|
|
6/30/2017
|
|
6/30/2016
|
|
%
Change
|
REVENUE
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Commissions
|
|
$
|
83,852
|
|
$
|
92,591
|
|
(9.4)
|
|
$
|
170,569
|
|
$
|
196,424
|
|
(13.2)
|
|
Advisory
fees
|
|
72,783
|
|
66,104
|
|
10.1
|
|
142,192
|
|
132,130
|
|
7.6
|
|
Investment
banking
|
|
15,386
|
|
18,881
|
|
(18.5)
|
|
33,407
|
|
31,264
|
|
6.9
|
|
Interest
|
|
12,829
|
|
12,007
|
|
6.8
|
|
23,394
|
|
25,049
|
|
(6.6)
|
|
Principal
transactions, net
|
|
5,302
|
|
7,577
|
|
(30.0)
|
|
10,675
|
|
14,195
|
|
(24.8)
|
|
Other
|
|
25,732
|
|
14,914
|
|
72.5
|
|
48,908
|
|
27,968
|
|
74.9
|
|
Total
revenue
|
|
215,884
|
|
212,074
|
|
1.8
|
|
429,145
|
|
427,030
|
|
0.5
|
EXPENSES
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Compensation and
related expenses
|
|
142,657
|
|
141,721
|
|
0.7
|
|
286,535
|
|
290,216
|
|
(1.3)
|
|
Communications and
technology
|
|
18,399
|
|
17,638
|
|
4.3
|
|
36,105
|
|
35,318
|
|
2.2
|
|
Occupancy and
equipment costs
|
|
15,161
|
|
14,984
|
|
1.2
|
|
30,433
|
|
29,887
|
|
1.8
|
|
Clearing and exchange
fees
|
|
5,916
|
|
6,199
|
|
(4.6)
|
|
11,770
|
|
13,120
|
|
(10.3)
|
|
Interest
|
|
6,854
|
|
4,972
|
|
37.9
|
|
12,210
|
|
9,839
|
|
24.1
|
|
Other
|
|
28,534
|
|
31,806
|
|
(10.3)
|
|
60,754
|
|
61,236
|
|
(0.8)
|
|
Total
expenses
|
|
217,521
|
|
217,320
|
|
0.1
|
|
437,807
|
|
439,616
|
|
(0.4)
|
Loss before income
taxes from continuing operations
|
|
(1,637)
|
|
(5,246)
|
|
(68.8)
|
|
(8,662)
|
|
(12,586)
|
|
(31.2)
|
Income
taxes
|
|
(274)
|
|
(2,391)
|
|
(88.5)
|
|
(1,961)
|
|
(6,439)
|
|
(69.5)
|
Net loss from
continuing operations
|
|
(1,363)
|
|
(2,855)
|
|
(52.3)
|
|
(6,701)
|
|
(6,147)
|
|
9.0
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Discontinued
operations
|
|
|
|
|
|
|
|
|
|
|
|
|
Income from
discontinued operations
|
|
89
|
|
15,366
|
|
(99.4)
|
|
1,065
|
|
14,709
|
|
(92.8)
|
Income
taxes
|
|
36
|
|
5,800
|
|
(99.4)
|
|
425
|
|
5,760
|
|
(92.6)
|
Net income from
discontinued operations
|
|
53
|
|
9,566
|
|
(99.4)
|
|
640
|
|
8,949
|
|
(92.8)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income
(loss)
|
|
(1,310)
|
|
6,711
|
|
*
|
|
(6,061)
|
|
2,802
|
|
*
|
Less net income
attributable to non-controlling interest, net of tax
|
|
9
|
|
1,523
|
|
(99.4)
|
|
105
|
|
1,461
|
|
(92.8)
|
Net income (loss)
attributable to Oppenheimer Holdings Inc.
|
|
$
|
(1,319)
|
|
$
|
5,188
|
|
*
|
|
$
|
(6,166)
|
|
$
|
1,341
|
|
*
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic net income
(loss) per share attributable to Oppenheimer Holdings
Inc.
|
|
|
|
|
|
|
|
|
Continuing
operations
|
|
$
|
(0.10)
|
|
$
|
(0.21)
|
|
(52.4)
|
|
$
|
(0.50)
|
|
$
|
(0.46)
|
|
8.7
|
|
Discontinued
operations
|
|
—
|
|
0.60
|
|
(100.0)
|
|
0.04
|
|
0.56
|
|
(92.9)
|
|
Net income (loss) per
share
|
|
$
|
(0.10)
|
|
$
|
0.39
|
|
*
|
|
$
|
(0.46)
|
|
$
|
0.10
|
|
*
|
Diluted net income
(loss) per share attributable to Oppenheimer Holdings
Inc.
|
|
|
|
|
|
|
|
|
Continuing
operations
|
|
$
|
(0.10)
|
|
$
|
(0.21)
|
|
(52.4)
|
|
$
|
(0.50)
|
|
$
|
(0.46)
|
|
8.7
|
|
Discontinued
operations
|
|
—
|
|
0.60
|
|
(100.0)
|
|
0.04
|
|
0.56
|
|
(92.9)
|
|
Net income (loss) per
share
|
|
$
|
(0.10)
|
|
$
|
0.39
|
|
*
|
|
$
|
(0.46)
|
|
$
|
0.10
|
|
*
|
Weighted Average
Number of Common Shares Outstanding
|
|
|
|
|
|
|
|
|
|
|
Basic
|
|
13,261
|
|
13,367
|
|
(0.8)
|
|
13,330
|
|
13,374
|
|
(0.3)
|
|
Diluted
|
|
13,261
|
|
13,367
|
|
(0.8)
|
|
13,330
|
|
13,374
|
|
(0.3)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
*
|
Percentage not
meaningful.
|
|
|
|
|
|
|
|
|
|
|
|
|
SOURCE Oppenheimer Holdings Inc.