Financial Performance - For Q4 2024, net loss attributable to Cohen & Company Inc. was $2.0 million, or $1.21 per diluted share, compared to net income of $2.2 million, or $1.31 per diluted share in Q3 2024[6]. - Total revenues for Q4 2024 were $18.5 million, down from $31.7 million in the prior quarter and $34.5 million in the prior year quarter[6]. - The company reported a net loss of $6,875,000 for the three months ended December 31, 2024, compared to a net income of $26,881,000 for the same period in 2023[14]. - Basic earnings per share for the three months ended December 31, 2024, was $(1.20), compared to $2.99 for the same period in 2023[14]. - The company’s total operating income (loss) for the twelve months ended December 31, 2024, was $(8,023,000), compared to $6,861,000 for the same period in 2023[14]. Revenue Breakdown - Net trading revenue for Q4 2024 was $8.9 million, up $1.1 million from the prior year quarter, primarily due to higher trading revenue from the mortgage group[6]. - Asset management revenue for Q4 2024 was $2.1 million, slightly down from the prior quarter and up $0.1 million from the prior year quarter[6]. - New issue and advisory revenue for Q4 2024 was $10.1 million, down $12.4 million from the prior quarter and down $8.6 million from the prior year quarter[6]. - Full year revenue for Cohen & Company Capital Markets (CCM) was $38.9 million, nearly double the full year 2023 revenue of $21.9 million[4]. - Total revenues for the three months ended December 31, 2024, were $18,541,000, a decrease from $34,464,000 for the same period in 2023, representing a decline of 46.1%[14]. - Net trading revenue increased to $8,947,000 for the three months ended December 31, 2024, compared to $7,809,000 for the same period in 2023, reflecting a growth of 14.5%[14]. - New issue and advisory revenue decreased significantly to $10,075,000 for the three months ended December 31, 2024, down from $18,722,000 in the same period of 2023, a decline of 46.3%[14]. Expenses and Liabilities - Compensation and benefits expense decreased by $5.0 million from the prior quarter and $3.4 million from the prior year quarter, with 113 employees as of December 31, 2024[6]. - Operating expenses totaled $24,044,000 for the three months ended December 31, 2024, compared to $23,015,000 for the same period in 2023, an increase of 4.5%[14]. - Total liabilities increased to $880,866 million, up from $680,964 million[19]. Assets and Equity - Total equity as of December 31, 2024, was $90.3 million, a decrease from $91.8 million as of December 31, 2023[10]. - Total assets increased to $971,149 million as of December 31, 2023, up from $772,761 million[19]. - Cash and cash equivalents rose to $19,590 million, compared to $10,650 million in the previous period[19]. - Total stockholders' equity slightly increased to $41,728 million from $41,682 million[19]. - Receivables under resale agreements significantly increased to $668,259 million from $408,408 million[19]. - Trading securities sold, not yet purchased decreased to $36,432 million from $65,751 million[19]. Future Outlook - The company anticipates that future performance may be impacted by factors such as inflation, rising interest rates, and geopolitical situations[11]. - The company noted that its revenue and operating results may fluctuate materially from quarter to quarter, suggesting that annual results may be the most meaningful gauge for investors[12]. Adjusted Pre-Tax Income - Adjusted pre-tax income (loss) for the three months ended December 31, 2024, was $(7,705,000), compared to $15,993,000 for the same period in 2023[15]. - Adjusted pre-tax income (loss) is presented as a useful measure of performance, excluding income tax expense and including net income attributable to convertible non-controlling interest[20]. - The company emphasizes that adjusted pre-tax income (loss) should not be viewed as a substitute for net income prepared in accordance with GAAP[21]. - The company’s management uses adjusted pre-tax income (loss) to evaluate enterprise operations performance[21].
en & pany (COHN) - 2024 Q4 - Annual Results