en & pany (US:COHN)2024-08-09 02:40Financial Data and Key Metrics Changes - The net loss attributable to Cohen & Company Inc. was $2.3 million for Q2 2024, or $1.47 per fully diluted share, compared to a net income of $2 million for the prior quarter and a net loss of $6.6 million for the same quarter last year [6] - Adjusted pretax loss was $8.6 million for the quarter, compared to adjusted pretax income of $7.7 million for the prior quarter and an adjusted pretax loss of $1.6 million for the same quarter last year [6] - Total equity at the end of the quarter was $95.6 million, up from $91.8 million at the end of 2023 [11] Business Line Data and Key Metrics Changes - Advisory revenues from Cohen & Company Capital Markets (CCM) were $6.4 million, with a focus on two SPAC IPOs [4] - New issue and advisory revenue was $6.5 million, a decrease of $17.9 million from the first quarter but an increase of $5.1 million from the year-ago quarter [7] - Net trading revenue was $8.8 million, down $1.1 million from the first quarter but up $1.4 million from the second quarter of 2023 [7] - Asset management revenue totaled $2.1 million, down $600,000 from the prior quarter but up $500,000 from the prior year quarter [7] - Principal transactions and other revenue was negative $6.6 million, primarily due to unfavorable mark-to-market adjustments on principal investments [8] Market Data and Key Metrics Changes - The company experienced volatility in revenue due to a limited number of engagements, which can lead to significant fluctuations in revenue recognized [7] - The decline in equity value of post-business combination SPACs negatively impacted the company's principal transactions revenue [8] Company Strategy and Development Direction - The company intends to continue adding investment banking talent to its CCM team and is optimistic about its pipeline [4] - The focus remains on enhancing long-term sustained value for stockholders, including the continued payment of quarterly dividends [5] Management's Comments on Operating Environment and Future Outlook - Management acknowledged the impact of ongoing unfavorable mark-to-market adjustments but expressed confidence in future earnings potential [5] - The company plans to evaluate its dividend policy each quarter, with future decisions potentially influenced by operating results and capital needs [11] Other Important Information - Compensation and benefits expense for the quarter was $10.7 million, down from the prior quarter but up from the prior year quarter [9] - The number of employees increased to 121 as of the end of the quarter, compared to 116 at the end of March [9] Q&A Session Summary - The call concluded without any specific questions or answers being recorded, as the operator indicated the end of the conference [12]