Cowen Group, Inc. (NASDAQ: COWN) (“Cowen” or “the Company”) today announced its operating results for the first quarter ended March 31, 2012.
2012 First Quarter Highlights
- GAAP net income was $4.0 million compared to $0.1 million in the prior year period and a net loss of $(79.9) million in the fourth quarter 2011.
- GAAP revenue was $57.5 million compared to $64.2 million in the prior year period and $49.5 million in the fourth quarter 2011.
- Book value per share increased to $4.54 at the end of the 2012 first quarter from $4.46 at December 31, 2011.
- Economic Income was $5.9 million compared to $7.0 million in the prior year period and an Economic Loss of $(33.2) million in the fourth quarter 2011.
- Broker-dealer segment revenue was $40.0 million compared to $41.8 million in the prior year period and $33.8 million in the fourth quarter 2011.
- Alternative Investment segment revenue was $39.1 million compared to $38.0 million in the prior year period and $36.4 million in the fourth quarter 2011.
- Total non-compensation expenses were $28.2 million, an 8% decrease compared to $30.8 million in the prior year period and a 22% decrease compared to $36.3 million in the fourth quarter 2011.
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