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Cowen Group, Inc. (COWN) SEC Filing 10-K Annual report for the fiscal year ending Saturday, December 31, 2011

Cowen Inc.

CIK: 1466538 Ticker: COWN

Exhibit 99.1

 

 

Press Release

 

For Immediate Release

 

Cowen Group, Inc. Announces 2011 Fourth Quarter and Full-Year Financial Results

 

New York, March 2, 2012 - Cowen Group, Inc. (NASDAQ: COWN) (“Cowen” or “the Company”) today announced its operating results for the fourth quarter and full-year ended December 31, 2011.

 

2011 Fourth Quarter and Full-Year GAAP Financial Information and Select Balance Sheet Data

 

For the fourth quarter 2011, the Company reported a GAAP net loss from continuing operations (including noncontrolling interests) of $(56.3) million, or $(0.49) per share, compared to GAAP net income from continuing operations of $4.1 million, or $0.06 per share, in the fourth quarter 2010.  The year-over-year decrease in GAAP net income from continuing operations was primarily due to a 29% decrease in revenues and a 17% increase in expenses.  Including discontinued operations, the Company reported a GAAP net loss of $(79.9) million in the fourth quarter 2011 compared to net income of $4.1 million in the prior year period.

 

The Company’s total fourth quarter 2011 financial results included the impact of:

 

·                  A $(23.6) million net loss from discontinued operations related to exiting the businesses operated by LaBranche subsidiaries;

·                  A $7.2 million and $5.2 million impairment of goodwill and intangible assets, respectively, related to the broker-dealer segment;

·                  $3.9 million in non-cash expenses related to vacating the remaining portion of the leased premises at 1221 Avenue of the Americas;

·                  $1.1 million in non-cash expenses related to the termination of service contracts; and

·                  $10.6 million in severance expense related to our expense reduction plan (not including an additional $5.1 million of severance expense included in the net loss from discontinued operations discussed above).

 

For the 2011 full-year, the Company reported a GAAP net loss from continuing operations (including noncontrolling interests) of $(84.4) million, or $(0.88) per share, compared to a GAAP net loss from continuing operations of $(45.4) million, or $(0.62) per share, in 2010.  The increase in GAAP net loss from continuing operations was primarily due to an 11% increase in expenses and a 21% decrease in other income.  This decrease was primarily due to the Company’s third quarter losses on fixed income securities, equity options and other investments.  Including discontinued operations, the Company reported a GAAP net loss of $(108.0) million in 2011 compared to $(45.4) million in 2010.

 

The following table summarizes the Company’s GAAP financial results for the three months ended December 31, 2011 and 2010, and September 30, 2011; and the twelve months ended December 31, 2011 and 2010.

 

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The following information was filed by Cowen Inc. (COWN) on Friday, March 2, 2012 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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Ticker: COWN
CIK: 1466538
Form Type: 10-K Annual Report
Accession Number: 0001445305-12-000609
Submitted to the SEC: Fri Mar 09 2012 8:09:40 AM EST
Accepted by the SEC: Fri Mar 09 2012
Period: Saturday, December 31, 2011
Industry: Security Brokers Dealers And Flotation Companies

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