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Cowen Group, Inc. (COWN) SEC Filing 10-K Annual report for the fiscal year ending Monday, December 31, 2012

Cowen Inc.

CIK: 1466538 Ticker: COWN

Exhibit 99.1

 

GRAPHIC

 

Press Release

 

Cowen Group, Inc. Announces 2012 Fourth Quarter and Full Year Financial Results

 

New York, February 28, 2013 - Cowen Group, Inc. (NASDAQ: COWN) (“Cowen” or “the Company”) today announced its operating results for the fourth quarter and full year ended December 31, 2012.

 

2012 Fourth Quarter and Full Year Highlights(1)

 

·                  Total revenue for the fourth quarter and full year was the highest since the Cowen / Ramius business combination in 2009.  For the fourth quarter, revenue was $77.2 million, compared to $70.9 million in the fourth quarter of 2011.  For the full year, total revenue was $288.6 million and compared to $270.2 million in 2011.

 

·                  The broker-dealer segment revenue rose 18% year over year in the fourth quarter of 2012 to $45.6 million(2) .  For the full year 2012, broker-dealer segment revenue increased to $175.8 million(2), up 11% from 2011.

 

·                  Investment banking revenue increased 90% in the fourth quarter to $21.2 million and 41% to $71.8 million for the full year.  The increase in both periods was primarily attributable to our equity underwriting activity in the healthcare sector and debt capital markets transactions.

 

·                  Brokerage revenue was $22.4 million in the fourth quarter, which represented a 3%  increase year over year.  For the full year, brokerage revenue was $93.9 million, down $5.7 million compared to 2011.

 

·                  Management fees at Ramius rose 7% sequentially to $14.3 million in the fourth quarter of 2012.  After adjusting for cumulative retrospective management fees in our healthcare royalty funds recognized in 2011, fourth quarter 2012 management fees were unchanged from the prior year period and declined 1% to $56.4 million for the full year 2012.

 

·                  Incentive income was $6.9 million in the fourth quarter, compared to $0.1 million in the prior year period.  Full year 2012 incentive income was $15.2 million, a 47% increase over 2011.  The increase in both periods is primarily driven by an increase in performance fees from our fund products.

 

·                  Assets under management at January 1, 2013 were $8.1 billion, which remained relatively constant during the 2012 fourth quarter and decreased 2% for the year after adjusting for the disposition of cash management assets under management which occurred during the fourth quarter of 2012.

 

·                  For the full year 2012, total expenses declined by $29.7 million from 2011, in line with our expense reduction targets for 2012.

 

·                  In December 2012, Michael Singer joined Ramius as CEO, bringing a strong and diverse background in alternative asset management.

 

·                  On February 1st, Cowen announced its entry into a definitive agreement to acquire Dahlman Rose & Co., a privately held investment bank specializing in the energy, metals and mining, transportation, chemicals and agriculture sectors.

 


The following information was filed by Cowen Inc. (COWN) on Thursday, February 28, 2013 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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Financial Statements, Disclosures and Schedules

Inside this 10-K Annual Report

Document And Entity Information
Condensed Consolidated Statements Of Financial Condition (parenthetical)
Consolidated Statements Of Cash Flows
Consolidated Statements Of Changes In Equity
Consolidated Statements Of Comprehensive Income (loss)
Consolidated Statements Of Financial Condition
Consolidated Statements Of Operations
Accounts Payable Accrued Expenses And Other Liabilities
Accounts Payable Accrued Expenses And Other Liabilities (details)
Accounts Payable Accrued Expenses And Other Liabilities (tables)
Acquisitions
Acquisitions (tables)
Acquisitions Narrative (details)
Acquisitions Purchase Price Allocation (details)
Cash Collateral Pledged
Cash Collateral Pledged (details)
Commitments And Contingencies
Commitments And Contingencies (details)
Commitments And Contingencies (tables)
Defined Benefit Plans
Defined Benefit Plans (details)
Defined Benefit Plans (tables)
Defined Contribution Plans
Defined Contribution Plans (details)
Discontinued Operations
Discontinued Operations (details)
Discontinued Operations (tables)
Earnings Per Share
Earnings Per Share (details)
Earnings Per Share (tables)
Earnings Per Share Earnings Per Share (policies)
Fair Value Measurements For Operating Entities And Consolidated Funds
Fair Value Measurements For Operating Entities And Consolidated Funds (tables)
Fair Value Measurements For Operating Entities And Consolidated Funds Assets And Liabilities At Fair Value On A Recurring Basis (details)
Fair Value Measurements For Operating Entities And Consolidated Funds Fair Value Inputs, Unobservable Inputs, Quantitative Information (details)
Fair Value Measurements For Operating Entities And Consolidated Funds Unobservable Input Roll Forward (details)
Fixed Assets
Fixed Assets (details)
Fixed Assets (tables)
Goodwill And Intangibles
Goodwill And Intangibles (tables)
Goodwill And Intangibles Amortization Of Intangible Assets (details)
Goodwill And Intangibles Schedule Of Goodwill By Segment (details)
Goodwill And Intangibles Schedule Of Intangible Assets (details)
Guarantees And Off-balance Sheet Arrangements
Guarantees And Off-balance Sheet Arrangements Guarantees (details)
Income Taxes
Income Taxes (tables)
Income Taxes Deferred Tax Assets And Liabilities (details)
Income Taxes Income Tax Expense (details)
Income Taxes Income Tax Rate Reconciliation (details)
Income Taxes Summary Of Operating Loss Carryforwards (details)
Income Taxes Unrecognized Tax Benefits (details)
Investments Of Operating Entities And Consolidated Funds
Investments Of Operating Entities And Consolidated Funds (tables)
Investments Of Operating Entities And Consolidated Funds - Equity Method Investments (details)
Investments Of Operating Entities And Consolidated Funds - Lehman Claims (details)
Investments Of Operating Entities And Consolidated Funds - Other (details)
Investments Of Operating Entities And Consolidated Funds - Other Investments (details)
Investments Of Operating Entities And Consolidated Funds - Portfolio Funds (details)
Investments Of Operating Entities And Consolidated Funds - Real Estate Investments (details)
Investments Of Operating Entities And Consolidated Funds - Securities Owned At Fair Value (details)
Investments Of Operating Entities And Consolidated Funds - Securities Purchased Under Agreements To Resell Or Sold Under Agreements To Repurchase (details)
Investments Of Operating Entities And Consolidated Funds - Securities Sold, Not Yet Purchased (details)
Investments Of Operating Entities And Consolidated Funds Securities Lending And Borrowing Transactions (details)
Investments Of Operating Entities And Consolidated Funds Unrealized Gains (losses) (details)
Investments Of Operating Entities And Consolidated Funds Variable Interest Entities (details)
Organization And Business
Organization And Business (details)
Other Assets
Other Assets (details)
Other Assets (tables)
Other Revenues And Expenses
Other Revenues And Expenses (details)
Receivables From And Payable To Brokers
Receivables From And Payable To Brokers (details)
Redeemable Non-controlling Interests In Consolidated Subsidiaries
Redeemable Non-controlling Interests In Consolidated Subsidiaries (details)
Redeemable Non-controlling Interests In Consolidated Subsidiaries (tables)
Regulatory Requirements
Regulatory Requirements (details)
Related Party Transactions
Related Party Transactions (details)
Segment Reporting
Segment Reporting (details)
Segment Reporting (tables)
Segment Reporting Segment Reporting (policies)
Share-based Compensation And Employee Ownership Plans
Share-based Compensation And Employee Ownership Plans (tables)
Share-based Compensation And Employee Ownership Plans Deferred Compensation (details)
Share-based Compensation And Employee Ownership Plans Narrative (details)
Share-based Compensation And Employee Ownership Plans Rcg Grants (details)
Share-based Compensation And Employee Ownership Plans Restricted Shares And Restricted Stock Units (details)
Share-based Compensation And Employee Ownership Plans Stock Options (details)
Short-term Borrowings And Other Debt
Short-term Borrowings And Other Debt (details)
Short-term Borrowings And Other Debt (tables)
Significant Accounting Policies
Significant Accounting Policies (details)
Significant Accounting Policies (policies)
Significant Accounting Policies (tables)
Significant Accounting Policies Revenue Recognition (details)
Stockholders' Equity
Stockholders' Equity (details)
Stockholders' Equity (tables)
Subsequent Events
Supplemental Financial Information
Supplemental Financial Information (details)
Supplemental Financial Information (tables)
Ticker: COWN
CIK: 1466538
Form Type: 10-K Annual Report
Accession Number: 0001466538-13-000004
Submitted to the SEC: Thu Mar 07 2013 8:57:57 AM EST
Accepted by the SEC: Thu Mar 07 2013
Period: Monday, December 31, 2012
Industry: Security Brokers Dealers And Flotation Companies

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