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Cowen Group, Inc. (COWN) SEC Filing 10-K Annual report for the fiscal year ending Wednesday, December 31, 2014

Cowen Inc.

CIK: 1466538 Ticker: COWN

Exhibit 99.1

 

 

Press Release

 

COWEN GROUP, INC. ANNOUNCES

FOURTH QUARTER AND FULL YEAR 2014 FINANCIAL RESULTS

Record Revenue and Economic Income For 2014

 

New York, February 26, 2015 - Cowen Group, Inc. (NASDAQ: COWN) (“Cowen” or “the Company”) today announced its operating results for the fourth quarter and full year ended December 31, 2014.

 

2014 Full Year Highlights(1)

 

·                  Economic income was $44.2 million or $0.37 per diluted common share, compared to $6.5 million or $0.05 per diluted common share in 2013.

·                  GAAP net income was $167.2 million or $1.40 per diluted common share compared to $4.6 million or $0.04 per diluted common share in the prior year.  GAAP net income includes the Company’s deferred tax valuation allowance, which was released in the fourth quarter 2014, resulting in a $128.1 million deferred tax benefit.

·                  At December 31, 2014, book value per share was $6.07.

·                  Revenue rose 45% year over year to a record $497.6 million from $343.8 million in the prior year.

·                  Broker-dealer revenue grew 44% year over year to $337.2 million, driven by growth in investment banking and brokerage.(2)

·                  Incentive fees were $45.7 million, a 116% increase over the prior year.

·                  As of January 1, 2015, assets under management (“AUM”) were $12.5 billion.  AUM increased 32% or $3.1 billion from January 1, 2014.

·                  During the year, the Company acquired 6.3 million shares of Cowen’s Class A common stock for $26.0 million under its share repurchase program.

·                  On February 25, Cowen’s Board of Directors approved a $14.7 million increase in the Company’s share repurchase program.  With this increase, the total amount available for repurchase under the program to $25 million.

·                  John Holmes has been appointed Chief Operating Officer of Cowen.  Mr. Holmes has served in a variety of leadership positions at the Company, most recently as Chief Administrative Officer.

 

2014 Fourth Quarter Highlights(1)

 

·                  Economic income was $18.9 million or $0.16 per diluted common share, compared to $2.7 million or $0.02 per diluted common share in the prior year period.

·                  GAAP net income was $142.5 million or $1.21 per diluted common share compared to $2.5 million or $0.02 per diluted common share for the fourth quarter 2013.  As previously mentioned, GAAP net income includes the Company’s deferred tax valuation allowance which was released in the quarter, resulting in a deferred tax benefit of $128.1 million.

·                  Revenue rose 72% year over year to $165.8 million from $96.5 million in the prior year period.

·                  Assets under management increased by $320 million in the fourth quarter 2014.

 


The following information was filed by Cowen Inc. (COWN) on Thursday, February 26, 2015 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
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 Financial Condition (parenthetical)
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)
Accumulated Other Comprehensive Income (loss) (details)
Accumulated Other Comprehensive Income (loss) (notes)
Accumulated Other Comprehensive Income (loss) (tables)
Acquisitions
Acquisitions Narrative (details)
Cash Collateral Pledged
Cash Collateral Pledged (details)
Commitments And Contingencies
Commitments And Contingencies (details)
Commitments And Contingencies (tables)
Convertible Debt And Notes Payable
Convertible Debt And Notes Payable (details)
Debt (tables)
Defined Benefit Plans
Defined Benefit Plans (tables)
Defined Benefit Plans Annual Disclosures (details)
Defined Contribution Plans
Defined Contribution Plans (details)
Earnings Per Share
Earnings Per Share (details)
Earnings Per Share (tables)
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 Carrying Value Disclosures (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 Intangible Assets
Goodwill And Intangible Assets (tables)
Goodwill And Intangible Assets Amortization Of Intangible Assets (details) (annual)
Goodwill And Intangible Assets Goodwill Details (details)
Goodwill And Intangible Assets Schedule Of Goodwill By Segment (details)
Goodwill And Intangible Assets Schedule Of Intangible Assets (details) (annual)
Guarantees And Off-balance Sheet Arrangements
Guarantees And Off-balance Sheet Arrangements (details)
Income Taxes
Income Taxes Deferred Tax Assets And Liabilities (details)
Income Taxes Income Tax Expense (details)
Income Taxes Income Tax Rate Reconciliation Annual Disclosure (details)
Income Taxes Income Taxes (tables)
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 - Derivatives (details)
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 Investments (details)
Investments Of Operating Entities And Consolidated Funds - Portfolio Funds (details)
Investments Of Operating Entities And Consolidated Funds - Securities Lending And Borrowing Transactions (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 - Variable Interest Entities (details)
Investments Of Operating Entities And Consolidated Funds -real Estate (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 And Funds
Redeemable Non-controlling Interests In Consolidated Subsidiaries And Funds (details)
Redeemable Non-controlling Interests In Consolidated Subsidiaries And Funds (tables)
Regulatory Requirements
Regulatory Requirements (details)
Related Party Transactions
Related Party Transactions (details)
Segment Reporting
Segment Reporting (details)
Segment Reporting (tables)
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 Sars (details)
Share-based Compensation And Employee Ownership Plans Stock Options (details)
Significant Accounting Policies
Significant Accounting Policies (policies)
Significant Accounting Policies (tables)
Significant Accounting Policies - Revenue Recognition (details)
Significant Accounting Policies All Other (details)
Stockholders' Equity
Stockholders' Equity (tables)
Stockholders' Equity Stockholders Equity Annual Disclosures (details)
Subsequent Events
Subsequent Events Subsequent Events (details)
Supplemental Financial Information
Supplemental Financial Information (tables)
Supplemental Financial Information Supplemental Financial Information (details)
Ticker: COWN
CIK: 1466538
Form Type: 10-K Annual Report
Accession Number: 0001466538-15-000003
Submitted to the SEC: Thu Feb 26 2015 9:27:40 AM EST
Accepted by the SEC: Thu Feb 26 2015
Period: Wednesday, December 31, 2014
Industry: Security Brokers Dealers And Flotation Companies

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