Cowen Inc. (COWN) 10-Q Quarterly Report Wed Oct 31 2018

New York, NY - October 25, 2018 - Cowen Inc. (NASDAQ: COWN) (“Cowen” or “the Company”) today announced its operating results for the third quarter ended September 30, 2018.

Third Quarter Financial Highlights

GAAP


•	Revenue increased 24% year over year to $221.0 million compared to $178.8 million in the prior year period.


•	Net income attributable to common stockholders was $13.8 million or $0.45 per diluted common share compared to $3.0 million or $0.09 per diluted common share in the prior year period.

Economic Income (Non-GAAP)


•	Revenue increased 24% year over year to $226.2 million compared to $182.6 million in the prior year period.


•	Economic Income increased to $22.7 million or $0.74 per diluted share compared to Economic Income of $8.3 million or $0.26 per diluted share in the prior year period.


•	Economic Operating Income, which represents Economic Income before depreciation and amortization, was $25.6 million, a 126% increase from the prior year period of $11.3 million.

Operating Highlights


•	On a GAAP and Economic Income basis, investment banking revenue increased 43% and 35% from the third quarter 2017 to $81.9 million and $77.5 million, respectively. The quarter was again led by strong performance in equity financings as well as a growing contribution from advisory and non-healthcare sectors. This was the most diverse quarter in terms of industry and product mix.


•	Brokerage revenue increased 9% and 13% from the third quarter 2017 to $92.0 million and $101.7 million on a GAAP and Economic Income basis, respectively. The increase was primarily attributable to growth in the institutional brokerage and institutional services businesses.


•	As of October 1, 2018, assets under management were $10.9 billion, a $40 million increase from July 1, 2018.


•	Book value per share increased to $24.26 as of September 30, 2018, compared to $21.82 as of December 31, 2017. Tangible book value per share grew to $21.28 as of September 30, 2018, compared to $18.77 as of December 31, 2017.


•	During the quarter, the Company repurchased 402,420 shares for $5.9 million (at an average price of $14.66) under the Company's existing share repurchase program.

The following information was filed by Cowen Inc. (COWN) on Thursday, October 25, 2018 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-Q Quarterly 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-Q Quarterly Report

Material Contracts, Statements, Certifications & more

Cowen Inc. provided additional information to their SEC Filing as exhibits

Exhibit 31.1: Rule 13A-14(A)/15D-14(A) Certification

Exhibit 31.2: Rule 13A-14(A)/15D-14(A) Certification

Exhibit 32: Section 1350 Certification

Ticker: COWN
CIK: 1466538
Form Type: 10-Q Quarterly Report
Accession Number: 0001466538-18-000095
Submitted to the SEC: Wed Oct 31 2018 7:27:50 AM EST
Accepted by the SEC: Wed Oct 31 2018
Period: Sunday, September 30, 2018
Industry: Security Brokers Dealers And Flotation Companies