Strong Performance from CCM
Cohen & Company Capital Markets (CCM) generated $20.1 million of net revenue, indicating strong performance from the investment banking operation.
Significant Increase in New Issue and Advisory Revenue
New issue and advisory revenue was $33.2 million in the first quarter, an increase of $23.2 million from the prior quarter and an increase of $8.9 million from the year ago quarter.
Positive Net Income
Net income attributable to Cohen & Company Inc. shareholders was $300,000 for the quarter or $0.19 per fully diluted share, a significant improvement from a net loss of $2 million in the prior quarter.
Adjusted Pretax Income Improvement
Adjusted pretax income was $1.3 million for the quarter compared to an adjusted pretax loss of $7.7 million for the prior quarter.
Quarterly Dividend Declared
A quarterly dividend of $0.25 per share was declared, payable on June 2 to stockholders of record as of May 16.