Cohen & Company Inc. (COHN, Financial) filed Quarterly Report for the period ended 2012-03-31.
.
Asset management revenue from company-sponsored CDOs decreased by $259 to $4,508 for the three months ended March 31, 2012 from $4,767 for the three months ended March 31, 2011. The following table summarizes the periods presented by asset class:
During the three months ended March 31, 2012 and 2011, we recognized $1,627 and $1,668, respectively, in revenue for the Alesco X through XVII securitizations which is included in the TruPS and insurance company debt U.S. in the table above. Of these amounts, $168 and $119 represent incentive payments received from the third party under the Master Transaction Agreement during the three months ended March 31, 2012 and 2011, respectively. As of March 31, 2012, we have the potential to earn additional incentive payments (through February of 2017) if certain performance hurdles are met. Not including any potential incentive fees, we expect to recognize an additional $5,348 in revenue in the remainder of 2012 and beyond from the Services Agreement over its remaining term (ending February of 2013) of the $5,348 in revenue $4,161 is from payments under the Services Agreement and $1,187 represents amortization of the initial payment of $4,664 received up front. At that point, with the exception of potential incentive payments, the Company will stop recognizing revenue from the Alesco X through XVII securitizations.
New issue and advisory revenue increased by $968 to $1,077 for the three months ended March 31, 2012 as compared to $109 for the same period in 2011. The increase is primarily attributable to an increased number of new issue and advisory engagements that closed during the first quarter of 2012 as compared to the first quarter of 2011.
Income from equity method affiliates increased by $421 to $516 for the three months ended March 31, 2012 from $95 for the three months ended March 31, 2011. Income or loss from equity method affiliates represents our share of the related entities earnings. As of March 31, 2011, we had five equity method investees: (i) Star Asia Manager; (ii) Deep Value GP; (iii) Deep Value GP II; (iv) Star Asia SPV; and (v) Duart Capital. As of March 31, 2012, we had seven equity method investees: (i) Star Asia Manager; (ii) Deep Value GP; (iii) Deep Value GP II; (iv) Star Asia SPV; (v) Star Asia Opportunity; (vi) Star Asia Capital Management; and (vii) Duart Capital. See notes 9 and 20 to our consolidated financial statements included in Item 1 in this Quarterly Report on Form 10-Q.
Read the The complete Report
.
Highlight of Business Operations:
Revenues decreased by $13,554, or 42%, to $18,760 for the three months ended March 31, 2012 from $32,314 for the three months ended March 31, 2011. As discussed in more detail below, the change was comprised of decreases of $9,583 in net trading, $3,906 in principal transactions and other income, and $1,033 in asset management revenue, partially offset by an increase of $968 in new issue and advisory revenue.Asset management revenue from company-sponsored CDOs decreased by $259 to $4,508 for the three months ended March 31, 2012 from $4,767 for the three months ended March 31, 2011. The following table summarizes the periods presented by asset class:
During the three months ended March 31, 2012 and 2011, we recognized $1,627 and $1,668, respectively, in revenue for the Alesco X through XVII securitizations which is included in the TruPS and insurance company debt U.S. in the table above. Of these amounts, $168 and $119 represent incentive payments received from the third party under the Master Transaction Agreement during the three months ended March 31, 2012 and 2011, respectively. As of March 31, 2012, we have the potential to earn additional incentive payments (through February of 2017) if certain performance hurdles are met. Not including any potential incentive fees, we expect to recognize an additional $5,348 in revenue in the remainder of 2012 and beyond from the Services Agreement over its remaining term (ending February of 2013) of the $5,348 in revenue $4,161 is from payments under the Services Agreement and $1,187 represents amortization of the initial payment of $4,664 received up front. At that point, with the exception of potential incentive payments, the Company will stop recognizing revenue from the Alesco X through XVII securitizations.
New issue and advisory revenue increased by $968 to $1,077 for the three months ended March 31, 2012 as compared to $109 for the same period in 2011. The increase is primarily attributable to an increased number of new issue and advisory engagements that closed during the first quarter of 2012 as compared to the first quarter of 2011.
Income from equity method affiliates increased by $421 to $516 for the three months ended March 31, 2012 from $95 for the three months ended March 31, 2011. Income or loss from equity method affiliates represents our share of the related entities earnings. As of March 31, 2011, we had five equity method investees: (i) Star Asia Manager; (ii) Deep Value GP; (iii) Deep Value GP II; (iv) Star Asia SPV; and (v) Duart Capital. As of March 31, 2012, we had seven equity method investees: (i) Star Asia Manager; (ii) Deep Value GP; (iii) Deep Value GP II; (iv) Star Asia SPV; (v) Star Asia Opportunity; (vi) Star Asia Capital Management; and (vii) Duart Capital. See notes 9 and 20 to our consolidated financial statements included in Item 1 in this Quarterly Report on Form 10-Q.
Read the The complete Report
