Investment banking service provider Cowen Group, Inc. (COWN), Tuesday reported a narrower loss for the fourth quarter on lower expenses, even as revenue dropped from the prior year, reflecting decreased activity in the options business. On a per share basis, however, loss for the quarter widened from the prior year on lower share count.
Fourth quarter net loss for Cowen narrowed to $10.39 million from $10.70 million in the same quarter a year ago. On a per share basis, the loss widened to $0.92 from $0.86 on a lower share count for the quarter under review.
Results for the quarter reflect a $1.6 million provision for income taxes primarily due to a valuation allowance against certain deferred tax assets.
On average, 6 analysts polled by Thomson Reuters expected a loss of $0.23 per share for the quarter. Analysts' estimate typically excludes one-time special items.
Quarterly revenues decreased 30% to $41.63 million from $59.30 million in the prior-year quarter.
Total expenses were $50.52 million, down from $76.09 million in the comparable quarter a year ago. Operating loss also narrowed to $8.89 million from $16.79 million in the corresponding quarter last year.
For full-year 2008, net loss widened to $72.15 million or $6.41 per share from $11.32 million or $0.88 per share in the prior year.
The Street expected a loss of $0.54 per share for the year.
Full-year results included a non-recurring $50.0 million non-cash charge related to the impairment of legacy goodwill.
Revenue for the period was down at $217.32 million, compared to $261.57 million a year ago. Analysts expected revenues of $235.37 million for the year.
COWN is currently trading at $5.30, down $0.15 or 2.75%, on the Nasdaq.
For comments and feedback contact: editorial@rttnews.com
June 12, 2026 17:14 ET Major central bank action was the focus this week in economic news. The European Central Bank became the first major central bank to move in response to the rising inflationary pressures in the backdrop of the conflict in the Middle East. In North America, the U.S. inflation and trade data as well as Canada’s central bank decision gained attention. The Chinese trade data was the main news in Asia.