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7 years ago
CORRECTED - CORRECTED-(Aug 13)-UPDATE 1-Cowen Group Q2 loss wider than expec
August 16, 2010 / 6:44 PM / 7 years ago

CORRECTED - CORRECTED-(Aug 13)-UPDATE 1-Cowen Group Q2 loss wider than expec

(In Aug. 13 story, corrects last paragraph to show the company is based in New York, not Atlanta)

* Q2 loss $0.29/shr vs est loss $0.15/shr

* Q2 rev up more than three folds

* Q2 expenses more than double

Aug 13 (Reuters) - Cowen Group Inc (COWN.O), the investment bank taken over by hedge fund Ramius LLC last November, posted a wider-than-expected quarterly loss on higher expenses.

For the second quarter, the company posted net loss of $21.2 million, or 29 cents a share, compared with a loss of $17.2 million, or 46 cents a share in the year-ago period.

Revenue increased more than three folds to $55.0 million.

Analysts on average were expecting the company to post a loss of 15 cents a share, excluding items, on revenue of $51.6 million, according to Thomson Reuters I/B/E/S.

Second-quarter expenses more than doubled to $71.68 million, mainly due to higher employee costs.

Assets under management increased to $7.89 billion as of July 1, compared with $7.86 billion at April 1, 2010.

The New York-based company's shares, which fell 3 percent in the past three months, were up 1 percent at $3.98 in early-morning trade Friday on Nasdaq. (Reporting by Rachel Chitra in Bangalore; Editing by Maju Samuel)

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