Q1 economic income of $5.5M or $0.19 per share vs. economic loss of $4.9M in Q1 one year ago. Economic revenue of $128.6M vs. $105.6M a year ago.
Investment banking revenue up 40% Y/Y; brokerage revenue down 1%.
AUM of $10.7B up $170M from start of year.
Tangible book value per share of $21.67 vs. $21.88 at start of year.
CEO Peter Cohen takes note of an improved investment climate as helping investment banking and investment income.
Previously: Cowen Group beats by $0.06, misses on revenue (April 27)
COWN +14.5% to $15.46