Cowen Group continued to cut its quarterly loss, but also continued to disappoint analysts, in its first full quarter since the boutique investment bank reverse-merged with hedge fund Ramius Capital.
The New York-based firm posted a $13 million loss in the first quarter. While it only lost $8.8 million in the year-earlier period, the 2010 loss amounted to 18 cents per share, down from 23 cents per share in 2009. Still, analysts expected a loss of only 9 cents per share.
Cowen lost $23.4 million in the fourth quarter, during which the merger was completed.
Revenue at the firm nearly tripled, soaring to $56.3 million from $20.7 million. Net realized and unrealized gains on investments were also sharply higher, at $1.5 million in the year’s first three months. Last year, the figure was only $259,000.