NEW YORK (AP) -- Investment firm Cowen Group Inc. said Friday that it swung to a loss in the second quarter from a year earlier, when gains related to acquisitions had plumped up its earnings.
The company reported a net loss of $7.9 million, or 7 cents per share, in the April-June quarter, compared with net income of $20 million, or 26 cents per share, in the same quarter last year.
Revenue edged up 1.4 percent to $59.5 million from $58.7 million a year earlier. Investment banking revenue increased while brokerage revenue was flat.
New York-based Cowen acquired LaBranche & Co., a stock-exchange market maker, in June 2011. Cowen booked a $22.2 million gain related to that purchase as well as an $18.3 million deferred tax benefit for the acquisition of a European insurance company in the second quarter of 2011.
Cowen shares rose 12 cents to close at $2.48. The shares have traded between $2.24 and $3.90 over the past 52 weeks.