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Proc-Type: 2001,MIC-CLEAR
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<SEC-DOCUMENT>0000791963-05-000012.txt : 20050516
<SEC-HEADER>0000791963-05-000012.hdr.sgml : 20050516
<ACCEPTANCE-DATETIME>20050516170501
ACCESSION NUMBER:		0000791963-05-000012
CONFORMED SUBMISSION TYPE:	8-K/A
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20041231
ITEM INFORMATION:		Non-Reliance on Previously Issued Financial Statements or a Related Audit Report or Completed Interim Review
FILED AS OF DATE:		20050516
DATE AS OF CHANGE:		20050516

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			OPPENHEIMER HOLDINGS INC
		CENTRAL INDEX KEY:			0000791963
		STANDARD INDUSTRIAL CLASSIFICATION:	SECURITY BROKERS, DEALERS & FLOTATION COMPANIES [6211]
		IRS NUMBER:				980080034
		STATE OF INCORPORATION:			A6
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		8-K/A
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-12043
		FILM NUMBER:		05835690

	BUSINESS ADDRESS:	
		STREET 1:		SUITE 1110, P.O. BOX 2015
		STREET 2:		20 EGLINTON AVE. WEST
		CITY:			TORONTO
		STATE:			A6
		ZIP:			M4R 1K8
		BUSINESS PHONE:		(416)322-1515

	MAIL ADDRESS:	
		STREET 1:		PO BOX 2015 SUITE 1110
		STREET 2:		20 EGLINTON AVENUE WEST
		CITY:			TORONTO
		STATE:			A6
		ZIP:			M4R 1K8

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	FAHNESTOCK VINER HOLDINGS INC
		DATE OF NAME CHANGE:	19950725

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	VINER E A HOLDINGS LTD
		DATE OF NAME CHANGE:	19880622

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	GOLDALE INVESTMENTS LTD
		DATE OF NAME CHANGE:	19861030
</SEC-HEADER>
<DOCUMENT>
<TYPE>8-K/A
<SEQUENCE>1
<FILENAME>sec8ka.htm
<TEXT>
<!DOCTYPE HTML PUBLIC "-//IETF//DTD HTML//EN">
<html>


<body bgcolor="#FFFFFF">

<p align="center"><b></b>&nbsp;</p>

<p align="center"><font size="5"><b>UNITED STATES </b></font></p>

<p align="center"><font size="5"><b>SECURITIES AND EXCHANGE
COMMISSION </b></font></p>

<p align="center"><font size="4">Washington, D.C. 20549 </font></p>

<p align="center"><font size="5"><b>FORM 8-K/A</b></font></p>

<p align="center"><font size="5"><b>Amendment No. 1 </b></font></p>

<p align="center"><font size="2"><b>CURRENT REPORT PURSUANT TO
SECTION 13 OR 15(d) </b></font></p>

<p align="center"><font size="2"><b>OF THE SECURITIES EXCHANGE
ACT OF 1934 </b></font></p>

<p align="center"><font size="2">May 16, 2005 </font></p>

<p align="center"><font size="2"><i>Commission File Number
1-12043 </i></font></p>

<p align="center"><font size="5"><b>OPPENHEIMER HOLDINGS INC. </b></font></p>

<p><font size="2"></font>&nbsp;</p>
<div align="center"><center>

<table border="0" cellspacing="0" width="640">
    <tr>
        <td><font size="2" face="Courier New">Ontario, Canada
        98-0080034</font><p><font size="2" face="Courier New">(State
        of incorporation) (IRS employer identification number)</font></p>
        <p><font size="2" face="Courier New">PO Box 2015, Suite
        1110</font></p>
        <p><font size="2" face="Courier New">20 Eglinton Avenue
        West</font></p>
        <p><font size="2" face="Courier New">Toronto Ontario
        Canada M4R 1K8</font></p>
        <p><font size="2" face="Courier New">(Address of
        principal executive offices) (Zip code)</font></p>
        <p><font size="2" face="Courier New">(416) 322-1515</font></p>
        <p><font size="2" face="Courier New">______________________</font></p>
        </td>
    </tr>
    <tr>
        <td>&nbsp;</td>
    </tr>
</table>
</center></div>

<p><font size="2"></font>&nbsp;</p>

<p><font size="2">Check the appropriate box below if the Form 8-K
filing is intended to simultaneously satisfy the filing
obligation of the registrant under any of the following
provisions (see General Instruction A.2.): </font></p>

<p><font size="2">|_| Written communications pursuant to Rule 425
under the Securities Act (17 CFR 230.425) </font></p>

<p><font size="2">|_| Soliciting material pursuant to Rule 14a-12
under the Exchange Act (17 CRF 240.14a-12) </font></p>

<p><font size="2">|_| Pre-commencement communications pursuant to
Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) </font></p>

<p><font size="2">|_| Pre-commencement communications pursuant to
Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) </font></p>

<p><font size="2"><b>SECTION 4 &#150; MATTERS RELATED TO
ACCOUNTANTS AND FINANCIAL STATEMENTS</b></font></p>

<p><b>ITEM 4.02. Non-Reliance on Previously Issued Financial
Statements or a Related Audit Report or Completed Interim Review.</b></p>

<blockquote>
    <p>On May 9, 2005, Oppenheimer Holdings Inc. announced that
    management and the Audit Committee of the Board of Directors
    concluded that the Company&#146;s financial statements for
    the fiscal quarters ended March 31, 2004, June 30, 2004 and
    September 30, 2004 as well as its financial statements for
    the fiscal year ended December 31, 2004 should no longer be
    relied upon and should be restated as a result of an error in
    the accounting treatment for certain real estate leases. At
    the time of the announcement, the cumulative impact of this
    error was in the process of being determined by the Company.
    However it did result in the understatement of liabilities
    and the overstatement of profit before taxes and net profit
    for the year ended December 31, 2004 as well as for the
    quarters ended March 31, 2004, June 30, 2004 and September
    30, 2004. </p>
</blockquote>

<p>In addition, on May 9, 2005, the Company announced that its
interest expense on its variable rate exchangeable debentures
would be adjusted amongst the four quarters of 2004. In its
Annual Report on Form 10-K for the year ended December 31, 2004,
the Company booked an immaterial cumulative adjustment in
interest expense of $355,000 in the fourth quarter. With the
restatement of the 2004 quarters for the lease matters described
above, the Company has chosen to reflect the applicable interest
expense in each quarter rather than record the impact of the
adoption of the interest method as a fourth quarter adjustment.</p>

<p>The Company has now completed its review of the lease issue
and believes that the restatements for lease expense and interest
expense in the aggregate reduce net profit by $1,424,000 for the
year ended December 31, 2004 and $1,185,000, $142,000 and
$179,000, respectively for the quarters ended March 31, 2004,
June 30, 2004 and September 30, 2004 and increase net profit by
$82,000 for the quarter ended December 31, 2004. The impact of
the error in lease expense on the quarters and years prior to
2004 was immaterial. Consequently, the cumulative net effect of
these errors as of December 31, 2003 has been recorded in the
first quarter of 2004 as an additional expense of $779,000.</p>

<p>The Company is filing today both its Annual Report on Form
10-K/A for the fiscal year ended December 31, 2004 to restate its
results for the 2004 fiscal year and its Quarterly Report on Form
10-Q for the fiscal quarter ended March 31, 2005, which includes
the restated results for the fiscal quarter ended March 31, 2004.
The Company intends to file Quarterly Reports on Form 10-Q/A for
the quarterly periods ended June 30, 2004 and September 30, 2004
as quickly as possible. </p>

<p><font size="2"></font>&nbsp;</p>

<p>Exhibit Reference</p>
<div align="center"><center>

<table border="0" cellpadding="7" cellspacing="0" width="636">
    <tr>
        <td width="19%">Exhibit Number</td>
        <td width="81%">Exhibit Description</td>
    </tr>
    <tr>
        <td width="19%">&nbsp;</td>
        <td width="81%">&nbsp;</td>
    </tr>
    <tr>
        <td width="19%">99.1</td>
        <td width="81%">Oppenheimer Holdings Inc. press release,
        issued May 16, 2005, providing information on the
        restatement of the Company&#146;s financial statements
        for the quarterly periods ended March 31, 2004, June 30,
        2004 and September 30, 2004 , as well as for the year
        ended December 31, 2004.</td>
    </tr>
</table>
</center></div>

<p>&nbsp;</p>

<p align="center"><b>SIGNATURE </b></p>

<p>Pursuant to the requirements of the Securities Exchange Act of
1934, the Registrant has duly caused this report to be signed on
its behalf by the undersigned, thereunto duly authorized. </p>

<p align="center"><b>Oppenheimer Holdings Inc. </b></p>
<div align="center"><center>

<table border="0" cellspacing="0" width="649">
    <tr>
        <td><i>Date: May 16, 2005</i><p><i>By: &quot;E.K.
        Roberts&quot;</i></p>
        <p><i>---------------------------------</i></p>
        <p><i>E.K. Roberts</i></p>
        <p><i>President and Treasurer</i></p>
        <p><i>(Duly Authorized Officer and</i></p>
        <p><i>Principal Financial Officer)</i></p>
        </td>
    </tr>
</table>
</center></div>

<p>&nbsp;</p>

<p>&nbsp;</p>

<p>&nbsp;</p>

<p><a name="fis_exhibit_99"></a></p>
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</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99
<SEQUENCE>2
<FILENAME>ex99a.htm
<DESCRIPTION>PRESS RELEASE DATED MAY 16, 2005 ANNOUNCING RESTATEMENT OF 2004 RESULTS
<TEXT>
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<body bgcolor="#FFFFFF">

<p>EXHIBIT 99.1</p>

<p>&nbsp;</p>

<p align="left"><font size="3"><b>NYSE - OPY<br>
TSX - OPY.NV</b></font></p>

<p align="center"><b>Oppenheimer Holdings Inc. Restates its 2004
Results</b></p>

<p>Toronto and New York, May 16, 2005. As reported on May 9,
2005, subsequent to the issuance of its financial statements for
the year ended December 31, 2004, considering the open letter to
the American Institute of Certified Public Accountants from the
Chief Accountant of the SEC dated February 7, 2005, the Company
undertook a review of its real estate lease accounting policies
and is correcting its method of accounting for certain leases by
restating its financial statements for the year ended December
31, 2004. The Company is also restating its financial statements
for its fiscal quarters ended March 31, 2004, June 30, 2004 and
September 30, 2004 with respect to the same issue. The error
resulted in the understatement of property, plant and equipment,
net and liabilities and the overstatement of profit before taxes
and net profit for the year ended December 31, 2004 as well as
for the quarters ended March 31, 2004, June 30, 2004 and
September 30, 2004. </p>

<p>The correction involves recording expense for leases with
escalating rents on a straight-line basis over the lease term,
rather than as paid, and correctly accounting for landlord
incentives, to record leasehold amortization expense and deferred
incentive amortization. </p>

<p>In addition, the Company's interest expense on its variable
rate exchangeable debentures is being adjusted amongst the four
quarters of 2004. In its Annual Report on Form 10-K for the year
ended December 31, 2004, the Company had booked an immaterial
cumulative net adjustment in the fourth quarter of $355,000. With
the restatement of the 2004 quarters, the Company has chosen to
reflect the applicable interest expense in each quarter rather
than record the impact of the matter of the interest method as a
fourth quarter adjustment. There is no impact on net profit for
the year ended December 31, 2004 of the interest method matter. </p>

<p>The impact of the restatement on net profit is a reduction in
net profit of $1,424,000 for the year ended December 31, 2004,
reductions of $1,185,000, $142,000 and $179,000, respectively,
for the quarters ended March 31, June 30 and September 30, 2004
and an increase of $82,000 for the quarter ended December 31,
2004. The impact of the error on the quarters and years prior to
2004 was immaterial. Consequently, the cumulative net effect of
the error of $779,000 as of December 31, 2003 has been recorded
in the first quarter of 2004.</p>

<p>Oppenheimer Holdings Inc.</p>

<table border="0" cellpadding="7" cellspacing="0" width="625">
    <tr>
        <td valign="top" width="37%">&nbsp;</td>
        <td valign="top" colspan="5" width="63%"><p
        align="center"><b>Fiscal Quarters</b></p>
        </td>
    </tr>
    <tr>
        <td valign="top" width="37%"><b>Year ended December 31,
        2004</b></td>
        <td valign="top" width="12%"><b>First</b></td>
        <td valign="top" width="12%"><p align="right"><b>Second</b></p>
        </td>
        <td valign="top" width="12%"><b>Third</b></td>
        <td valign="top" width="12%"><p align="right"><b>Fourth</b></p>
        </td>
        <td valign="top" width="13%"><p align="right"><b>Total
        Year</b></p>
        </td>
    </tr>
    <tr>
        <td valign="top" width="37%">Revenue</td>
        <td valign="top" width="12%"><p align="right">$185,769</p>
        </td>
        <td valign="top" width="12%"><p align="right">$154,743</p>
        </td>
        <td valign="top" width="12%"><p align="right">$142,321</p>
        </td>
        <td valign="top" width="12%"><p align="right">$172,307</p>
        </td>
        <td valign="top" width="13%"><p align="right">$655,140</p>
        </td>
    </tr>
    <tr>
        <td valign="top" width="37%">&nbsp;</td>
        <td valign="top" width="12%">&nbsp;</td>
        <td valign="top" width="12%">&nbsp;</td>
        <td valign="top" width="12%">&nbsp;</td>
        <td valign="top" width="12%">&nbsp;</td>
        <td valign="top" width="13%">&nbsp;</td>
    </tr>
    <tr>
        <td valign="top" width="37%">Profit before tax, as
        reported</td>
        <td valign="top" width="12%"><p align="right">$18,504</p>
        </td>
        <td valign="top" width="12%"><p align="right">$2,722</p>
        </td>
        <td valign="top" width="12%"><p align="right">$2,794</p>
        </td>
        <td valign="top" width="12%"><p align="right">$14,342</p>
        </td>
        <td valign="top" width="13%"><p align="right">$38,362</p>
        </td>
    </tr>
    <tr>
        <td valign="top" width="37%">Profit before taxes, as
        restated</td>
        <td valign="top" width="12%"><p align="right">$16,462</p>
        </td>
        <td valign="top" width="12%"><p align="right">$2,477</p>
        </td>
        <td valign="top" width="12%"><p align="right">$2,485</p>
        </td>
        <td valign="top" width="12%"><p align="right">$14,484</p>
        </td>
        <td valign="top" width="13%"><p align="right">$35,908</p>
        </td>
    </tr>
    <tr>
        <td valign="top" width="37%">&nbsp;</td>
        <td valign="top" width="12%">&nbsp;</td>
        <td valign="top" width="12%">&nbsp;</td>
        <td valign="top" width="12%">&nbsp;</td>
        <td valign="top" width="12%">&nbsp;</td>
        <td valign="top" width="13%">&nbsp;</td>
    </tr>
    <tr>
        <td valign="top" width="37%">Net profit, as reported</td>
        <td valign="top" width="12%"><p align="right">$10,989</p>
        </td>
        <td valign="top" width="12%"><p align="right">$1,579</p>
        </td>
        <td valign="top" width="12%"><p align="right">$1,596</p>
        </td>
        <td valign="top" width="12%"><p align="right">$8,337</p>
        </td>
        <td valign="top" width="13%"><p align="right">$22,501</p>
        </td>
    </tr>
    <tr>
        <td valign="top" width="37%">Net profit, as restated</td>
        <td valign="top" width="12%"><p align="right">$9,804</p>
        </td>
        <td valign="top" width="12%"><p align="right">$1,437</p>
        </td>
        <td valign="top" width="12%"><p align="right">$1,417</p>
        </td>
        <td valign="top" width="12%"><p align="right">$8,419</p>
        </td>
        <td valign="top" width="13%"><p align="right">$21,077</p>
        </td>
    </tr>
    <tr>
        <td valign="top" width="37%">&nbsp;</td>
        <td valign="top" width="12%">&nbsp;</td>
        <td valign="top" width="12%">&nbsp;</td>
        <td valign="top" width="12%">&nbsp;</td>
        <td valign="top" width="12%">&nbsp;</td>
        <td valign="top" width="13%">&nbsp;</td>
    </tr>
    <tr>
        <td valign="top" width="37%">Earnings per share:</td>
        <td valign="top" width="12%">&nbsp;</td>
        <td valign="top" width="12%">&nbsp;</td>
        <td valign="top" width="12%">&nbsp;</td>
        <td valign="top" width="12%">&nbsp;</td>
        <td valign="top" width="13%">&nbsp;</td>
    </tr>
    <tr>
        <td valign="top" width="37%">Basic, as reported</td>
        <td valign="top" width="12%"><p align="right">$0.83</p>
        </td>
        <td valign="top" width="12%"><p align="right">$0.12</p>
        </td>
        <td valign="top" width="12%"><p align="right">$0.12</p>
        </td>
        <td valign="top" width="12%"><p align="right">$0.62</p>
        </td>
        <td valign="top" width="13%"><p align="right">$1.68</p>
        </td>
    </tr>
    <tr>
        <td valign="top" width="37%">Basic, as restated</td>
        <td valign="top" width="12%"><p align="right">$0.74</p>
        </td>
        <td valign="top" width="12%"><p align="right">$0.11</p>
        </td>
        <td valign="top" width="12%"><p align="right">$0.11</p>
        </td>
        <td valign="top" width="12%"><p align="right">$0.63</p>
        </td>
        <td valign="top" width="13%"><p align="right">$1.58</p>
        </td>
    </tr>
    <tr>
        <td valign="top" width="37%">&nbsp;</td>
        <td valign="top" width="12%">&nbsp;</td>
        <td valign="top" width="12%">&nbsp;</td>
        <td valign="top" width="12%">&nbsp;</td>
        <td valign="top" width="12%">&nbsp;</td>
        <td valign="top" width="13%">&nbsp;</td>
    </tr>
    <tr>
        <td valign="top" width="37%">Diluted, as reported</td>
        <td valign="top" width="12%"><p align="right">$0.58</p>
        </td>
        <td valign="top" width="12%"><p align="right">$0.12</p>
        </td>
        <td valign="top" width="12%"><p align="right">$0.12</p>
        </td>
        <td valign="top" width="12%"><p align="right">$0.48</p>
        </td>
        <td valign="top" width="13%"><p align="right">$1.31</p>
        </td>
    </tr>
    <tr>
        <td valign="top" width="37%">Diluted, as restated</td>
        <td valign="top" width="12%"><p align="right">$0.52</p>
        </td>
        <td valign="top" width="12%"><p align="right">$0.11</p>
        </td>
        <td valign="top" width="12%"><p align="right">$0.11</p>
        </td>
        <td valign="top" width="12%"><p align="right">$0.48</p>
        </td>
        <td valign="top" width="13%"><p align="right">$1.24</p>
        </td>
    </tr>
    <tr>
        <td valign="top" width="37%">&nbsp;</td>
        <td valign="top" width="12%">&nbsp;</td>
        <td valign="top" width="12%">&nbsp;</td>
        <td valign="top" width="12%">&nbsp;</td>
        <td valign="top" width="12%">&nbsp;</td>
        <td valign="top" width="13%">&nbsp;</td>
    </tr>
    <tr>
        <td valign="top" width="37%">Book value per share, as
        reported (after restatement of 2003 results)</td>
        <td valign="top" width="12%"><p align="right">$22.45</p>
        </td>
        <td valign="top" width="12%"><p align="right">$22.48</p>
        </td>
        <td valign="top" width="12%"><p align="right">$22.50</p>
        </td>
        <td valign="top" width="12%"><p align="right">$23.01</p>
        </td>
        <td valign="top" width="13%"><p align="right">$23.01</p>
        </td>
    </tr>
    <tr>
        <td valign="top" width="37%">Book value per share, as
        restated</td>
        <td valign="top" width="12%"><p align="right">22.37</p>
        </td>
        <td valign="top" width="12%"><p align="right">$22.38</p>
        </td>
        <td valign="top" width="12%"><p align="right">$22.38</p>
        </td>
        <td valign="top" width="12%"><p align="right">$22.91</p>
        </td>
        <td valign="top" width="13%"><p align="right">$22.91</p>
        </td>
    </tr>
</table>

<p>&nbsp;</p>

<p>The Company is filing, today, both its annual report on Form
10-K/A to restate its results for the year ended December 31,
2004 and its quarterly report on Form 10-Q for the quarterly
period ended March 31, 2005, which includes the restated results
for the quarter ended March 31, 2004. The Company intends to file
Forms 10-Q/A for the quarterly periods ended June 30 and
September 30, 2004 as quickly as possible.</p>

<p align="center">-0-</p>

<p>For further information:</p>

<p>A.G. Lowenthal 212 668-8000</p>

<p>E.K. Roberts 416 322-1515</p>

<p>&nbsp;</p>

<p>&nbsp;</p>

<p>&nbsp;</p>
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