EX-99.1 2 y90544exv99w1.htm EX-99.1

exv99w1

Exhibit 99.1

Reconciliation of Net Profit Attributable to Oppenheimer Holdings Inc. to Consolidated Adjusted Earnings
Before Interest Expense, Income Taxes, Depreciation Expense, and Amortization Expense (“EBITDA”)

		For the Year Ended December 31,
		2005				2006				2007				2008				2009				2010
		(dollars in thousands)
Net Profit Attributable to Oppenheimer Holdings Inc.		$	22,916			$	44,577			$	75,367			$	(20,770	)		$	19,487			$	38,331
Add:
Interest Expense(1)			9,005				8,742				8,097				15,540				13,925				11,539
Income Taxes			18,773				35,873				52,027				(15,274	)			15,326				28,578
Depreciation Expense			9,347				9,583				9,695				11,474				12,630				12,448
Amortization Expense			17,081				12,520				9,772				8,569				7,065				5,885
Consolidated EBITDA			77,122				111,295				154,957				(460	)			68,433				96,781
Share-Based Compensation Expense(2)			39				2,537				4,182				7,334				7,002				7,611
Extraordinary or Unusual Items(3)			5,093				(17,822	)			(2,578	)			42,747				9,435				3,809
Consolidated Adjusted EBITDA		$	82,254			$	96,009			$	156,562			$	49,621			$	84,870			$	108,201

Notes:
(1)		Interest expense on long-term debt.
(2)		Charges associated with Employee Share Plan restricted stock award program and Equity Incentive Plan stock option award program.
(3)		Includes gains on extinguishment of debt ($4.1 million and $2.5 million in 2006 and 2007, respectively), gains/losses related to the exchange of three stock exchange seats for shares of the NYSE Group, resulting from the merger between NYSE and Archipelago, ($13.7 million gain and $2.6 million loss in 2006 and 2008, respectively), and charges related to deferred compensation and benefit arrangements in conjunction with acquisitions made in 2003 and 2008 ($5.1 million, $40.2 million, $9.4 million, and $3.8 million in 2005, 2008, 2009, and 2010, respectively).