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Supplemental Guarantor Condensed Consolidated Financial Statements | 6 Months Ended
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Jun. 30, 2012
Supplemental Guarantor Condensed Consolidated Financial [Abstract] |
Supplemental Guarantor Condensed Consolidated Financial Statements | 13. Supplemental Guarantor Consolidated Financial Statements (unaudited) The Company’s Notes are jointly and severally and fully and unconditionally guaranteed on a senior basis by E.A. Viner International Co. and Viner Finance Inc. (together, the “Guarantors”), unless released as described below. Each of the Guarantors is 100% owned by the Company. The following consolidating financial statements present the financial position, results of operations and cash flows of the Company (referred to as “Parent” for purposes of this note only), the Guarantor subsidiaries, the Non-Guarantor subsidiaries and elimination entries necessary to consolidate the Company. Investments in subsidiaries are accounted for using the equity method for purposes of the consolidated presentation. Each Guarantor will be automatically and unconditionally released and discharged upon: the sale, exchange or transfer of the capital stock of a Guarantor and the Guarantor ceases to be a direct or indirect subsidiary of the Company if such sale does not constitute an asset sale under the indenture for the Notes or does not constitute an asset sale effected in compliance with the asset sale and merger covenants of the indenture for the Notes; a Guarantor being dissolved or liquidated; a Guarantor being designated unrestricted in compliance with the applicable provisions of the Notes; or the exercise by the Company of its legal defeasance option or covenant defeasance option or the discharge of the Company’s obligations under the indenture for the Notes in accordance with the terms of such indenture. OPPENHEIMER HOLDINGS INC. CONDENSED CONSOLIDATING BALANCE SHEET (unaudited) AS OF JUNE 30, 2012
Expressed in thousands of dollars |  | Parent |  |  | Guarantor subsidiaries |  |  | Non-guarantor Subsidiaries |  |  | Eliminations |  |  | Consolidated |
ASSETS |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Cash and cash equivalents |  | $ | 1,113 |  |  | $ | 25,864 |  |  | $ | 66,564 |  |  | $ | — |  |  | $ | 93,541 |
Cash and securities segregated for regulatory and other purposes |  |  | — |  |  |  | — |  |  |  | 32,487 |  |  |  | — |  |  |  | 32,487 |
Deposits with clearing organizations |  |  | — |  |  |  | — |  |  |  | 64,806 |  |  |  | — |  |  |  | 64,806 |
Receivable from brokers and clearing organizations |  |  | — |  |  |  | — |  |  |  | 294,444 |  |  |  | — |  |  |  | 294,444 |
Receivable from customers, net of allowance for credit losses of $2,659 |  |  | — |  |  |  | — |  |  |  | 839,769 |  |  |  | — |  |  |  | 839,769 |
Income taxes receivable |  |  | 10,795 |  |  |  | 29,465 |  |  |  | (879 | ) |  |  | (33,570 | ) |  |  | 5,811 |
Securities purchased under agreements to resell |  |  | — |  |  |  | — |  |  |  | 5,225 |  |  |  | — |  |  |  | 5,225 |
Securities owned, including amounts pledged of $755,395, at fair value |  |  | — |  |  |  | 13,588 |  |  |  | 1,087,056 |  |  |  | — |  |  |  | 1,100,644 |
Subordinated loan receivable |  |  | — |  |  |  | 112,558 |  |  |  | — |  |  |  | (112,558 | ) |  |  | — |
Notes receivable, net |  |  | — |  |  |  | — |  |  |  | 52,799 |  |  |  | — |  |  |  | 52,799 |
Office facilities, net |  |  | — |  |  |  | — |  |  |  | 25,923 |  |  |  | — |  |  |  | 25,923 |
Deferred tax asset |  |  | — |  |  |  | 2,166 |  |  |  | 29,097 |  |  |  | (31,263 | ) |  |  | — |
Intangible assets, net |  |  | — |  |  |  | — |  |  |  | 32,356 |  |  |  | — |  |  |  | 32,356 |
Goodwill |  |  | — |  |  |  | — |  |  |  | 137,889 |  |  |  | — |  |  |  | 137,889 |
Other |  |  | 3,759 |  |  |  | 949 |  |  |  | 206,340 |  |  |  |  |  |  |  | 211,048 |
Investment in subsidiaries |  |  | 499,480 |  |  |  | 889,006 |  |  |  | (194,935 | ) |  |  | (1,193,551 | ) |  |  | — |
Intercompany receivables |  |  | 188,864 |  |  |  | (132,139 | ) |  |  | (20,122 | ) |  |  | (36,603 | ) |  |  | — |
|  | $ | 704,011 |  |  | $ | 941,457 |  |  | $ | 2,658,819 |  |  | $ | (1,407,545 | ) |  | $ | 2,896,742 |
LIABILITIES AND STOCKHOLDERS’ EQUITY |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Liabilities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Drafts payable |  | $ | — |  |  | $ | — |  |  | $ | 46,592 |  |  | $ | — |  |  | $ | 46,592 |
Bank call loans |  |  | — |  |  |  | — |  |  |  | 86,900 |  |  |  | — |  |  |  | 86,900 |
Payable to brokers and clearing organizations |  |  | — |  |  |  | — |  |  |  | 378,700 |  |  |  | — |  |  |  | 378,700 |
Payable to customers |  |  | — |  |  |  | — |  |  |  | 538,354 |  |  |  | — |  |  |  | 538,354 |
Securities sold under agreements to repurchase |  |  | — |  |  |  | — |  |  |  | 734,883 |  |  |  | — |  |  |  | 734,883 |
Securities sold, but not yet purchased, at fair value |  |  | — |  |  |  | — |  |  |  | 94,153 |  |  |  | — |  |  |  | 94,153 |
Accrued compensation |  |  | — |  |  |  | — |  |  |  | 108,306 |  |  |  | — |  |  |  | 108,306 |
Accounts payable and other liabilities |  |  | 3,696 |  |  |  | 10,096 |  |  |  | 182,529 |  |  |  | (2,814 | ) |  |  | 193,507 |
Income taxes payable |  |  | 2,440 |  |  |  | 19,951 |  |  |  | 8,941 |  |  |  | (31,332 | ) |  |  | — |
Senior secured note |  |  | 195,000 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 195,000 |
Subordinated indebtedness |  |  | — |  |  |  | — |  |  |  | 112,558 |  |  |  | (112,558 | ) |  |  | — |
Deferred income tax, net |  |  | 141 |  |  |  | — |  |  |  | 34,656 |  |  |  | (31,264 | ) |  |  | 3,533 |
Excess of fair value of acquired assets over cost |  |  | — |  |  |  | — |  |  |  | 7,020 |  |  |  | — |  |  |  | 7,020 |
Intercompany payables |  |  | — |  |  |  | 36,604 |  |  |  | — |  |  |  | (36,604 | ) |  |  | — |
|  |  | 201,277 |  |  |  | 66,651 |  |  |  | 2,333,592 |  |  |  | (214,572 | ) |  |  | 2,386,948 |
Stockholders’ equity attributable to Oppenheimer Holdings Inc. |  |  | 502,734 |  |  |  | 874,806 |  |  |  | 318,167 |  |  |  | (1,192,973 | ) |  |  | 502,734 |
Noncontrolling interest |  |  | — |  |  |  | — |  |  |  | 7,060 |  |  |  | — |  |  |  | 7,060 |
Stockholders’ equity |  |  | 502,734 |  |  |  | 874,806 |  |  |  | 325,227 |  |  |  | (1,192,973 | ) |  |  | 509,794 |
|  | $ | 704,011 |  |  | $ | 941,457 |  |  | $ | 2,658,819 |  |  | $ | (1,407,545 | ) |  | $ | 2,896,742 |
OPPENHEIMER HOLDINGS INC. CONDENSED CONSOLIDATING BALANCE SHEET (unaudited) AS OF DECEMBER 31, 2011
Expressed in thousands of dollars. |  | Parent |  |  | Guarantor subsidiaries |  |  | Non-Guarantor Subsidiaries |  |  | Eliminations |  |  | Consolidated |
ASSETS |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Cash and cash equivalents |  | $ | 2,555 |  |  | $ | 11,882 |  |  | $ | 55,892 |  |  | $ | — |  |  | $ | 70,329 |
Cash and securities segregated for regulatory and other purposes |  |  | — |  |  |  | — |  |  |  | 30,086 |  |  |  | — |  |  |  | 30,086 |
Deposits with clearing organizations |  |  | — |  |  |  | — |  |  |  | 35,816 |  |  |  | — |  |  |  | 35,816 |
Receivable from brokers and clearing organizations |  |  | — |  |  |  | 20 |  |  |  | 288,093 |  |  |  |  |  |  |  | 288,113 |
Receivable from customers, net of allowance for credit losses of $2,716 |  |  | — |  |  |  | — |  |  |  | 837,822 |  |  |  | — |  |  |  | 837,822 |
Income taxes receivable |  |  | 6,785 |  |  |  | 30,942 |  |  |  | (702 | ) |  |  | (30,282 | ) |  |  | 6,743 |
Securities purchased under agreements to resell |  |  | — |  |  |  | — |  |  |  | 847,688 |  |  |  | — |  |  |  | 847,688 |
Securities owned, including amounts pledged of $102,501, at fair value |  |  | — |  |  |  | 17,811 |  |  |  | 906,730 |  |  |  | — |  |  |  | 924,541 |
Subordinated loan receivable |  |  | — |  |  |  | 112,558 |  |  |  | — |  |  |  | (112,558 | ) |  |  | — |
Notes receivable, net |  |  | — |  |  |  | — |  |  |  | 54,044 |  |  |  | — |  |  |  | 54,044 |
Office facilities, net |  |  | — |  |  |  | — |  |  |  | 16,976 |  |  |  | — |  |  |  | 16,976 |
Deferred tax asset |  |  | — |  |  |  | 2,164 |  |  |  | 21,130 |  |  |  | (23,294 | ) |  |  | — |
Intangible assets, net |  |  | — |  |  |  | — |  |  |  | 35,589 |  |  |  | — |  |  |  | 35,589 |
Goodwill |  |  | — |  |  |  | — |  |  |  | 137,889 |  |  |  | — |  |  |  | 137,889 |
Other |  |  | 4,055 |  |  |  | 1,533 |  |  |  | 236,215 |  |  |  |  |  |  |  | 241,803 |
Investment in subsidiaries |  |  | 496,512 |  |  |  | 896,819 |  |  |  | (199,063 | ) |  |  | (1,194,268 | ) |  |  | — |
Intercompany receivables |  |  | 199,387 |  |  |  | (128,746 | ) |  |  | (33,506 | ) |  |  | (37,135 | ) |  |  | — |
|  | $ | 709,294 |  |  | $ | 944,983 |  |  | $ | 3,270,699 |  |  | $ | (1,397,537 | ) |  | $ | 3,527,439 |
LIABILITIES AND STOCKHOLDERS’ EQUITY |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Liabilities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Drafts payable |  | $ | — |  |  | $ | — |  |  | $ | 51,848 |  |  | $ | — |  |  | $ | 51,848 |
Bank call loans |  |  | — |  |  |  | — |  |  |  | 27,500 |  |  |  | — |  |  |  | 27,500 |
Payable to brokers and clearing organizations |  |  | — |  |  |  | — |  |  |  | 335,610 |  |  |  | — |  |  |  | 335,610 |
Payable to customers |  |  | — |  |  |  | — |  |  |  | 479,896 |  |  |  | — |  |  |  | 479,896 |
Securities sold under agreements to repurchase |  |  | — |  |  |  | — |  |  |  | 1,508,493 |  |  |  | — |  |  |  | 1,508,493 |
Securities sold, but not yet purchased, at fair value |  |  | — |  |  |  | — |  |  |  | 69,415 |  |  |  | — |  |  |  | 69,415 |
Accrued compensation |  |  | — |  |  |  | — |  |  |  | 144,283 |  |  |  | — |  |  |  | 144,283 |
Accounts payable and other liabilities |  |  | 3,734 |  |  |  | 6,915 |  |  |  | 174,318 |  |  |  | (298 | ) |  |  | 184,669 |
Income taxes payable |  |  | 2,440 |  |  |  | 22,189 |  |  |  | 5,653 |  |  |  | (30,282 | ) |  |  | — |
Senior secured note |  |  | 195,000 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 195,000 |
Subordinated indebtedness |  |  | — |  |  |  | — |  |  |  | 112,558 |  |  |  | (112,558 | ) |  |  | — |
Deferred income tax, net |  |  | 50 |  |  |  | — |  |  |  | 33,546 |  |  |  | (23,294 | ) |  |  | 10,302 |
Excess of fair value of acquired assets over cost |  |  | — |  |  |  | — |  |  |  | 7,020 |  |  |  | — |  |  |  | 7,020 |
Intercompany payables |  |  | — |  |  |  | 37,126 |  |  |  | — |  |  |  | (37,126 | ) |  |  | — |
|  |  | 201,224 |  |  |  | 66,230 |  |  |  | 2,950,140 |  |  |  | (203,558 | ) |  |  | 3,014,036 |
Stockholders’ equity attributable to Oppenheimer Holdings Inc. |  |  | 508,070 |  |  |  | 878,753 |  |  |  | 315,226 |  |  |  | (1,193,979 | ) |  |  | 508,070 |
Noncontrolling interest |  |  | — |  |  |  | — |  |  |  | 5,333 |  |  |  | — |  |  |  | 5,333 |
Stockholders’ equity |  |  | 508,070 |  |  |  | 878,753 |  |  |  | 320,559 |  |  |  | (1,193,979 | ) |  |  | 513,403 |
|  | $ | 709,294 |  |  | $ | 944,983 |  |  | $ | 3,270,699 |  |  | $ | (1,397,537 | ) |  | $ | 3,527,439 |
OPPENHEIMER HOLDINGS INC. CONDENSED CONSOLIDATING STATEMENT OF OPERATIONS (unaudited) FOR THE SIX MONTHS ENDED JUNE 30, 2012
Expressed in thousands of dollars |  | Parent |  |  | Guarantor subsidiaries |  |  | Non-guarantor Subsidiaries |  |  | Elimination |  |  | Consolidated |
REVENUE |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Commissions |  | $ | — |  |  | $ | — |  |  | $ | 238,063 |  |  | $ | — |  |  | $ | 238,063 |
Principal transactions, net |  |  | — |  |  |  | 290 |  |  |  | 25,725 |  |  | $ | — |  |  |  | 26,015 |
Interest |  |  | — |  |  |  | 6,154 |  |  |  | 27,816 |  |  |  | (6,331 | ) |  |  | 27,639 |
Investment banking |  |  | — |  |  |  | — |  |  |  | 45,058 |  |  |  | — |  |  |  | 45,058 |
Advisory fees |  |  | — |  |  |  | — |  |  |  | 105,038 |  |  |  | (1,257 | ) |  |  | 103,781 |
Other |  |  | — |  |  |  | 84 |  |  |  | 30,803 |  |  |  | (84 | ) |  |  | 30,803 |
|  |  | — |  |  |  | 6,528 |  |  |  | 472,503 |  |  |  | (7,672 | ) |  |  | 471,359 |
EXPENSES |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Compensation and related expenses |  |  | 212 |  |  |  | — |  |  |  | 309,335 |  |  |  | — |  |  |  | 309,547 |
Clearing and exchange fees |  |  | — |  |  |  | — |  |  |  | 12,020 |  |  |  | — |  |  |  | 12,020 |
Communications and technology |  |  | 44 |  |  |  | — |  |  |  | 31,422 |  |  |  | — |  |  |  | 31,466 |
Occupancy and equipment costs |  |  | — |  |  |  | — |  |  |  | 41,837 |  |  |  | (84 | ) |  |  | 41,753 |
Interest |  |  | 8,750 |  |  |  | 20 |  |  |  | 14,583 |  |  |  | (6,331 | ) |  |  | 17,022 |
Other |  |  | 772 |  |  |  | 37 |  |  |  | 58,649 |  |  |  | (1,257 | ) |  |  | 58,201 |
|  |  | 9,778 |  |  |  | 57 |  |  |  | 467,846 |  |  |  | (7,672 | ) |  |  | 470,009 |
Profit before income taxes |  |  | (9,778 | ) |  |  | 6,471 |  |  |  | 4,657 |  |  |  | — |  |  |  | 1,350 |
Income tax provision (benefit) |  |  | (3,910 | ) |  |  | 4,286 |  |  |  | 1,482 |  |  |  | — |  |  |  | 1,858 |
Net profit for the period |  |  | (5,868 | ) |  |  | 2,185 |  |  |  | 3,175 |  |  |  | — |  |  |  | (508 | )
Less net profit attributable to non-controlling interest, net of tax |  |  | — |  |  |  | — |  |  |  | (1,727 | ) |  |  | — |  |  |  | (1,727 | )
Equity in subsidiaries |  |  | 3,633 |  |  |  | — |  |  |  | — |  |  |  | (3,633 | ) |  |  | — |
Net profit attributable to Oppnheimer Holdings Inc. |  | $ | (2,235 | ) |  | $ | 2,185 |  |  | $ | 1,448 |  |  | $ | (3,633 | ) |  | $ | (2,235 | )
Comprehensive income (loss) |  | $ | (1 | ) |  | $ | — |  |  | $ | (653 | ) |  | $ | — |  |  | $ | (654 | )
OPPENHEIMER HOLDINGS INC. CONDENSED CONSOLIDATING STATEMENT OF OPERATIONS (unaudited) FOR THE THREE MONTHS ENDED JUNE 30, 2012
Expressed in thousands of dollars |  | Parent |  |  | Guarantor subsidiaries |  |  | Non-guarantor Subsidiaries |  |  | Elimination |  |  | Consolidated |
REVENUE |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Commissions |  | $ | — |  |  | $ | — |  |  | $ | 112,429 |  |  | $ | — |  |  | $ | 112,429 |
Principal transactions, net |  |  | — |  |  |  | (198 | ) |  |  | 13,658 |  |  |  | — |  |  |  | 13,460 |
Interest |  |  | — |  |  |  | 3,057 |  |  |  | 14,820 |  |  |  | (3,631 | ) |  |  | 14,246 |
Investment banking |  |  | — |  |  |  | — |  |  |  | 24,971 |  |  |  | — |  |  |  | 24,971 |
Advisory fees |  |  | — |  |  |  | — |  |  |  | 54,324 |  |  |  | (620 | ) |  |  | 53,704 |
Other |  |  | — |  |  |  | 42 |  |  |  | 14,335 |  |  |  | (42 | ) |  |  | 14,335 |
|  |  | — |  |  |  | 2,901 |  |  |  | 234,537 |  |  |  | (4,293 | ) |  |  | 233,145 |
EXPENSES |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Compensation and related expenses |  |  | 84 |  |  |  | — |  |  |  | 150,812 |  |  |  | — |  |  |  | 150,896 |
Clearing and exchange fees |  |  | — |  |  |  | — |  |  |  | 5,989 |  |  |  | — |  |  |  | 5,989 |
Communications and technology |  |  | 44 |  |  |  | — |  |  |  | 15,284 |  |  |  | — |  |  |  | 15,328 |
Occupancy and equipment costs |  |  | — |  |  |  | — |  |  |  | 17,451 |  |  |  | (42 | ) |  |  | 17,409 |
Interest |  |  | 4,376 |  |  |  | 1 |  |  |  | 7,484 |  |  |  | (3,631 | ) |  |  | 8,230 |
Other |  |  | 429 |  |  |  | 19 |  |  |  | 27,626 |  |  |  | (620 | ) |  |  | 27,454 |
|  |  | 4,933 |  |  |  | 20 |  |  |  | 224,646 |  |  |  | (4,293 | ) |  |  | 225,306 |
Profit before income taxes |  |  | (4,933 | ) |  |  | 2,881 |  |  |  | 9,891 |  |  |  | — |  |  |  | 7,839 |
Income tax provision (benefit) |  |  | (2,078 | ) |  |  | 3,034 |  |  |  | 3,508 |  |  |  | — |  |  |  | 4,464 |
Net profit for the period |  |  | (2,855 | ) |  |  | (153 | ) |  |  | 6,383 |  |  |  | — |  |  |  | 3,375 |
Less net profit attributable to non-controlling interest, net of tax |  |  | — |  |  |  | — |  |  |  | (953 | ) |  |  | — |  |  |  | (953 | )
Equity in subsidiaries |  |  | 5,277 |  |  |  | — |  |  |  | — |  |  |  | (5,277 | ) |  |  | — |
Net profit attributable to Oppnheimer Holdings Inc. |  | $ | 2,422 |  |  | $ | (153 | ) |  | $ | 5,430 |  |  | $ | (5,277 | ) |  | $ | 2,422 |
Comprehensive income (loss) |  | $ | (3 | ) |  | $ | — |  |  | $ | (285 | ) |  | $ | — |  |  | $ | (288 | )
OPPENHEIMER HOLDINGS INC. CONDENSED CONSOLIDATING STATEMENT OF OPERATIONS (unaudited) FOR THE SIX MONTHS ENDED JUNE 30, 2011
Expressed in thousands of dollars |  | Parent |  |  | Guarantor subsidiaries |  |  | Non-guarantor Subsidiaries |  |  | Eliminations |  |  | Consolidated |
REVENUE |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Commissions |  | $ | — |  |  | $ | — |  |  | $ | 257,645 |  |  | $ | — |  |  | $ | 257,645 |
Principal transactions, net |  |  | — |  |  |  | (307 | ) |  |  | 24,611 |  |  |  | — |  |  |  | 24,304 |
Interest |  |  | — |  |  |  | 4,419 |  |  |  | 28,230 |  |  |  | (4,211 | ) |  |  | 28,438 |
Investment banking |  |  | — |  |  |  | — |  |  |  | 63,158 |  |  |  | (1,000 | ) |  |  | 62,158 |
Advisory fees |  |  | — |  |  |  | — |  |  |  | 99,695 |  |  |  | (1,191 | ) |  |  | 98,504 |
Other |  |  | — |  |  |  | — |  |  |  | 26,886 |  |  |  | — |  |  |  | 26,886 |
|  |  | — |  |  |  | 4,112 |  |  |  | 500,225 |  |  |  | (6,402 | ) |  |  | 497,935 |
EXPENSES |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Compensation and related expenses |  |  | 152 |  |  |  | — |  |  |  | 330,699 |  |  |  | — |  |  |  | 330,851 |
Clearing and exchange fees |  |  | — |  |  |  | — |  |  |  | 12,613 |  |  |  | — |  |  |  | 12,613 |
Communications and technology |  |  | 21 |  |  |  | — |  |  |  | 31,987 |  |  |  | — |  |  |  | 32,008 |
Occupancy and equipment costs |  |  | — |  |  |  | — |  |  |  | 37,070 |  |  |  | — |  |  |  | 37,070 |
Interest |  |  | 3,791 |  |  |  | 3,428 |  |  |  | 15,435 |  |  |  | (4,211 | ) |  |  | 18,443 |
Other |  |  | 1,546 |  |  |  | 262 |  |  |  | 55,800 |  |  |  | (2,191 | ) |  |  | 55,417 |
|  |  | 5,510 |  |  |  | 3,690 |  |  |  | 483,604 |  |  |  | (6,402 | ) |  |  | 486,402 |
Profit before income taxes |  |  | (5,510 | ) |  |  | 422 |  |  |  | 16,621 |  |  |  | — |  |  |  | 11,533 |
Income tax provision (benefit) |  |  | (2,192 | ) |  |  | 265 |  |  |  | 7,261 |  |  |  | — |  |  |  | 5,334 |
Net profit for the period |  |  | (3,318 | ) |  |  | 157 |  |  |  | 9,360 |  |  |  | — |  |  |  | 6,199 |
Less net profit attributable to non-controlling interest, net of tax |  |  | — |  |  |  | — |  |  |  | (1,422 | ) |  |  | — |  |  |  | (1,422 | )
Equity in subsidiaries |  |  | 8,095 |  |  |  | — |  |  |  | — |  |  |  | (8,095 | ) |  |  | — |
Net profit attributable to Oppnheimer Holdings Inc. |  | $ | 4,777 |  |  | $ | 157 |  |  | $ | 7,938 |  |  | $ | (8,095 | ) |  | $ | 4,777 |
Comprehensive income (loss) |  | $ | — |  |  | $ | — |  |  | $ | 119 |  |  | $ | — |  |  | $ | 119 |
OPPENHEIMER HOLDINGS INC. CONDENSED CONSOLIDATING STATEMENT OF OPERATIONS (unaudited) FOR THE THREE MONTHS ENDED JUNE 30, 2011
Expressed in thousands of dollars |  | Parent |  |  | Guarantor subsidiaries |  |  | Non-guarantor Subsidiaries |  |  | Eliminations |  |  | Consolidated |
REVENUE |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Commissions |  | $ | — |  |  | $ | — |  |  | $ | 120,790 |  |  | $ | — |  |  | $ | 120,790 |
Principal transactions, net |  |  | — |  |  |  | (308 | ) |  |  | 13,621 |  |  |  | — |  |  |  | 13,313 |
Interest |  |  | — |  |  |  | 2,671 |  |  |  | 13,441 |  |  |  | (2,463 | ) |  |  | 13,649 |
Investment banking |  |  | — |  |  |  | — |  |  |  | 34,717 |  |  |  | (1,000 | ) |  |  | 33,717 |
Advisory fees |  |  | — |  |  |  | — |  |  |  | 50,662 |  |  |  | (607 | ) |  |  | 50,055 |
Other |  |  | — |  |  |  | — |  |  |  | 12,994 |  |  |  | — |  |  |  | 12,994 |
|  |  | — |  |  |  | 2,363 |  |  |  | 246,225 |  |  |  | (4,070 | ) |  |  | 244,518 |
EXPENSES |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Compensation and related expenses |  |  | 48 |  |  |  | — |  |  |  | 160,388 |  |  |  | — |  |  |  | 160,436 |
Clearing and exchange fees |  |  | — |  |  |  | — |  |  |  | 6,300 |  |  |  | — |  |  |  | 6,300 |
Communications and technology |  |  | 7 |  |  |  | — |  |  |  | 16,062 |  |  |  | — |  |  |  | 16,069 |
Occupancy and equipment costs |  |  | — |  |  |  | — |  |  |  | 18,524 |  |  |  | — |  |  |  | 18,524 |
Interest |  |  | 3,791 |  |  |  | 1,924 |  |  |  | 7,417 |  |  |  | (2,463 | ) |  |  | 10,669 |
Other |  |  | 1,331 |  |  |  | 11 |  |  |  | 31,081 |  |  |  | (1,607 | ) |  |  | 30,816 |
|  |  | 5,177 |  |  |  | 1,935 |  |  |  | 239,772 |  |  |  | (4,070 | ) |  |  | 242,814 |
Profit before income taxes |  |  | (5,177 | ) |  |  | 429 |  |  |  | 6,453 |  |  |  | — |  |  |  | 1,704 |
Income tax provision (benefit) |  |  | (2,058 | ) |  |  | 240 |  |  |  | 3,084 |  |  |  | — |  |  |  | 1,266 |
Net profit for the period |  |  | (3,119 | ) |  |  | 189 |  |  |  | 3,369 |  |  |  | — |  |  |  | 438 |
Less net profit attributable to non-controlling interest, net of tax |  |  | — |  |  |  | — |  |  |  | (747 | ) |  |  | — |  |  |  | (747 | )
Equity in subsidiaries |  |  | 2,810 |  |  |  | — |  |  |  | — |  |  |  | (2,810 | ) |  |  | — |
Net profit attributable to Oppnheimer Holdings Inc. |  | $ | (309 | ) |  | $ | 189 |  |  | $ | 2,622 |  |  | $ | (2,810 | ) |  | $ | (309 | )
Comprehensive income (loss) |  | $ | — |  |  | $ | — |  |  | $ | (120 | ) |  | $ | — |  |  | $ | (120 | )
OPPENHEIMER HOLDINGS INC. CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS (unaudited) FOR THE SIX MONTHS ENDED JUNE 30, 2012
Expressed in thousands of dollars |  | Parent |  |  | Guarantor subsidiaries |  |  | Non-Guarantor Subsidiaries |  |  | Eliminations |  |  | Consolidated |
Cash flows from operations: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Net income (loss) for the period |  | $ | (5,868 | ) |  | $ | 2,185 |  |  | $ | 3,175 |  |  | $ | — |  |  | $ | (508 | )
Adjustments to reconcile net profit (loss) to net cash used in operating activities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Depreciation and amortization |  |  | — |  |  |  | — |  |  |  | 5,553 |  |  |  | — |  |  |  | 5,553 |
Deferred income tax |  |  | 90 |  |  |  | (2 | ) |  |  | (6,857 | ) |  |  | — |  |  |  | (6,769 | )
Amortization of notes receivable |  |  | — |  |  |  | — |  |  |  | 9,760 |  |  |  | — |  |  |  | 9,760 |
Amortization of debt issuance costs |  |  | 319 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 319 |
Amortization of intangible assets |  |  | — |  |  |  | — |  |  |  | 3,233 |  |  |  | — |  |  |  | 3,233 |
Provision for credit losses |  |  | — |  |  |  | — |  |  |  | 111 |  |  |  | — |  |  |  | 111 |
Share-based compensation expense |  |  | — |  |  |  | — |  |  |  | 2,224 |  |  |  | — |  |  |  | 2,224 |
Changes in operating assets and liabilities |  |  | 8,517 |  |  |  | 11,799 |  |  |  | (58,106 | ) |  |  | — |  |  |  | (37,790 | )
Cash flow provided by (used in) continuing operations |  |  | 3,058 |  |  |  | 13,982 |  |  |  | (40,907 | ) |  |  | — |  |  |  | (23,867 | )
Cash flows from Investment activities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Purchase of office facilities |  |  | — |  |  |  | — |  |  |  | (7,821 | ) |  |  | — |  |  |  | (7,821 | )
Cash used in investing activities |  |  | — |  |  |  | — |  |  |  | (7,821 | ) |  |  | — |  |  |  | (7,821 | )
Cash flows from financing activities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Cash dividends paid on Class A non-voting and Class B voting common stock |  |  | (2,990 | ) |  |  | — |  |  |  | — |  |  |  | — |  |  |  | (2,990 | )
Issuance of Class A non-voting common stock |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |
Repurchase of Class A non-voting common stock |  |  | (1,551 | ) |  |  | — |  |  |  | — |  |  |  | — |  |  |  | (1,551 | )
Tax benefit (shortfall) from shared based compensation |  |  | 41 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 41 |
Debt Issuance Cost |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |
Issuance of senior secured note |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |
Buy back of senior secured note |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |
Repayments of senior secured credit note |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |
Repayments of senior secured credit note |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |
Other financing activities |  |  | — |  |  |  | — |  |  |  | 59,400 |  |  |  | — |  |  |  | 59,400 |
Cash flow provided by (used in) financing activities |  |  | (4,500 | ) |  |  | — |  |  |  | 59,400 |  |  |  | — |  |  |  | 54,900 |
Net increase (decrease) in cash and cash equivalents |  |  | (1,442 | ) |  |  | 13,982 |  |  |  | 10,672 |  |  |  | — |  |  |  | 23,212 |
Cash and cash equivalents, beginning of the period |  |  | 2,555 |  |  |  | 11,882 |  |  |  | 55,892 |  |  |  | — |  |  |  | 70,329 |
Cash and cash equivalents, end of the period |  | $ | 1,113 |  |  | $ | 25,864 |  |  | $ | 66,564 |  |  | $ | — |  |  | $ | 93,541 |
OPPENHEIMER HOLDINGS INC. CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS (unaudited) FOR THE SIX MONTHS ENDED JUNE 30, 2011
Expressed in thousands of dollars |  | Parent |  |  | Guarantor subsidiaries |  |  | Non-Guarantor Subsidiaries |  |  | Eliminations |  |  | Consolidated |
Cash flows from operations: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Net income (loss) for the period |  | $ | (3,318 | ) |  | $ | 157 |  |  | $ | 9,360 |  |  | $ | — |  |  | $ | 6,199 |
Adjustments to reconcile net profit (loss) to net cash used in operating activities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Depreciation and amortization |  |  | — |  |  |  | — |  |  |  | 6,437 |  |  |  | — |  |  |  | 6,437 |
Deferred income tax |  |  | — |  |  |  | (943 | ) |  |  | 3,120 |  |  |  | — |  |  |  | 2,177 |
Amortization of notes receivable |  |  | — |  |  |  | — |  |  |  | 10,140 |  |  |  | — |  |  |  | 10,140 |
Amortization of debt issuance costs |  |  | — |  |  |  | — |  |  |  | 571 |  |  |  | — |  |  |  | 571 |
Amortization of intangible assets |  |  | — |  |  |  | — |  |  |  | 2,163 |  |  |  | — |  |  |  | 2,163 |
Provision for credit losses |  |  | — |  |  |  | — |  |  |  | (286 | ) |  |  | — |  |  |  | (286 | )
Share-based compensation expense |  |  | — |  |  |  | — |  |  |  | 2,720 |  |  |  | — |  |  |  | 2,720 |
Changes in operating assets and liabilities |  |  | (189,836 | ) |  |  | 85,715 |  |  |  | 52,791 |  |  |  | 69 |  |  |  | (51,262 | )
Cash flow provided by (used in) continuing operations |  |  | (193,155 | ) |  |  | 84,928 |  |  |  | 87,016 |  |  |  | 69 |  |  |  | (21,141 | )
Cash flows from Investment activities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Purchase of office facilities |  |  | — |  |  |  | — |  |  |  | (3,013 | ) |  |  | — |  |  |  | (3,013 | )
Cash used in investing activities |  |  | — |  |  |  | — |  |  |  | (3,013 | ) |  |  | — |  |  |  | (3,013 | )
Cash flows from financing activities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Cash dividends paid on Class A non-voting and Class B voting common stock |  |  | (3,003 | ) |  |  | — |  |  |  | — |  |  |  | — |  |  |  | (3,003 | )
Issuance of Class A non-voting common stock |  |  | 337 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 337 |
Repurchase of Class A non-voting common stock |  |  | 200,000 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 200,000 |
Tax benefit (shortfall) from share-based compensation |  |  | — |  |  |  | — |  |  |  | (1,624 | ) |  |  | — |  |  |  | (1,624 | )
Debt Issuance Cost |  |  | (4,346 | ) |  |  | — |  |  |  | — |  |  |  | — |  |  |  | (4,346 | )
Repayments of senior secured credit note |  |  | — |  |  |  | — |  |  |  | (22,503 | ) |  |  | — |  |  |  | (22,503 | )
Repayments of subordinated loan |  |  | — |  |  |  | — |  |  |  | (100,000 | ) |  |  | — |  |  |  | (100,000 | )
Other financing activities |  |  | 553 |  |  |  | (35,215 | ) |  |  | 46,731 |  |  |  | (69 | ) |  |  | 12,000 |
Cash flow provided by (used in) financing activities |  |  | 193,541 |  |  |  | (35,215 | ) |  |  | (77,396 | ) |  |  | (69 | ) |  |  | 80,861 |
Net increase (decrease) in cash and cash equivalents |  |  | 386 |  |  |  | 49,713 |  |  |  | 6,607 |  |  |  | — |  |  |  | 56,707 |
Cash and cash equivalents, beginning of the period |  |  | 361 |  |  |  | (241 | ) |  |  | 52,734 |  |  |  | — |  |  |  | 52,854 |
Cash and cash equivalents, end of the period |  | $ | 747 |  |  | $ | 49,472 |  |  | $ | 59,341 |  |  | $ | — |  |  | $ | 109,561 |

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- Definition The entire disclosure for condensed financial information, including the financial position, cash flows, and the results of operations of the registrant (parent company) as of the same dates or for the same periods for which audited consolidated financial statements are being presented. Alternatively, the details of this disclosure can be reported by the specific parent company taxonomy elements, indicating the appropriate date and period contexts in an instance document. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 04 -Paragraph c -Article 5 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 04 -Article 12 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 06 -Article 9 Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 05 -Paragraph c -Article 7 Reference 5: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 810 -SubTopic 10 -Section 45 -Paragraph 11 -URI http://asc.fasb.org/extlink&oid=7656940&loc=d3e5283-111683 Reference 6: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 235 -SubTopic 10 -Section S99 -Paragraph 3 -Subparagraph (SX 210.12-04) -URI http://asc.fasb.org/extlink&oid=6881521&loc=d3e24072-122690 Reference 7: http://www.xbrl.org/2003/role/presentationRef -Publisher AICPA -Name Accounting Research Bulletin (ARB) -Number 51 -Paragraph 24 -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy. + Details
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