Oppenheimer Holdings profits down 2.5%

Oppenheimer Holdings Inc. today reported a net profit of $16,790,000 or $1.28 per share for the first quarter of 2007, a 2.5% decrease from $17,217,000, or $1.36 per share, in the same quarter in 2006, the company announced today. Revenues for the first quarter was $214,116,000, an increase of 6.5% compared to revenues of $201,050,000 in the first quarter of 2006. Oppenheimer noted that the New York Stock Exchange/Archipelago merger, which took place in March 2006, resulted in a substantial one-time gain and had a significant impact on the company's financial results for the first quarter of 2006. The company's expenses in this first quarter were 8.3% higher compared to the same period of 2006 due primarily to higher compensation costs, according to the New York-based firm. Today, Oppenheimer also announced intention to repay $25 million of its senior secured credit note by April 30, thereby reducing its outstanding indebtedness under the senior secured credit note to $99.1 million. Oppenheimer Holdings Inc., through its principal subsidiaries, Oppenheimer & Co. Inc. (a U.S. broker-dealer) and Oppenheimer Asset Management Inc., offers services from 83 offices in 21 states and through local broker-dealers in 2 foreign jurisdictions, according to the company.