Cowen Holdings, Inc. (COWN) [Rocket]

In millions, except per share items	Dec-31-08	Dec-31-07	Dec-31-06	Dec-31-05	Dec-31-04
	10-K	10-K	10-K	10-K	10-K/A
Revenues	217.3	261.6	345.0	294.3	293.1
Revenue growth	-16.9%	-24.2%	17.2%	0.4%
Cost of goods sold	133.9	177.9	215.7	172.1	170.5
Gross profit	83.4	83.6	129.3	122.2	122.5
Gross margin	38.4%	32.0%	37.5%	41.5%	41.8%
Selling, general and administrative	14.8	16.3	17.3	17.4	19.8
Other operating expenses	83.5	86.9	95.3	92.4	43.7
EBITDA [+]	-11.9	-16.4	19.0	14.5	61.4
EBITDA growth	-27.3%	-186.6%	31.3%	-76.5%
EBITDA margin	-5.5%	-6.3%	5.5%	4.9%	20.9%
Depreciation and amortization	2.9	3.2	2.4	2.1	2.4
EBIT [+]	-14.8	-19.6	16.6	12.3	59.0
EBIT growth	-24.4%	-218.0%	34.9%	-79.1%
EBIT margin	-6.8%	-7.5%	4.8%	4.2%	20.1%
Non-recurring items [+]	50.0
Asset impairment	50.0
Interest income, net [+]	3.4	8.3	17.8	15.8	8.7
Interest expense				1.2	0.8
Interest income	3.4	8.3	17.8	17.0	9.5
Other income (expense), net	-2.6	-6.5	8.1	-14.9	-10.7
Pre-tax income	-64.1	-17.8	42.5	13.2	57.0
Income taxes	8.1	-6.5	4.5	1.2	1.9
Tax rate		36.5%	10.7%	8.7%	3.3%
Net income	-72.2	-11.3	37.9	12.1	55.1
Net margin	-33.2%	-4.3%	11.0%	4.1%	18.8%

Basic EPS [+]	($6.41)	($0.88)	$2.94	$0.94	$4.27
Growth	625.2%	-130.1%	213.7%	-78.1%
Diluted EPS [+]	($6.41)	($0.88)	$2.92	$0.94	$4.27
Growth	625.2%	-130.2%	212.2%	-78.1%

Shares outstanding (basic) [+]	11.3	12.8	12.9	12.9	12.9
Growth	-12.1%	-0.8%	0.0%	0.0%
Shares outstanding (diluted) [+]	11.3	12.8	13.0	12.9	12.9
Growth	-12.1%	-1.2%	0.5%	0.0%

EBIT is a non-GAAP figure that excludes all non-recurring expenses: restructuring costs, asset impairments, IPR&D writeoffs, and other unusual charges.