Oppenheimer Holdings Revises its Third Quarter 2011 Earnings Announcement

Oppenheimer Holdings (NYSE: OPY) is reporting a revision to its third quarter 2011 earnings announcement dated October 28, 2011. Revisions in the current period affect only the reported amounts for total stockholders' equity, book value per share and tangible book value per share at September 30, 2011. There is no change to reported earnings in the current period.

The revisions described above have no impact on the Company's net cash amounts provided by (used in) operating, financing or investing activities for any previously reported periods, nor the current period.

Subsequent to the filing of its earnings announcement, the Company identified historical errors relating to its tax treatment of deferred compensation obligations assumed as part of a 2003 acquisition. As a result, the Company has determined the need to reestablish book basis of goodwill related to the 2003 transaction in the amount of $5.4 million. Further, the Company has established a reserve for uncertain tax positions in the amount of $3 million, including accrued interest, as well as cumulative adjustments to current and deferred tax items of $6.6 million primarily related to periods prior to 2008. In conjunction with the revision described above, the Company has also revised its consolidated financial statements for previously disclosed immaterial out-of-period adjustments. The Company has revised its prior period consolidated financial statements by adjusting opening retained earnings as of January 1, 2010 in the amount of $7.5 million.

For a full discussion of these matters, you are directed to the Company's Quarterly Report on Form 10-Q for the quarterly period ended September 30, 2011, which is being filed with the Securities and Exchange Commission today.