Oppenheimer says 3Q revenue hurt by economic news

NEW YORK -- Oppenheimer Holdings Inc. reported Friday that its third-quarter net income rose 10 percent, as lower expenses helped make the best of flat revenue.

Albert Lowenthal, CEO of the New York investment firm, said that while the economy remains uncertain, the U.S. equity markets have continued to perform remarkably well. But he said a "consistent drumbeat" of negative economic news has held down investor activity and the company's revenue during the period.

Oppenheimer reported net income of $2.3 million, or 17 cents per share, for the quarter that ended Sept. 30. That's up from $2.1 million, or 15 cents per share, earned in the 2011 third quarter.

Revenue was basically flat at $231.8 million, compared with $231.6 million last year.

Oppenheimer also said Friday that its board declared a quarterly cash dividend of 11 cents. The dividend is payable on Nov. 23 to shareholders of record as of Nov. 9.

Shares increased 14 cents to $15.21 by midday. Its shares remain in the middle of its $12.47 to $19.69 52-week trading range.