Supplemental Guarantor Condensed Consolidated Financial Statements (unaudited)

12 Months Ended

Dec. 31, 2011

Supplemental Guarantor Condensed Consolidated Financial [Abstract]

Supplemental Guarantor Consolidated Financial Statements (unaudited)

21. 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 debenture 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 DECEMBER 31, 2011

		September 30,			September 30,			September 30,			September 30,			September 30,
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 $2,548		—			—			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 $653,651, 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		(50	)		309			21,130			(21,389	)		—
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	)		—
	$	709,244		$	943,128		$	3,270,699		$	(1,395,632	)	$	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		—			(1,855	)		33,546			(21,389	)		10,302
Excess of fair value of acquired assets over cost		—			—			7,020			—			7,020
Intercompany payables		—			37,126			—			(37,126	)		—
		201,174			64,375			2,950,140			(201,653	)		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
	$	709,244		$	943,128		$	3,270,699		$	(1,395,632	)	$	3,527,439

OPPENHEIMER HOLDINGS INC.

CONDENSED CONSOLIDATING BALANCE SHEET (unaudited)

AS OF DECEMBER 31, 2010

		September 30,		September 30,			September 30,			September 30,			September 30,
Expressed in thousands of dollars	Parent		Guarantor subsidiaries			Non-guarantor Subsidiaries			Eliminations			Consolidated
ASSETS
Cash and cash equivalents	$	361	$	(241	)	$	52,734		$	—		$	52,854
Cash and securities segregated for regulatory and other purposes		—		—			29,922			—			29,922
Deposits with clearing organizations		—		—			23,228			—			23,228
Receivable from brokers and clearing organizations		—		62			302,782			—			302,844
Receivable from customers, net of allowance for credit losses of $2,716		—		—			924,817			—			924,817
Income taxes receivable		—		35,692			(702	)		(27,876	)		7,114
Securities purchased under agreements to resell		—		—			347,070			—			347,070
Securities owned, including amounts pledged of $102,501, at fair value		—		—			367,019			—			367,019
Subordinated loan receivable		—		12,558			100,000			(112,558	)		—
Notes receivable, net		—		—			59,786			—			59,786
Office facilities, net		—		—			22,875			—			22,875
Deferred tax asset		—		(419	)		419			—			—
Intangible assets, net		—		—			40,979			—			40,979
Goodwill		—		—			137,889			—			137,889
Other		—		(347	)		198,953			59			198,665
Investment in subsidiaries		494,406		788,332			(158,270	)		(1,124,468	)		—
Intercompany receivables		12,135		21,862			1,849			(35,846	)		—
	$	506,902	$	857,499		$	2,451,350		$	(1,300,689	)	$	2,515,062
LIABILITIES AND STOCKHOLDERS’ EQUITY
Liabilities
Drafts payable	$	—	$	—		$	61,055		$	—		$	61,055
Bank call loans		—		—			147,000			—			147,000
Payable to brokers and clearing organizations		—		—			372,697			—			372,697
Payable to customers		—		—			406,916			—			406,916
Securities sold under agreements to repurchase		—		—			390,456			—			390,456
Securities sold, but not yet purchased, at fair value		—		—			160,052			—			160,052
Accrued compensation		—		—			175,938			—			175,938
Accounts payable and other liabilities		132		3,028			149,750			106			153,016
Income taxes payable		2,440		22,850			2,586			(27,876	)		—
Senior secured note		—		—			22,503			—			22,503
Subordinated indebtedness		—		—			212,558			(112,558	)		100,000
Deferred income tax, net		—		(6,325	)		17,372			—			11,047
Excess of fair value of acquired assets over cost		—		—			7,020			—			7,020
Intercompany payables		—		35,896			—			(35,896	)		—
		2,572		55,449			2,125,903			(176,224	)		2,007,700
Stockholders’ equity attributable to Oppenheimer Holdings Inc.		504,330		802,050			322,415			(1,124,465	)		504,330
Noncontrolling interest		—		—			3,032			—			3,032
Stockholders’ equity		504,330		802,050			325,447			(1,124,465	)		507,362
	$	506,902	$	857,499		$	2,451,350		$	(1,300,689	)	$	2,515,062

OPPENHEIMER HOLDINGS INC.

CONDENSED CONSOLIDATING STATEMENT OF OPERATIONS (unaudited)

FOR THE YEAR ENDED DECEMBER 31, 2011

		September 30,			September 30,			September 30,			September 30,			September 30,
Expressed in thousands of dollars	Parent			Guarantor subsidiaries			Non-guarantor Subsidiaries			Eliminations			Consolidated
REVENUE
Commissions	$	—		$	—		$	492,228		$	—		$	492,228
Principal transactions, net		300			(1,413	)		48,773			—			47,660
Interest		1			10,432			56,045			(9,699	)		56,779
Investment banking		—			—			120,202			(1,000	)		119,202
Advisory fees		—			—			199,565			(2,468	)		197,097
Other		—			1			46,025			—			46,026
		301			9,020			962,838			(13,167	)		958,992
EXPENSES
Compensation and related expenses		288			—			626,479			—			626,767
Clearing and exchange fees		—			—			24,991			—			24,991
Communications and technology		52			—			62,621			—			62,673
Occupancy and equipment costs		—			(24	)		76,534			—			76,510
Interest		12,541			3,546			31,637			(9,699	)		38,025
Other		2,384			299			112,963			(3,468	)		112,178
		15,265			3,821			935,225			(13,167	)		941,144
Profit before income taxes		(14,964	)		5,199			27,613			—			17,848
Income tax provision (benefit)		(6,748	)		893			11,086			—			5,231
Net profit for the period		(8,216	)		4,306			16,527			—			12,617
Less net profit attributable to non- controlling interest, net of tax		—			—			(2,301	)		—			(2,301	)
Equity in subsidiaries		18,532			—			—			(18,532	)		—
Net profit attributable to Oppnheimer Holdings Inc.	$	10,316		$	4,306		$	14,226		$	(18,532	)	$	10,316

OPPENHEIMER HOLDINGS INC.

CONDENSED CONSOLIDATING STATEMENT OF OPERATIONS (unaudited)

FOR THE YEAR ENDED DECEMBER 31, 2010

		September 30,			September 30,			September 30,			September 30,			September 30,
Expressed in thousands of dollars	Parent			Guarantor subsidiaries			Non-guarantor Subsidiaries			Eliminations			Consolidated
REVENUE
Commissions	$	—		$	—		$	537,730		$	—		$	537,730
Principal transactions, net		—			(276	)		78,660			—			78,384
Interest		—			7,111			45,869			(7,109	)		45,871
Investment banking		—			—			134,906			—			134,906
Advisory fees		—			—			189,875			(1,987	)		187,888
Other		—			—			51,494			—			51,494
		—			6,835			1,038,534			(9,096	)		1,036,273
EXPENSES
Compensation and related expenses		292			—			675,749			—			676,041
Clearing and exchange fees		—			—			25,754			—			25,754
Communications and technology		18			—			64,682			—			64,700
Occupancy and equipment costs		—			—			74,389			—			74,389
Interest		—			6,595			26,264			(7,109	)		25,750
Other		774			341			102,520			(1,987	)		101,648
		1,084			6,936			969,358			(9,096	)		968,282
Profit before income taxes		(1,084	)		(101	)		69,176			—			67,991
Income tax provision (benefit)		(422	)		(1,796	)		29,429			—			27,211
Net profit for the period		(662	)		1,695			39,747			—			40,780
Less net profit attributable to non- controlling interest, net of tax		—			—			(2,248	)		—			(2,248	)
Equity in subsidiaries		39,194			—			—			(39,194	)		—
Net profit attributable to Oppnheimer Holdings Inc.	$	38,532		$	1,695		$	37,499		$	(39,194	)	$	38,532

OPPENHEIMER HOLDINGS INC.

CONDENSED CONSOLIDATING STATEMENT OF OPERATIONS (unaudited)

FOR THE YEAR ENDED DECEMBER 31, 2009

		September 30,			September 30,			September 30,		September 30,			September 30,
Expressed in thousands of dollars	Parent			Guarantor subsidiaries			Non-guarantor Subsidiaries		Eliminations			Consolidated
REVENUE
Commissions	$	—		$	—		$	555,574	$	—		$	555,574
Principal transactions, net		—			—			106,141		—			106,141
Interest		2			7,646			35,595		(7,283	)		35,960
Investment banking		—			—			90,960		—			90,960
Advisory fees		475			—			162,622		(2,392	)		160,705
Other		—			—			41,140		—			41,140
		477			7,646			992,032		(9,675	)		990,480
EXPENSES
Compensation and related expenses		442			—			668,342		—			668,784
Clearing and exchange fees		—			—			26,748		—			26,748
Communications and technology		39			—			62,834		—			62,873
Occupancy and equipment costs		9			—			74,363		—			74,372
Interest		28			8,055			20,629		(7,283	)		21,429
Other		2,470			1,850			97,279		(2,392	)		99,207
		2,988			9,905			950,195		(9,675	)		953,413
Profit before income taxes		(2,511	)		(2,259	)		41,837		—			37,067
Income tax provision (benefit)		(967	)		(32	)		17,242		—			16,243
Net profit for the period		(1,544	)		(2,227	)		24,595		—			20,824
Less net profit attributable to non- controlling interest, net of tax		—			—			—		—			—
Equity in subsidiaries		22,367			—			—		(22,367	)		—
Net profit attributable to Oppnheimer Holdings Inc.	$	20,823		$	(2,227	)	$	24,595	$	(22,367	)	$	20,824

OPPNEHEIMER HOLDINGS INC.

CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS (unaudited)

FOR THE YEAR ENDED DECEMBER 31, 2011

		September 30,			September 30,			September 30,			September 30,		September 30,
Expressed in thousands of dollars	Parent			Guarantor subsidiaries			Non-Guarantor Subsidiaries			Eliminations		Consolidated
Cash flows from operations:
Net income (loss) for the period	$	(8,216	)	$	4,306		$	16,527		$	—	$	12,617
Adjustments to reconcile net profit (loss) to net cash used in operating activities:
Depreciation and amortization		—			—			11,899			—		11,899
Deferred income tax		—			—			(745	)		—		(745	)
Amortization of notes receivable		—			—			19,699			—		19,699
Amortization of debt issuance costs		553			—			433			—		986
Amortization of intangible assets		—			—			5,390			—		5,390
Provision for credit losses		—			—			(168	)		—		(168	)
Share-based compensation expense		—			—			1,100			—		1,100
Changes in operating assets and liabilities		(173,276	)		7,817			196,218			—		30,759
Cash flow provided by (used in) continuing operations		(180,939	)		12,123			250,353			—		81,537
Cash flows from Investment activities
Purchase of office facilities		—			—			(5,192	)		—		(5,192	)
Cash used in investing activities		—			—			(5,192	)		—		(5,192	)
Cash flows from financing activities
Cash dividends paid on Class A non-voting and Class B voting common stock		(6,010	)		—			—			—		(6,010	)
Issuance of Class A non-voting common stock		337			—			—			—		337
Debt Issuance Cost		(4,565	)		—			—			—		(4,565	)
Issuance of senior secured note		200,000			—			—			—		200,000
Buy back of senior secured note		(5,000	)		—			—			—		(5,000	)
Repayments of senior secured credit note		—			—			(100,000	)		—		(100,000	)
Repayments of senior secured credit note		—			—			(22,503	)		—		(22,503	)
Other financing activities		(1,629	)		—			(119,500	)		—		(121,129	)
Cash flow provided by (used in) financing activities		183,133			—			(242,003	)		—		(58,870	)
Net increase (decrease) in cash and cash equivalents		2,194			12,123			3,158			—		17,475
Cash and cash equivalents, beginning of the period		361			(241	)		52,734			—		52,854
Cash and cash equivalents, end of the period	$	2,555		$	11,882		$	55,892		$	—	$	70,329

OPPENHEIMER HOLDINGS INC.

CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS (unaudited)

FOR THE YEAR ENDED DECEMBER 31, 2010

		September 30,			September 30,			September 30,			September 30,		September 30,
Expressed in thousands of dollars	Parent			Guarantor subsidiaries			Non-Guarantor Subsidiaries			Eliminations		Consolidated
Cash flows from operations:
Net income (loss) for the period	$	(662	)	$	1,695		$	39,747		$	—	$	40,780
Adjustments to reconcile net profit (loss) to net cash used in operating activities:
Depreciation and amortization		—			—			12,448			—		12,448
Deferred income tax		—			—			31,606			—		31,606
Amortization of notes receivable		—			—			19,657			—		19,657
Amortization of debt issuance costs		—			—			643			—		643
Amortization of intangible assets					—			4,324			—		4,324
Provision for credit losses		—			—			338			—		338
Share-based compensation expense		—			—			4,242			—		4,242
Changes in operating assets and liabilities		2,178			(4,294	)		(249,199	)		—		(251,315	)
Cash flow provided by (used in) continuing operations		1,516			(2,599	)		(136,194	)		—		(137,277	)
Cash flows from Investment activities
Purchase of office facilities		—			—			(12,157	)		—		(12,157	)
Cash used in investing activities		—			—			(12,157	)		—		(12,157	)
Cash flows from financing activities
Cash dividends paid on Class A non-voting and Class B voting common stock		(5,871	)		—			—			—		(5,871	)
Issuance of Class A non-voting common stock		2,312			—			—			—		2,312
Senior secured credit note repayments		0			—			—			—		0
Repayments of senior secured credit note		—			—			(10,000	)		—		(10,000	)
Other financing activities		(71	)		—			147,000			—		146,929
Cash flow provided by (used in) financing activities		(3,630	)		—			137,000			—		133,370
Net increase (decrease) in cash and cash equivalents		(2,114	)		(2,599	)		(11,351	)		—		(16,064	)
Cash and cash equivalents, beginning of the period		2,475			2,359			64,084			—		68,918
Cash and cash equivalents, end of the period	$	361		$	(240	)	$	52,733		$	—	$	52,854

OPPENHEIMER HOLDINGS INC.

CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS (unaudited)

FOR THE YEAR ENDED DECEMBER 31, 2009

		September 30,			September 30,			September 30,			September 30,		September 30,
Expressed in thousands of dollars	Parent			Guarantor subsidiaries			Non-Guarantor Subsidiaries			Eliminations		Consolidated
Cash flows from operations:
Net income (loss) for the period	$	(1,544	)	$	(2,227	)	$	24,595		$	—	$	20,824
Adjustments to reconcile net profit (loss) to net cash used in operating activities:
Depreciation and amortization		—			—			12,630			—		12,630
Deferred income tax		—			—			(14,316	)		—		(14,316	)
Amortization of notes receivable		—			—			18,462			—		18,462
Amortization of debt issuance costs		—			—			1,164			—		1,164
Amortization of intangible assets		—			—			4,814			—		4,814
Provision for credit losses		—			—			352			—		352
Share-based compensation expense		—			—			17,246			—		17,246
Changes in operating assets and liabilities		5,526			4,324			(16,308	)		—		(6,459	)
Cash flow provided by (used in) continuing operations		3,982			2,097			48,639			—		54,717
Cash flows from Investment activities
Purchase of office facilities		—			—			(7,762	)		—		(7,762	)
Cash used in investing activities		—			—			(7,762	)		—		(7,762	)
Cash flows from financing activities
Cash dividends paid on Class A non-voting and Class B voting common stock		(5,776	)		—			—			—		(5,776	)
Issuance of Class A non-voting common stock		3,043			—			—			—		3,043
Senior secured credit note repayments		(559	)		—			—			—		(559	)
Repayments of senior secured credit note					—			(15,160	)		—		(15,160	)
Other financing activities		230			—			(6,500	)		—		(6,270	)
Cash flow provided by (used in) financing activities		(3,062	)		—			(21,660	)		—		(24,722	)
Net increase (decrease) in cash and cash equivalents		920			2,097			19,217					22,233
Cash and cash equivalents, beginning of the period		1,555			262			44,868					46,685
Cash and cash equivalents, end of the period	$	2,475		$	2,359		$	64,085		$	—	$	68,918