Pennsylvania | 001-14818 | 25-1111467 | ||
(State or other jurisdiction | (Commission File Number) | (I.R.S. Employer | ||
of incorporation) | Identification No.) |
Dated: | January 26, 2012 | By: | /s/ Thomas R. Donahue | |
Thomas R. Donahue | ||||
Chief Financial Officer |
• | Equity and fixed-income assets increased $4.6 billion during Q4 2011 to $84.6 billion |
• | Net sales in equity and fixed-income funds and separate accounts were $2.2 billion in Q4 2011 |
• | Average money market assets increased $8.5 billion during Q4 2011 compared to Q3 2011 |
MEDIA: | MEDIA: | ANALYSTS: |
Meghan McAndrew 412-288-8103 | J.T. Tuskan 412-288-7895 | Ray Hanley 412-288-1920 |
Federated Reports Q4 and Year-End 2011 Earnings | Page 2 of 10 |
Federated Reports Q4 and Year-End 2011 Earnings | Page 3 of 10 |
Quarter Ended | Change Q4 2010 to Q4 2011 | Quarter Ended | Change Q3 2011 to Q4 2011 | Year Ended | Change 2010 to 2011 | |||||||||||||||||||||
(Decrease)/Increase | Dec. 31, 2011 | Dec. 31, 2010 | Sept. 30, 2011 | Dec. 31, 2011 | Dec. 31, 2010 | |||||||||||||||||||||
Investment advisory fees | $ | (58.8 | ) | $ | (32.6 | ) | $ | (26.2 | ) | $ | (57.2 | ) | $ | (1.6 | ) | $ | (201.6 | ) | $ | (134.3 | ) | $ | (67.3 | ) | ||
Other service fees | (30.2 | ) | (27.4 | ) | (2.8 | ) | (31.7 | ) | 1.5 | (119.1 | ) | (107.3 | ) | (11.8 | ) | |||||||||||
Total Revenue | $ | (89.0 | ) | $ | (60.0 | ) | $ | (29.0 | ) | $ | (88.9 | ) | $ | (0.1 | ) | $ | (320.7 | ) | $ | (241.6 | ) | $ | (79.1 | ) | ||
Distribution expense | (61.9 | ) | (47.7 | ) | (14.2 | ) | (63.2 | ) | 1.3 | (232.3 | ) | (186.6 | ) | (45.7 | ) | |||||||||||
Operating income | $ | (27.1 | ) | $ | (12.3 | ) | $ | (14.8 | ) | $ | (25.7 | ) | $ | (1.4 | ) | $ | (88.4 | ) | $ | (55.0 | ) | $ | (33.4 | ) | ||
Noncontrolling interest | (1.0 | ) | (0.2 | ) | (0.8 | ) | (2.5 | ) | 1.5 | (6.5 | ) | (1.0 | ) | (5.5 | ) | |||||||||||
Pre-tax impact | $ | (26.1 | ) | $ | (12.1 | ) | $ | (14.0 | ) | $ | (23.2 | ) | $ | (2.9 | ) | $ | (81.9 | ) | $ | (54.0 | ) | $ | (27.9 | ) |
Federated Reports Q4 and Year-End 2011 Earnings | Page 4 of 10 |
Unaudited Condensed Consolidated Statements of Income | |||||||||||||
(in thousands, except per share data) | |||||||||||||
Quarter Ended | % Change Q4 2010 to Q4 2011 | Quarter Ended | % Change Q3 2011 to Q4 2011 | ||||||||||
Dec. 31, 2011 | Dec. 31, 2010 | Sept. 30, 2011 | |||||||||||
Revenue | |||||||||||||
Investment advisory fees, net | $ | 138,225 | $ | 165,174 | (16 | )% | $ | 139,399 | (1 | )% | |||
Administrative service fees, net | 56,830 | 54,410 | 4 | 54,928 | 3 | ||||||||
Other service fees, net | 20,249 | 25,054 | (19 | ) | 19,008 | 7 | |||||||
Other, net | 1,102 | 679 | 62 | 713 | 55 | ||||||||
Total Revenue | 216,406 | 245,317 | (12 | ) | 214,048 | 1 | |||||||
Operating Expenses | |||||||||||||
Compensation and related | 60,620 | 56,384 | 8 | 57,930 | 5 | ||||||||
General and administrative | |||||||||||||
Distribution | 58,740 | 69,141 | (15 | ) | 54,440 | 8 | |||||||
Professional service fees | 9,567 | 9,385 | 2 | 9,437 | 1 | ||||||||
Office and occupancy | 6,254 | 5,968 | 5 | 6,202 | 1 | ||||||||
Systems and communications | 5,839 | 5,831 | 0 | 5,825 | 0 | ||||||||
Travel and related | 3,673 | 3,456 | 6 | 2,809 | 31 | ||||||||
Advertising and promotional | 3,524 | 2,630 | 34 | 3,887 | (9 | ) | |||||||
Other | 3,707 | 4,577 | (19 | ) | 3,906 | (5 | ) | ||||||
Total general and administrative | 91,304 | 100,988 | (10 | ) | 86,506 | 6 | |||||||
Amortization of deferred sales commissions | 1,378 | 2,924 | (53 | ) | 1,338 | 3 | |||||||
Intangible asset related | 1,243 | 5,989 | (79 | ) | 1,263 | (2 | ) | ||||||
Total Operating Expenses | 154,545 | 166,285 | (7 | ) | 147,037 | 5 | |||||||
Operating Income | 61,861 | 79,032 | (22 | ) | 67,011 | (8 | ) | ||||||
Nonoperating Income (Expenses) | |||||||||||||
Investment income (expense), net | 2,538 | 3,980 | (36 | ) | (1,271 | ) | 300 | ||||||
Debt expense––recourse | (3,860 | ) | (4,853 | ) | (20 | ) | (3,972 | ) | (3 | ) | |||
Other, net | (103 | ) | (184 | ) | (44 | ) | (83 | ) | 24 | ||||
Total Nonoperating Expenses, net | (1,425 | ) | (1,057 | ) | 35 | (5,326 | ) | (73 | ) | ||||
Income before income taxes | 60,436 | 77,975 | (22 | ) | 61,685 | (2 | ) | ||||||
Income tax provision | 21,811 | 29,344 | (26 | ) | 23,165 | (6 | ) | ||||||
Net income including noncontrolling interests in subsidiaries | 38,625 | 48,631 | (21 | ) | 38,520 | 0 | |||||||
Less: Net income attributable to the noncontrolling interests in subsidiaries | 1,682 | 2,230 | (25 | ) | 200 | 741 | |||||||
Net Income | $ | 36,943 | $ | 46,401 | (20 | )% | $ | 38,320 | (4 | )% | |||
Amounts Attributable to Federated | |||||||||||||
Earnings Per Share1 | |||||||||||||
Basic and Diluted | $ | 0.36 | $ | 0.45 | (20 | )% | $ | 0.37 | (3 | )% | |||
Weighted-average shares outstanding | |||||||||||||
Basic | 100,264 | 99,976 | 100,684 | ||||||||||
Diluted | 100,264 | 99,998 | 100,684 | ||||||||||
Dividends declared per share | $ | 0.24 | $ | 0.24 | $ | 0.24 |
Federated Reports Q4 and Year-End 2011 Earnings | Page 5 of 10 |
Unaudited Condensed Consolidated Statements of Income | ||||||||
(in thousands, except per share data) | ||||||||
Year Ended | % Change | |||||||
Dec. 31, 2011 | Dec. 31, 2010 | |||||||
Revenue | ||||||||
Investment advisory fees, net | $ | 586,340 | $ | 639,404 | (8 | )% | ||
Administrative service fees, net | 220,356 | 215,643 | 2 | |||||
Other service fees, net | 85,385 | 94,035 | (9 | ) | ||||
Other, net | 3,033 | 2,861 | 6 | |||||
Total Revenue | 895,114 | 951,943 | (6 | ) | ||||
Operating Expenses | ||||||||
Compensation and related | 245,439 | 242,853 | 1 | |||||
General and administrative | ||||||||
Distribution | 235,670 | 259,210 | (9 | ) | ||||
Professional service fees | 53,737 | 18,980 | 183 | |||||
Office and occupancy | 24,689 | 22,958 | 8 | |||||
Systems and communications | 22,971 | 22,828 | 1 | |||||
Advertising and promotional | 13,413 | 10,110 | 33 | |||||
Travel and related | 12,174 | 11,461 | 6 | |||||
Other | 14,273 | 19,044 | (25 | ) | ||||
Total general and administrative | 376,927 | 364,591 | 3 | |||||
Intangible asset related | 7,915 | 22,511 | (65 | ) | ||||
Amortization of deferred sales commissions | 7,378 | 12,197 | (40 | ) | ||||
Total Operating Expenses | 637,659 | 642,152 | (1 | ) | ||||
Operating Income | 257,455 | 309,791 | (17 | ) | ||||
Nonoperating Income (Expenses) | ||||||||
Investment income, net | 6,259 | 6,872 | (9 | ) | ||||
Debt expense––recourse | (17,047 | ) | (15,049 | ) | 13 | |||
Other, net | (296 | ) | (494 | ) | (40 | ) | ||
Total Nonoperating Expenses, net | (11,084 | ) | (8,671 | ) | 28 | |||
Income before income taxes | 246,371 | 301,120 | (18 | ) | ||||
Income tax provision | 91,288 | 111,957 | (18 | ) | ||||
Net income including noncontrolling interests in subsidiaries | 155,083 | 189,163 | (18 | ) | ||||
Less: Net income attributable to the noncontrolling interests in subsidiaries | 4,177 | 10,049 | (58 | ) | ||||
Net Income | $ | 150,906 | $ | 179,114 | (16 | )% | ||
Amounts Attributable to Federated | ||||||||
Earnings Per Share1 | ||||||||
Basic and Diluted | $ | 1.45 | $ | 1.73 | (16 | )% | ||
Weighted-average shares outstanding | ||||||||
Basic | 100,609 | 99,925 | ||||||
Diluted | 100,632 | 99,993 | ||||||
Dividends declared per share | $ | 0.96 | $ | 2.22 |
Federated Reports Q4 and Year-End 2011 Earnings | Page 6 of 10 |
Unaudited Condensed Consolidated Balance Sheets | ||||||
(in thousands) | Dec. 31, 2011 | Dec. 31, 2010 | ||||
Assets | ||||||
Cash and other investments | $ | 322,317 | $ | 333,641 | ||
Other current assets | 44,194 | 39,529 | ||||
Deferred sales commissions, net | 10,888 | 10,317 | ||||
Intangible assets, net and goodwill | 720,926 | 720,825 | ||||
Other long-term assets | 52,531 | 49,192 | ||||
Total Assets | $ | 1,150,856 | $ | 1,153,504 | ||
Liabilities and Equity | ||||||
Current liabilities | $ | 187,356 | $ | 214,352 | ||
Long-term debt—recourse | 318,750 | 361,250 | ||||
Other long-term liabilities | 101,567 | 84,187 | ||||
Equity excluding treasury stock | 1,315,664 | 1,272,324 | ||||
Treasury stock | (772,481 | ) | (778,609 | ) | ||
Total Liabilities and Equity | $ | 1,150,856 | $ | 1,153,504 |
Federated Reports Q4 and Year-End 2011 Earnings | Page 7 of 10 |
Quarter Ended | Year Ended | |||||||||||||||
Dec. 31, 2011 | Sept. 30, 2011 | Dec. 31, 2010 | Dec. 31, 2011 | Dec. 31, 2010 | ||||||||||||
Equity Funds | ||||||||||||||||
Beginning assets | $ | 20,140 | $ | 22,678 | $ | 21,325 | $ | 22,626 | $ | 20,960 | ||||||
Sales | 2,185 | 2,434 | 1,756 | 7,633 | 6,288 | |||||||||||
Redemptions | (1,771 | ) | (1,966 | ) | (1,937 | ) | (7,461 | ) | (7,041 | ) | ||||||
Net sales (redemptions) | 414 | 468 | (181 | ) | 172 | (753 | ) | |||||||||
Net exchanges | (32 | ) | (40 | ) | 7 | (76 | ) | (47 | ) | |||||||
Acquisition-related | 0 | 463 | 0 | 463 | 0 | |||||||||||
Market gains and losses/reinvestments1 | 1,408 | (3,429 | ) | 1,475 | (1,255 | ) | 2,466 | |||||||||
Ending assets | $ | 21,930 | $ | 20,140 | $ | 22,626 | $ | 21,930 | $ | 22,626 | ||||||
Equity Separate Accounts2 | ||||||||||||||||
Beginning assets | $ | 7,831 | $ | 8,702 | $ | 7,808 | $ | 8,176 | $ | 8,713 | ||||||
Sales3 | 873 | 723 | 464 | 2,861 | 1,689 | |||||||||||
Redemptions3 | (549 | ) | (631 | ) | (760 | ) | (2,530 | ) | (3,149 | ) | ||||||
Net sales (redemptions)3 | 324 | 92 | (296 | ) | 331 | (1,460 | ) | |||||||||
Net exchanges | 26 | 7 | 10 | 54 | 41 | |||||||||||
Market gains and losses/reinvestments1 | 776 | (970 | ) | 654 | 396 | 882 | ||||||||||
Ending assets | $ | 8,957 | $ | 7,831 | $ | 8,176 | $ | 8,957 | $ | 8,176 | ||||||
Total Equity2 | ||||||||||||||||
Beginning assets | $ | 27,971 | $ | 31,380 | $ | 29,133 | $ | 30,802 | $ | 29,673 | ||||||
Sales3 | 3,058 | 3,157 | 2,220 | 10,494 | 7,977 | |||||||||||
Redemptions3 | (2,320 | ) | (2,597 | ) | (2,697 | ) | (9,991 | ) | (10,190 | ) | ||||||
Net sales (redemptions)3 | 738 | 560 | (477 | ) | 503 | (2,213 | ) | |||||||||
Net exchanges | (6 | ) | (33 | ) | 17 | (22 | ) | (6 | ) | |||||||
Acquisition-related | 0 | 463 | 0 | 463 | 0 | |||||||||||
Market gains and losses/reinvestments1 | 2,184 | (4,399 | ) | 2,129 | (859 | ) | 3,348 | |||||||||
Ending assets | $ | 30,887 | $ | 27,971 | $ | 30,802 | $ | 30,887 | $ | 30,802 | ||||||
Fixed-Income Funds | ||||||||||||||||
Beginning assets | $ | 35,620 | $ | 34,874 | $ | 32,211 | $ | 31,933 | $ | 28,427 | ||||||
Sales | 4,696 | 4,049 | 3,820 | 17,990 | 15,595 | |||||||||||
Redemptions | (3,417 | ) | (3,707 | ) | (3,743 | ) | (15,844 | ) | (13,136 | ) | ||||||
Net sales3 | 1,279 | 342 | 77 | 2,146 | 2,459 | |||||||||||
Net exchanges | 38 | 29 | (71 | ) | 1,873 | (20 | ) | |||||||||
Acquisition-related | 0 | 132 | 0 | 132 | 0 | |||||||||||
Market gains and losses/reinvestments1 | 304 | 243 | (284 | ) | 1,157 | 1,067 | ||||||||||
Ending assets | $ | 37,241 | $ | 35,620 | $ | 31,933 | $ | 37,241 | $ | 31,933 | ||||||
Fixed-Income Separate Accounts2 | ||||||||||||||||
Beginning assets | $ | 7,263 | $ | 7,544 | $ | 7,963 | $ | 8,772 | $ | 5,360 | ||||||
Sales3 | 415 | 198 | 1,014 | 1,698 | 4,303 | |||||||||||
Redemptions3 | (195 | ) | (469 | ) | (150 | ) | (1,443 | ) | (1,228 | ) | ||||||
Net sales (redemptions)3 | 220 | (271 | ) | 864 | 255 | 3,075 | ||||||||||
Net exchanges | 1 | 0 | 0 | (1,806 | ) | 0 | ||||||||||
Market gains and losses/reinvestments1 | 89 | (10 | ) | (55 | ) | 352 | 337 | |||||||||
Ending assets | $ | 7,573 | $ | 7,263 | $ | 8,772 | $ | 7,573 | $ | 8,772 | ||||||
Total Fixed Income2 | ||||||||||||||||
Beginning assets | $ | 42,883 | $ | 42,418 | $ | 40,174 | $ | 40,705 | $ | 33,787 | ||||||
Sales3 | 5,111 | 4,247 | 4,834 | 19,688 | 19,898 | |||||||||||
Redemptions3 | (3,612 | ) | (4,176 | ) | (3,893 | ) | (17,287 | ) | (14,364 | ) | ||||||
Net sales3 | 1,499 | 71 | 941 | 2,401 | 5,534 | |||||||||||
Net exchanges | 39 | 29 | (71 | ) | 67 | (20 | ) | |||||||||
Acquisition-related | 0 | 132 | 0 | 132 | 0 | |||||||||||
Market gains and losses/reinvestments1 | 393 | 233 | (339 | ) | 1,509 | 1,404 | ||||||||||
Ending assets | $ | 44,814 | $ | 42,883 | $ | 40,705 | $ | 44,814 | $ | 40,705 |
Federated Reports Q4 and Year-End 2011 Earnings | Page 8 of 10 |
Quarter Ended | Year Ended | |||||||||||||||
Dec. 31, 2011 | Sept. 30, 2011 | Dec. 31, 2010 | Dec. 31, 2011 | Dec. 31, 2010 | ||||||||||||
Liquidation Portfolios1 | ||||||||||||||||
Beginning assets | $ | 9,144 | $ | 9,964 | $ | 11,071 | $ | 10,708 | $ | 12,596 | ||||||
Sales2 | 0 | 0 | 2 | 2 | 12 | |||||||||||
Redemptions2 | (289 | ) | (820 | ) | (365 | ) | (1,854 | ) | (1,900 | ) | ||||||
Net redemptions2 | (289 | ) | (820 | ) | (363 | ) | (1,852 | ) | (1,888 | ) | ||||||
Market gains and losses/reinvestments3 | 1 | 0 | 0 | 0 | 0 | |||||||||||
Ending Assets | $ | 8,856 | $ | 9,144 | $ | 10,708 | $ | 8,856 | $ | 10,708 |
Federated Reports Q4 and Year-End 2011 Earnings | Page 9 of 10 |
MANAGED ASSETS (in millions) | Dec. 31, 2011 | Sept. 30, 2011 | June 30, 2011 | March 31, 2011 | Dec. 31, 2010 | ||||||||||
By Asset Class | |||||||||||||||
Equity | $ | 30,887 | $ | 27,971 | $ | 31,380 | $ | 31,641 | $ | 30,802 | |||||
Fixed-income | 44,814 | 42,883 | 42,418 | 41,756 | 40,705 | ||||||||||
Money market | 285,140 | 271,653 | 265,651 | 271,141 | 276,026 | ||||||||||
Liquidation portfolios1 | 8,856 | 9,144 | 9,964 | 10,384 | 10,708 | ||||||||||
Total Managed Assets | $ | 369,697 | $ | 351,651 | $ | 349,413 | $ | 354,922 | $ | 358,241 | |||||
By Product Type | |||||||||||||||
Funds: | |||||||||||||||
Equity | $ | 21,930 | $ | 20,140 | $ | 22,678 | $ | 22,848 | $ | 22,626 | |||||
Fixed-income | 37,241 | 35,620 | 34,874 | 32,689 | 31,933 | ||||||||||
Money market | 255,857 | 245,293 | 236,077 | 238,990 | 244,796 | ||||||||||
Total Fund Assets | $ | 315,028 | $ | 301,053 | $ | 293,629 | $ | 294,527 | $ | 299,355 | |||||
Separate Accounts: | |||||||||||||||
Equity | $ | 8,957 | $ | 7,831 | $ | 8,702 | $ | 8,793 | $ | 8,176 | |||||
Fixed-income | 7,573 | 7,263 | 7,544 | 9,067 | 8,772 | ||||||||||
Money market | 29,283 | 26,360 | 29,574 | 32,151 | 31,230 | ||||||||||
Total Separate Accounts | $ | 45,813 | $ | 41,454 | $ | 45,820 | $ | 50,011 | $ | 48,178 | |||||
Total Liquidation Portfolios1 | $ | 8,856 | $ | 9,144 | $ | 9,964 | $ | 10,384 | $ | 10,708 | |||||
Total Managed Assets | $ | 369,697 | $ | 351,651 | $ | 349,413 | $ | 354,922 | $ | 358,241 | |||||
AVERAGE MANAGED ASSETS | Quarter Ended | ||||||||||||||
(in millions) | Dec. 31, 2011 | Sept. 30, 2011 | June 30, 2011 | March 31, 2011 | Dec. 31, 2010 | ||||||||||
By Asset Class | |||||||||||||||
Equity | $ | 29,965 | $ | 29,699 | $ | 31,520 | $ | 31,056 | $ | 30,108 | |||||
Fixed-income | 43,980 | 43,001 | 42,127 | 41,187 | 40,686 | ||||||||||
Money market | 275,295 | 266,756 | 270,411 | 273,542 | 263,976 | ||||||||||
Liquidation portfolios1 | 9,030 | 9,309 | 10,138 | 10,534 | 10,926 | ||||||||||
Total Avg. Assets | $ | 358,270 | $ | 348,765 | $ | 354,196 | $ | 356,319 | $ | 345,696 | |||||
By Product Type | |||||||||||||||
Funds: | |||||||||||||||
Equity | $ | 21,451 | $ | 21,491 | $ | 22,741 | $ | 22,599 | $ | 22,090 | |||||
Fixed-income | 36,546 | 35,478 | 33,534 | 32,265 | 32,369 | ||||||||||
Money market | 249,324 | 239,406 | 239,642 | 240,375 | 236,500 | ||||||||||
Total Avg. Fund Assets | $ | 307,321 | $ | 296,375 | $ | 295,917 | $ | 295,239 | $ | 290,959 | |||||
Separate Accounts: | |||||||||||||||
Equity | $ | 8,514 | $ | 8,208 | $ | 8,779 | $ | 8,457 | $ | 8,018 | |||||
Fixed-income | 7,434 | 7,523 | 8,593 | 8,922 | 8,317 | ||||||||||
Money market | 25,971 | 27,350 | 30,769 | 33,167 | 27,476 | ||||||||||
Total Avg. Separate Accounts | $ | 41,919 | $ | 43,081 | $ | 48,141 | $ | 50,546 | $ | 43,811 | |||||
Total Avg. Liquidation Portfolios1 | $ | 9,030 | $ | 9,309 | $ | 10,138 | $ | 10,534 | $ | 10,926 | |||||
Total Avg. Managed Assets | $ | 358,270 | $ | 348,765 | $ | 354,196 | $ | 356,319 | $ | 345,696 |
Federated Reports Q4 and Year-End 2011 Earnings | Page 10 of 10 |
AVERAGE MANAGED ASSETS | Year Ended | |||||
(in millions) | Dec. 31, 2011 | Dec. 31, 2010 | ||||
By Asset Class | ||||||
Equity | $ | 30,560 | $ | 29,104 | ||
Fixed-income | 42,573 | 37,690 | ||||
Money market | 271,501 | 268,701 | ||||
Liquidation Portfolios | 9,753 | 11,579 | ||||
Total Avg. Assets | $ | 354,387 | $ | 347,074 | ||
By Product Type | ||||||
Funds: | ||||||
Equity | $ | 22,071 | $ | 21,016 | ||
Fixed-income | 34,455 | 30,864 | ||||
Money market | 242,187 | 238,767 | ||||
Total Avg. Fund Assets | $ | 298,713 | $ | 290,647 | ||
Separate Accounts: | ||||||
Equity | $ | 8,489 | $ | 8,088 | ||
Fixed-income | 8,118 | 6,826 | ||||
Money market | 29,314 | 29,934 | ||||
Total Avg. Separate Accounts | $ | 45,921 | $ | 44,848 | ||
Total Avg. Liquidation Portfolios1 | $ | 9,753 | $ | 11,579 | ||
Total Avg. Managed Assets | $ | 354,387 | $ | 347,074 |
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