Pennsylvania | 001-14818 | 25-1111467 | ||
(State or other jurisdiction | (Commission File Number) | (I.R.S. Employer | ||
of incorporation) | Identification No.) |
FEDERATED INVESTORS, INC. | ||||
(REGISTRANT) | ||||
Dated: | July 26, 2012 | By: | /s/ Thomas R. Donahue | |
Thomas R. Donahue | ||||
Chief Financial Officer |
• | Record equity and fixed-income assets increase $1.4 billion during Q2 2012 to $90 billion |
• | Equity and fixed-income fund gross sales reach a record $7 billion for Q2 2012 |
• | Board declares $0.24 per share quarterly dividend |
MEDIA: | MEDIA: | ANALYSTS: |
Meghan McAndrew 412-288-8103 | J.T. Tuskan 412-288-7895 | Ray Hanley 412-288-1920 |
Federated Reports Q2 2012 Earnings | Page 2 of 10 |
Federated Reports Q2 2012 Earnings | Page 3 of 10 |
Quarter Ended | Change Q2 2011 to Q2 2012 | Quarter Ended | Change Q1 2012 to Q2 2012 | Six Months Ended | Change YTD 2011 to YTD 2012 | |||||||||||||||||||||
(Decrease)/Increase | June 30, 2012 | June 30, 2011 | March 31, 2012 | June 30, 2012 | June 30, 2011 | |||||||||||||||||||||
Investment advisory fees | $ | (43.0 | ) | $ | (49.6 | ) | $ | 6.6 | $ | (52.9 | ) | $ | 9.9 | $ | (95.9 | ) | $ | (85.6 | ) | $ | (10.3 | ) | ||||
Other service fees | (27.3 | ) | (29.8 | ) | 2.5 | (27.5 | ) | 0.2 | (54.8 | ) | (57.2 | ) | 2.4 | |||||||||||||
Total Revenue | $ | (70.3 | ) | $ | (79.4 | ) | $ | 9.1 | $ | (80.4 | ) | $ | 10.1 | $ | (150.7 | ) | $ | (142.8 | ) | $ | (7.9 | ) | ||||
Distribution expense | (53.1 | ) | (57.8 | ) | 4.7 | (57.5 | ) | 4.4 | (110.6 | ) | (107.3 | ) | (3.3 | ) | ||||||||||||
Operating income | $ | (17.2 | ) | $ | (21.6 | ) | $ | 4.4 | $ | (22.9 | ) | $ | 5.7 | $ | (40.1 | ) | $ | (35.5 | ) | $ | (4.6 | ) | ||||
Noncontrolling interest | 0.0 | (2.2 | ) | 2.2 | (0.6 | ) | 0.6 | (0.6 | ) | (3.0 | ) | 2.4 | ||||||||||||||
Pre-tax impact | $ | (17.2 | ) | $ | (19.4 | ) | $ | 2.2 | $ | (22.3 | ) | $ | 5.1 | $ | (39.5 | ) | $ | (32.5 | ) | $ | (7.0 | ) |
Federated Reports Q2 2012 Earnings | Page 4 of 10 |
Unaudited Condensed Consolidated Statements of Income | |||||||||||||
(in thousands, except per share data) | |||||||||||||
Quarter Ended | % Change Q2 2011 to Q2 2012 | Quarter Ended | % Change Q1 2012 to Q2 2012 | ||||||||||
June 30, 2012 | June 30, 2011 | March 31, 2012 | |||||||||||
Revenue | |||||||||||||
Investment advisory fees, net | $ | 154,367 | $ | 149,127 | 4 | % | $ | 149,348 | 3 | % | |||
Administrative service fees, net | 54,986 | 54,550 | 1 | 57,292 | (4 | ) | |||||||
Other service fees, net | 22,007 | 21,465 | 3 | 22,655 | (3 | ) | |||||||
Other, net | 772 | 635 | 22 | 986 | (22 | ) | |||||||
Total Revenue | 232,132 | 225,777 | 3 | 230,281 | 1 | ||||||||
Operating Expenses | |||||||||||||
Compensation and related | 65,215 | 62,493 | 4 | 64,065 | 2 | ||||||||
Distribution | 62,328 | 57,798 | 8 | 61,693 | 1 | ||||||||
Professional service fees | 9,932 | 8,548 | 16 | 10,308 | (4 | ) | |||||||
Systems and communications | 6,773 | 5,727 | 18 | 6,310 | 7 | ||||||||
Office and occupancy | 6,119 | 6,032 | 1 | 6,253 | (2 | ) | |||||||
Travel and related | 3,336 | 3,253 | 3 | 2,751 | 21 | ||||||||
Advertising and promotional | 3,316 | 2,841 | 17 | 2,928 | 13 | ||||||||
Intangible asset related | 822 | 1,629 | (50 | ) | 21 | 3,814 | |||||||
Other | 5,271 | 5,373 | (2 | ) | 5,605 | (6 | ) | ||||||
Total Operating Expenses | 163,112 | 153,694 | 6 | 159,934 | 2 | ||||||||
Operating Income | 69,020 | 72,083 | (4 | ) | 70,347 | (2 | ) | ||||||
Nonoperating Income (Expenses) | |||||||||||||
Investment income, net | 2,272 | 1,178 | 93 | 3,346 | (32 | ) | |||||||
Debt expense | (3,690 | ) | (4,577 | ) | (19 | ) | (3,711 | ) | (1 | ) | |||
Other, net | (128 | ) | (85 | ) | 51 | (37 | ) | 246 | |||||
Total Nonoperating Expenses, net | (1,546 | ) | (3,484 | ) | (56 | ) | (402 | ) | 285 | ||||
Income before income taxes | 67,474 | 68,599 | (2 | ) | 69,945 | (4 | ) | ||||||
Income tax provision | 24,401 | 25,714 | (5 | ) | 25,538 | (4 | ) | ||||||
Net income including noncontrolling interest in subsidiaries | 43,073 | 42,885 | 0 | 44,407 | (3 | ) | |||||||
Less: Net income attributable to the noncontrolling interest in subsidiaries | 2,663 | 472 | 464 | 2,082 | 28 | ||||||||
Net Income | $ | 40,410 | $ | 42,413 | (5 | )% | $ | 42,325 | (5 | )% | |||
Amounts Attributable to Federated | |||||||||||||
Earnings Per Share1 | |||||||||||||
Basic and Diluted | $ | 0.39 | $ | 0.41 | (5 | )% | $ | 0.41 | (5 | )% | |||
Weighted-average shares outstanding | |||||||||||||
Basic | 100,347 | 100,907 | 100,112 | ||||||||||
Diluted | 100,347 | 100,917 | 100,112 | ||||||||||
Dividends declared per share | $ | 0.24 | $ | 0.24 | $ | 0.24 |
Federated Reports Q2 2012 Earnings | Page 5 of 10 |
Unaudited Condensed Consolidated Statements of Income | ||||||||
(in thousands, except per share data) | ||||||||
Six Months Ended | % Change | |||||||
June 30, 2012 | June 30, 2011 | |||||||
Revenue | ||||||||
Investment advisory fees, net | $ | 303,714 | $ | 308,717 | (2 | )% | ||
Administrative service fees, net | 112,278 | 108,598 | 3 | |||||
Other service fees, net | 44,663 | 46,128 | (3 | ) | ||||
Other, net | 1,758 | 1,217 | 44 | |||||
Total Revenue | 462,413 | 464,660 | 0 | |||||
Operating Expenses | ||||||||
Compensation and related | 129,280 | 126,889 | 2 | |||||
Distribution | 124,021 | 122,490 | 1 | |||||
Professional service fees | 20,240 | 34,734 | (42 | ) | ||||
Systems and communications | 13,084 | 11,306 | 16 | |||||
Office and occupancy | 12,371 | 12,233 | 1 | |||||
Advertising and promotional | 6,244 | 6,003 | 4 | |||||
Travel and related | 6,087 | 5,692 | 7 | |||||
Intangible asset related | 843 | 5,408 | (84 | ) | ||||
Other | 10,876 | 11,322 | (4 | ) | ||||
Total Operating Expenses | 323,046 | 336,077 | (4 | ) | ||||
Operating Income | 139,367 | 128,583 | 8 | |||||
Nonoperating Income (Expenses) | ||||||||
Investment income, net | 5,618 | 4,991 | 13 | |||||
Debt expense | (7,401 | ) | (9,215 | ) | (20 | ) | ||
Other, net | (166 | ) | (109 | ) | 52 | |||
Total Nonoperating Expenses, net | (1,949 | ) | (4,333 | ) | (55 | ) | ||
Income before income taxes | 137,418 | 124,250 | 11 | |||||
Income tax provision | 49,938 | 46,312 | 8 | |||||
Net income including noncontrolling interest in subsidiaries | 87,480 | 77,938 | 12 | |||||
Less: Net income attributable to the noncontrolling interests in subsidiaries | 4,745 | 2,295 | 107 | |||||
Net Income | $ | 82,735 | $ | 75,643 | 9 | % | ||
Amounts Attributable to Federated | ||||||||
Earnings Per Share1 | ||||||||
Basic and Diluted | $ | 0.80 | $ | 0.73 | 10 | % | ||
Weighted-average shares outstanding | ||||||||
Basic | 100,229 | 100,748 | ||||||
Diluted | 100,229 | 100,793 | ||||||
Dividends declared per share | $ | 0.48 | $ | 0.48 |
Federated Reports Q2 2012 Earnings | Page 6 of 10 |
Unaudited Condensed Consolidated Balance Sheets | ||||||
(in thousands) | June 30, 2012 | Dec. 31, 2011 | ||||
Assets | ||||||
Cash and other investments | $ | 327,129 | $ | 322,317 | ||
Other current assets | 50,019 | 44,194 | ||||
Intangible assets, net and goodwill | 721,310 | 720,926 | ||||
Other long-term assets | 64,153 | 63,419 | ||||
Total Assets | $ | 1,162,611 | $ | 1,150,856 | ||
Liabilities and Equity | ||||||
Current liabilities | $ | 162,702 | $ | 187,356 | ||
Long-term debt | 297,500 | 318,750 | ||||
Other long-term liabilities | 113,990 | 101,567 | ||||
Equity excluding treasury stock | 1,355,504 | 1,315,664 | ||||
Treasury stock | (767,085 | ) | (772,481 | ) | ||
Total Liabilities and Equity | $ | 1,162,611 | $ | 1,150,856 |
Federated Reports Q2 2012 Earnings | Page 7 of 10 |
Quarter Ended | Six Months Ended | |||||||||||||||
June 30, 2012 | March 31, 2012 | June 30, 2011 | June 30, 2012 | June 30, 2011 | ||||||||||||
Equity Funds | ||||||||||||||||
Beginning assets | $ | 23,612 | $ | 21,930 | $ | 22,848 | $ | 21,930 | $ | 22,626 | ||||||
Sales | 1,529 | 1,823 | 1,456 | 3,352 | 3,014 | |||||||||||
Redemptions | (1,797 | ) | (2,187 | ) | (1,701 | ) | (3,984 | ) | (3,724 | ) | ||||||
Net redemptions | (268 | ) | (364 | ) | (245 | ) | (632 | ) | (710 | ) | ||||||
Net exchanges | 3 | (12 | ) | (5 | ) | (9 | ) | (4 | ) | |||||||
Market gains and losses/reinvestments1 | (676 | ) | 2,058 | 80 | 1,382 | 766 | ||||||||||
Ending assets | $ | 22,671 | $ | 23,612 | $ | 22,678 | $ | 22,671 | $ | 22,678 | ||||||
Equity Separate Accounts2 | ||||||||||||||||
Beginning assets | $ | 10,505 | $ | 8,957 | $ | 8,793 | $ | 8,957 | $ | 8,176 | ||||||
Sales3 | 836 | 1,461 | 573 | 2,297 | 1,265 | |||||||||||
Redemptions3 | (697 | ) | (486 | ) | (744 | ) | (1,183 | ) | (1,350 | ) | ||||||
Net sales (redemptions)3 | 139 | 975 | (171 | ) | 1,114 | (85 | ) | |||||||||
Net exchanges | (9 | ) | 0 | 8 | (9 | ) | 21 | |||||||||
Market gains and losses/reinvestments1 | (85 | ) | 573 | 72 | 488 | 590 | ||||||||||
Ending assets | $ | 10,550 | $ | 10,505 | $ | 8,702 | $ | 10,550 | $ | 8,702 | ||||||
Total Equity2 | ||||||||||||||||
Beginning assets | $ | 34,117 | $ | 30,887 | $ | 31,641 | $ | 30,887 | $ | 30,802 | ||||||
Sales3 | 2,365 | 3,284 | 2,029 | 5,649 | 4,279 | |||||||||||
Redemptions3 | (2,494 | ) | (2,673 | ) | (2,445 | ) | (5,167 | ) | (5,074 | ) | ||||||
Net (redemptions) sales3 | (129 | ) | 611 | (416 | ) | 482 | (795 | ) | ||||||||
Net exchanges | (6 | ) | (12 | ) | 3 | (18 | ) | 17 | ||||||||
Market gains and losses/reinvestments1 | (761 | ) | 2,631 | 152 | 1,870 | 1,356 | ||||||||||
Ending assets | $ | 33,221 | $ | 34,117 | $ | 31,380 | $ | 33,221 | $ | 31,380 | ||||||
Fixed-Income Funds | ||||||||||||||||
Beginning assets | $ | 38,526 | $ | 37,241 | $ | 32,689 | $ | 37,241 | $ | 31,933 | ||||||
Sales | 5,636 | 4,822 | 4,335 | 10,458 | 9,245 | |||||||||||
Redemptions | (3,639 | ) | (3,987 | ) | (4,339 | ) | (7,626 | ) | (8,720 | ) | ||||||
Net sales (redemptions) | 1,997 | 835 | (4 | ) | 2,832 | 525 | ||||||||||
Net exchanges | (1,510 | ) | (59 | ) | 1,818 | (1,569 | ) | 1,806 | ||||||||
Market gains and losses/reinvestments1 | 481 | 509 | 371 | 990 | 610 | |||||||||||
Ending assets | $ | 39,494 | $ | 38,526 | $ | 34,874 | $ | 39,494 | $ | 34,874 | ||||||
Fixed-Income Separate Accounts2 | ||||||||||||||||
Beginning assets | $ | 7,695 | $ | 7,573 | $ | 9,067 | $ | 7,573 | $ | 8,772 | ||||||
Sales3 | 624 | 220 | 534 | 844 | 1,085 | |||||||||||
Redemptions3 | (521 | ) | (280 | ) | (405 | ) | (801 | ) | (779 | ) | ||||||
Net sales (redemptions)3 | 103 | (60 | ) | 129 | 43 | 306 | ||||||||||
Net exchanges | 1,592 | 0 | (1,807 | ) | 1,592 | (1,807 | ) | |||||||||
Market gains and losses/reinvestments1 | 84 | 182 | 155 | 266 | 273 | |||||||||||
Ending assets | $ | 9,474 | $ | 7,695 | $ | 7,544 | $ | 9,474 | $ | 7,544 | ||||||
Total Fixed Income2 | ||||||||||||||||
Beginning assets | $ | 46,221 | $ | 44,814 | $ | 41,756 | $ | 44,814 | $ | 40,705 | ||||||
Sales3 | 6,260 | 5,042 | 4,869 | 11,302 | 10,330 | |||||||||||
Redemptions3 | (4,160 | ) | (4,267 | ) | (4,744 | ) | (8,427 | ) | (9,499 | ) | ||||||
Net sales3 | 2,100 | 775 | 125 | 2,875 | 831 | |||||||||||
Net exchanges | 82 | (59 | ) | 11 | 23 | (1 | ) | |||||||||
Market gains and losses/reinvestments1 | 565 | 691 | 526 | 1,256 | 883 | |||||||||||
Ending assets | $ | 48,968 | $ | 46,221 | $ | 42,418 | $ | 48,968 | $ | 42,418 |
Federated Reports Q2 2012 Earnings | Page 8 of 10 |
Quarter Ended | Six Months Ended | |||||||||||||||
June 30, 2012 | March 31, 2012 | June 30, 2011 | June 30, 2012 | June 30, 2011 | ||||||||||||
Liquidation Portfolios1 | ||||||||||||||||
Beginning assets | $ | 8,583 | $ | 8,856 | $ | 10,384 | $ | 8,856 | $ | 10,708 | ||||||
Sales2 | 0 | 0 | 0 | 0 | 2 | |||||||||||
Redemptions2 | (458 | ) | (273 | ) | (420 | ) | (731 | ) | (745 | ) | ||||||
Net redemptions2 | (458 | ) | (273 | ) | (420 | ) | (731 | ) | (743 | ) | ||||||
Market gains and losses/reinvestments3 | (1 | ) | 0 | 0 | (1 | ) | (1 | ) | ||||||||
Ending Assets | $ | 8,124 | $ | 8,583 | $ | 9,964 | $ | 8,124 | $ | 9,964 |
Federated Reports Q2 2012 Earnings | Page 9 of 10 |
MANAGED ASSETS (in millions) | June 30, 2012 | March 31, 2012 | Dec. 31, 2011 | Sept. 30, 2011 | June 30, 2011 | ||||||||||
By Asset Class | |||||||||||||||
Equity | $ | 33,221 | $ | 34,117 | $ | 30,887 | $ | 27,971 | $ | 31,380 | |||||
Fixed-income | 48,968 | 46,221 | 44,814 | 42,883 | 42,418 | ||||||||||
Money market | 265,548 | 274,704 | 285,140 | 271,653 | 265,651 | ||||||||||
Liquidation portfolios1 | 8,124 | 8,583 | 8,856 | 9,144 | 9,964 | ||||||||||
Total Managed Assets | $ | 355,861 | $ | 363,625 | $ | 369,697 | $ | 351,651 | $ | 349,413 | |||||
By Product Type | |||||||||||||||
Funds: | |||||||||||||||
Equity | $ | 22,671 | $ | 23,612 | $ | 21,930 | $ | 20,140 | $ | 22,678 | |||||
Fixed-income | 39,494 | 38,526 | 37,241 | 35,620 | 34,874 | ||||||||||
Money market | 238,610 | 245,232 | 255,857 | 245,293 | 236,077 | ||||||||||
Total Fund Assets | $ | 300,775 | $ | 307,370 | $ | 315,028 | $ | 301,053 | $ | 293,629 | |||||
Separate Accounts: | |||||||||||||||
Equity | $ | 10,550 | $ | 10,505 | $ | 8,957 | $ | 7,831 | $ | 8,702 | |||||
Fixed-income | 9,474 | 7,695 | 7,573 | 7,263 | 7,544 | ||||||||||
Money market | 26,938 | 29,472 | 29,283 | 26,360 | 29,574 | ||||||||||
Total Separate Accounts | $ | 46,962 | $ | 47,672 | $ | 45,813 | $ | 41,454 | $ | 45,820 | |||||
Total Liquidation Portfolios1 | $ | 8,124 | $ | 8,583 | $ | 8,856 | $ | 9,144 | $ | 9,964 | |||||
Total Managed Assets | $ | 355,861 | $ | 363,625 | $ | 369,697 | $ | 351,651 | $ | 349,413 | |||||
AVERAGE MANAGED ASSETS | Quarter Ended | ||||||||||||||
(in millions) | June 30, 2012 | March 31, 2012 | Dec. 31, 2011 | Sept. 30, 2011 | June 30, 2011 | ||||||||||
By Asset Class | |||||||||||||||
Equity | $ | 32,993 | $ | 32,827 | $ | 29,965 | $ | 29,699 | $ | 31,520 | |||||
Fixed-income | 47,747 | 45,792 | 43,980 | 43,001 | 42,127 | ||||||||||
Money market | 271,507 | 282,801 | 275,295 | 266,756 | 270,411 | ||||||||||
Liquidation portfolios1 | 8,353 | 8,703 | 9,030 | 9,309 | 10,138 | ||||||||||
Total Avg. Assets | $ | 360,600 | $ | 370,123 | $ | 358,270 | $ | 348,765 | $ | 354,196 | |||||
By Product Type | |||||||||||||||
Funds: | |||||||||||||||
Equity | $ | 22,642 | $ | 23,075 | $ | 21,451 | $ | 21,491 | $ | 22,741 | |||||
Fixed-income | 38,901 | 38,128 | 36,546 | 35,478 | 33,534 | ||||||||||
Money market | 243,454 | 251,825 | 249,324 | 239,406 | 239,642 | ||||||||||
Total Avg. Fund Assets | $ | 304,997 | $ | 313,028 | $ | 307,321 | $ | 296,375 | $ | 295,917 | |||||
Separate Accounts: | |||||||||||||||
Equity | $ | 10,351 | $ | 9,752 | $ | 8,514 | $ | 8,208 | $ | 8,779 | |||||
Fixed-income | 8,846 | 7,664 | 7,434 | 7,523 | 8,593 | ||||||||||
Money market | 28,053 | 30,976 | 25,971 | 27,350 | 30,769 | ||||||||||
Total Avg. Separate Accounts | $ | 47,250 | $ | 48,392 | $ | 41,919 | $ | 43,081 | $ | 48,141 | |||||
Total Avg. Liquidation Portfolios1 | $ | 8,353 | $ | 8,703 | $ | 9,030 | $ | 9,309 | $ | 10,138 | |||||
Total Avg. Managed Assets | $ | 360,600 | $ | 370,123 | $ | 358,270 | $ | 348,765 | $ | 354,196 |
Federated Reports Q2 2012 Earnings | Page 10 of 10 |
AVERAGE MANAGED ASSETS | Six months ended | |||||
(in millions) | June 30, 2012 | June 30, 2011 | ||||
By Asset Class | ||||||
Equity | $ | 32,910 | $ | 31,288 | ||
Fixed-income | 46,769 | 41,657 | ||||
Money market | 277,154 | 271,976 | ||||
Liquidation portfolios1 | 8,528 | 10,336 | ||||
Total Avg. Assets | $ | 365,361 | $ | 355,257 | ||
By Product Type | ||||||
Funds: | ||||||
Equity | $ | 22,859 | $ | 22,670 | ||
Fixed-income | 38,514 | 32,899 | ||||
Money market | 247,640 | 240,008 | ||||
Total Avg. Fund Assets | $ | 309,013 | $ | 295,577 | ||
Separate Accounts: | ||||||
Equity | $ | 10,051 | $ | 8,618 | ||
Fixed-income | 8,255 | 8,758 | ||||
Money market | 29,514 | 31,968 | ||||
Total Avg. Separate Accounts | $ | 47,820 | $ | 49,344 | ||
Total Avg. Liquidation Portfolios1 | $ | 8,528 | $ | 10,336 | ||
Total Avg. Managed Assets | $ | 365,361 | $ | 355,257 |
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