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: | January 24, 2013 | By: | /s/ Thomas R. Donahue | |
Thomas R. Donahue | ||||
Chief Financial Officer |
• | Equity and bond assets increase $11 billion during 2012 to a record $95 billion |
• | 2012 equity and bond net sales reach $6 billion |
• | Q4 2012 net income increases by 34 percent compared to Q4 2011 |
• | 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 Q4 and Year-End 2012 Earnings | Page 2 of 11 |
Federated Reports Q4 and Year-End 2012 Earnings | Page 3 of 11 |
Quarter Ended | Change Q4 2011 to Q4 2012 | Quarter Ended | Change Q3 2012 to Q4 2012 | Year Ended | Change 2011 to 2012 | |||||||||||||||||||||
Dec. 31, 2012 | Dec. 31, 2011 | Sept. 30, 2012 | Dec. 31, 2012 | Dec. 31, 2011 | ||||||||||||||||||||||
Investment advisory fees | $ | (40.0 | ) | $ | (58.8 | ) | $ | 18.8 | $ | (41.2 | ) | $ | 1.2 | $ | (177.2 | ) | $ | (201.6 | ) | $ | 24.4 | |||||
Other service fees | (30.7 | ) | (30.2 | ) | (0.5 | ) | (28.3 | ) | (2.4 | ) | (113.8 | ) | (119.1 | ) | 5.3 | |||||||||||
Total Revenue | $ | (70.7 | ) | $ | (89.0 | ) | $ | 18.3 | $ | (69.5 | ) | $ | (1.2 | ) | $ | (291.0 | ) | $ | (320.7 | ) | $ | 29.7 | ||||
Less: Reduction in distribution expense | 54.9 | 61.9 | (7.0 | ) | 52.9 | 2.0 | 218.5 | 232.3 | (13.8 | ) | ||||||||||||||||
Operating income | $ | (15.8 | ) | $ | (27.1 | ) | $ | 11.3 | $ | (16.6 | ) | $ | 0.8 | $ | (72.5 | ) | $ | (88.4 | ) | $ | 15.9 | |||||
Less: Reduction in noncontrolling interest | 0.3 | 1.0 | (0.7 | ) | 0.3 | 0.0 | 1.3 | 6.5 | (5.2 | ) | ||||||||||||||||
Pre-tax impact | $ | (15.5 | ) | $ | (26.1 | ) | $ | 10.6 | $ | (16.3 | ) | $ | 0.8 | $ | (71.2 | ) | $ | (81.9 | ) | $ | 10.7 |
Federated Reports Q4 and Year-End 2012 Earnings | Page 4 of 11 |
Federated Reports Q4 and Year-End 2012 Earnings | Page 5 of 11 |
Unaudited Condensed Consolidated Statements of Income | |||||||||||||
(in thousands, except per share data) | |||||||||||||
Quarter Ended | % Change Q4 2011 to Q4 2012 | Quarter Ended | % Change Q3 2012 to Q4 2012 | ||||||||||
Dec. 31, 2012 | Dec. 31, 2011 | Sept. 30, 2012 | |||||||||||
Revenue | |||||||||||||
Investment advisory fees, net | $ | 166,813 | $ | 138,225 | 21 | % | $ | 160,306 | 4 | % | |||
Administrative service fees, net | 57,372 | 56,830 | 1 | 55,879 | 3 | ||||||||
Other service fees, net | 19,818 | 20,249 | (2 | ) | 21,421 | (7 | ) | ||||||
Other, net | 821 | 1,102 | (25 | ) | 862 | (5 | ) | ||||||
Total Revenue | 244,824 | 216,406 | 13 | 238,468 | 3 | ||||||||
Operating Expenses | |||||||||||||
Distribution | 65,278 | 58,740 | 11 | 64,146 | 2 | ||||||||
Compensation and related | 63,211 | 60,620 | 4 | 65,131 | (3 | ) | |||||||
Professional service fees | 6,549 | 9,567 | (32 | ) | (7,864 | ) | 183 | ||||||
Office and occupancy | 6,349 | 6,254 | 2 | 6,108 | 4 | ||||||||
Systems and communications | 6,100 | 5,839 | 4 | 6,532 | (7 | ) | |||||||
Travel and related | 3,837 | 3,673 | 4 | 2,913 | 32 | ||||||||
Advertising and promotional | 3,611 | 3,524 | 2 | 3,559 | 1 | ||||||||
Intangible asset related | 951 | 1,243 | (23 | ) | 799 | 19 | |||||||
Other | 5,746 | 5,085 | 13 | 7,111 | (19 | ) | |||||||
Total Operating Expenses | 161,632 | 154,545 | 5 | 148,435 | 9 | ||||||||
Operating Income | 83,192 | 61,861 | 34 | 90,033 | (8 | ) | |||||||
Nonoperating Income (Expenses) | |||||||||||||
Investment income, net | 4,343 | 2,538 | 71 | 3,706 | 17 | ||||||||
Debt expense | (3,506 | ) | (3,860 | ) | (9 | ) | (3,534 | ) | (1 | ) | |||
Other, net | (3,112 | ) | (103 | ) | 2,921 | (29 | ) | 10,631 | |||||
Total Nonoperating (Expenses) Income, net | (2,275 | ) | (1,425 | ) | 60 | 143 | 1,691 | ||||||
Income before income taxes | 80,917 | 60,436 | 34 | 90,176 | (10 | ) | |||||||
Income tax provision | 28,961 | 21,811 | 33 | 31,983 | (9 | ) | |||||||
Net income including noncontrolling interest in subsidiaries | 51,956 | 38,625 | 35 | 58,193 | (11 | ) | |||||||
Less: Net income attributable to the noncontrolling interest in subsidiaries | 2,375 | 1,682 | 41 | 2,420 | (2 | ) | |||||||
Net Income | $ | 49,581 | $ | 36,943 | 34 | % | $ | 55,773 | (11 | )% | |||
Amounts Attributable to Federated | |||||||||||||
Earnings Per Share1 | |||||||||||||
Basic and diluted | $ | 0.44 | $ | 0.36 | 22 | % | $ | 0.54 | (19 | )% | |||
Weighted-average shares outstanding | |||||||||||||
Basic and diluted | 100,374 | 100,264 | 100,417 | ||||||||||
Dividends declared per share | $ | 1.75 | $ | 0.24 | $ | 0.24 |
Federated Reports Q4 and Year-End 2012 Earnings | Page 6 of 11 |
Unaudited Condensed Consolidated Statements of Income | ||||||||
(in thousands, except per share data) | ||||||||
Year Ended | % Change | |||||||
Dec. 31, 2012 | Dec. 31, 2011 | |||||||
Revenue | ||||||||
Investment advisory fees, net | $ | 630,834 | $ | 586,340 | 8 | % | ||
Administrative service fees, net | 225,529 | 220,356 | 2 | |||||
Other service fees, net | 85,902 | 85,385 | 1 | |||||
Other, net | 3,441 | 3,033 | 13 | |||||
Total Revenue | 945,706 | 895,114 | 6 | |||||
Operating Expenses | ||||||||
Compensation and related | 257,622 | 245,439 | 5 | |||||
Distribution | 253,445 | 235,670 | 8 | |||||
Systems and communications | 25,716 | 22,971 | 12 | |||||
Office and occupancy | 24,828 | 24,689 | 1 | |||||
Professional service fees | 18,925 | 53,737 | (65 | ) | ||||
Advertising and promotional | 13,413 | 13,413 | 0 | |||||
Travel and related | 12,838 | 12,174 | 5 | |||||
Intangible asset related | 2,593 | 7,915 | (67 | ) | ||||
Other | 23,733 | 21,651 | 10 | |||||
Total Operating Expenses | 633,113 | 637,659 | (1 | ) | ||||
Operating Income | 312,593 | 257,455 | 21 | |||||
Nonoperating Income (Expenses) | ||||||||
Investment income, net | 13,667 | 6,259 | 118 | |||||
Debt expense | (14,441 | ) | (17,047 | ) | (15 | ) | ||
Other, net | (3,308 | ) | (296 | ) | 1,018 | |||
Total Nonoperating Expenses, net | (4,082 | ) | (11,084 | ) | (63 | ) | ||
Income before income taxes | 308,511 | 246,371 | 25 | |||||
Income tax provision | 110,883 | 91,288 | 21 | |||||
Net income including noncontrolling interest in subsidiaries | 197,628 | 155,083 | 27 | |||||
Less: Net income attributable to the noncontrolling interest in subsidiaries | 9,540 | 4,177 | 128 | |||||
Net Income | $ | 188,088 | $ | 150,906 | 25 | % | ||
Amounts Attributable to Federated | ||||||||
Earnings Per Share1 | ||||||||
Basic and diluted | $ | 1.79 | $ | 1.45 | 23 | % | ||
Weighted-average shares outstanding | ||||||||
Basic | 100,313 | 100,609 | ||||||
Diluted | 100,313 | 100,632 | ||||||
Dividends declared per share | $ | 2.47 | $ | 0.96 |
Federated Reports Q4 and Year-End 2012 Earnings | Page 7 of 11 |
Unaudited Condensed Consolidated Balance Sheets | ||||||
(in thousands) | Dec. 31, 2012 | Dec. 31, 2011 | ||||
Assets | ||||||
Cash and other investments | $ | 258,628 | $ | 322,317 | ||
Other current assets | 41,434 | 44,194 | ||||
Intangible assets, net and goodwill | 727,857 | 720,926 | ||||
Other long-term assets | 62,142 | 63,419 | ||||
Total Assets | $ | 1,090,061 | $ | 1,150,856 | ||
Liabilities and Equity | ||||||
Current liabilities | $ | 181,134 | $ | 178,486 | ||
Long-term debt | 276,250 | 318,750 | ||||
Other long-term liabilities | 128,733 | 110,437 | ||||
Equity excluding treasury stock | 1,263,966 | 1,315,664 | ||||
Treasury stock | (760,022 | ) | (772,481 | ) | ||
Total Liabilities and Equity | $ | 1,090,061 | $ | 1,150,856 |
Federated Reports Q4 and Year-End 2012 Earnings | Page 8 of 11 |
Quarter Ended | Year Ended | |||||||||||||||
Dec. 31, 2012 | Sept. 30, 2012 | Dec. 31, 2011 | Dec. 31, 2012 | Dec. 31, 2011 | ||||||||||||
Equity Funds | ||||||||||||||||
Beginning assets | $ | 23,658 | $ | 22,671 | $ | 20,140 | $ | 21,930 | $ | 22,626 | ||||||
Sales | 1,415 | 1,454 | 2,185 | 6,221 | 7,633 | |||||||||||
Redemptions | (1,866 | ) | (1,527 | ) | (1,771 | ) | (7,377 | ) | (7,461 | ) | ||||||
Net (redemptions) sales | (451 | ) | (73 | ) | 414 | (1,156 | ) | 172 | ||||||||
Net exchanges | (47 | ) | (14 | ) | (32 | ) | (70 | ) | (76 | ) | ||||||
Acquisition-related | 0 | 190 | 0 | 190 | 463 | |||||||||||
Market gains and losses/reinvestments1 | (8 | ) | 884 | 1,408 | 2,258 | (1,255 | ) | |||||||||
Ending assets | $ | 23,152 | $ | 23,658 | $ | 21,930 | $ | 23,152 | $ | 21,930 | ||||||
Equity Separate Accounts2 | ||||||||||||||||
Beginning assets | $ | 11,697 | $ | 10,550 | $ | 7,831 | $ | 8,957 | $ | 8,176 | ||||||
Sales3 | 893 | 1,062 | 873 | 4,252 | 2,861 | |||||||||||
Redemptions3 | (605 | ) | (503 | ) | (549 | ) | (2,291 | ) | (2,530 | ) | ||||||
Net sales3 | 288 | 559 | 324 | 1,961 | 331 | |||||||||||
Net exchanges | 1 | 0 | 26 | (8 | ) | 54 | ||||||||||
Market gains and losses/reinvestments1 | (128 | ) | 588 | 776 | 948 | 396 | ||||||||||
Ending assets | $ | 11,858 | $ | 11,697 | $ | 8,957 | $ | 11,858 | $ | 8,957 | ||||||
Total Equity2 | ||||||||||||||||
Beginning assets | $ | 35,355 | $ | 33,221 | $ | 27,971 | $ | 30,887 | $ | 30,802 | ||||||
Sales3 | 2,308 | 2,516 | 3,058 | 10,473 | 10,494 | |||||||||||
Redemptions3 | (2,471 | ) | (2,030 | ) | (2,320 | ) | (9,668 | ) | (9,991 | ) | ||||||
Net (redemptions) sales3 | (163 | ) | 486 | 738 | 805 | 503 | ||||||||||
Net exchanges | (46 | ) | (14 | ) | (6 | ) | (78 | ) | (22 | ) | ||||||
Acquisition-related | 0 | 190 | 0 | 190 | 463 | |||||||||||
Market gains and losses/reinvestments1 | (136 | ) | 1,472 | 2,184 | 3,206 | (859 | ) | |||||||||
Ending assets | $ | 35,010 | $ | 35,355 | $ | 30,887 | $ | 35,010 | $ | 30,887 | ||||||
Fixed-Income Funds | ||||||||||||||||
Beginning assets | $ | 41,547 | $ | 39,494 | $ | 35,620 | $ | 37,241 | $ | 31,933 | ||||||
Sales | 4,848 | 5,120 | 4,696 | 20,426 | 17,990 | |||||||||||
Redemptions | (4,268 | ) | (3,770 | ) | (3,417 | ) | (15,664 | ) | (15,844 | ) | ||||||
Net sales | 580 | 1,350 | 1,279 | 4,762 | 2,146 | |||||||||||
Net exchanges | 141 | (92 | ) | 38 | (1,520 | ) | 1,873 | |||||||||
Acquisition-related | 0 | 144 | 0 | 144 | 132 | |||||||||||
Market gains and losses/reinvestments1 | 210 | 651 | 304 | 1,851 | 1,157 | |||||||||||
Ending assets | $ | 42,478 | $ | 41,547 | $ | 37,241 | $ | 42,478 | $ | 37,241 | ||||||
Fixed-Income Separate Accounts2 | ||||||||||||||||
Beginning assets | $ | 9,842 | $ | 9,474 | $ | 7,263 | $ | 7,573 | $ | 8,772 | ||||||
Sales3 | 393 | 309 | 415 | 1,546 | 1,698 | |||||||||||
Redemptions3 | (125 | ) | (202 | ) | (195 | ) | (1,128 | ) | (1,443 | ) | ||||||
Net sales3 | 268 | 107 | 220 | 418 | 255 | |||||||||||
Net exchanges | 0 | 1 | 1 | 1,593 | (1,806 | ) | ||||||||||
Market gains and losses/reinvestments1 | 123 | 260 | 89 | 649 | 352 | |||||||||||
Ending assets | $ | 10,233 | $ | 9,842 | $ | 7,573 | $ | 10,233 | $ | 7,573 | ||||||
Total Fixed Income2 | ||||||||||||||||
Beginning assets | $ | 51,389 | $ | 48,968 | $ | 42,883 | $ | 44,814 | $ | 40,705 | ||||||
Sales3 | 5,241 | 5,429 | 5,111 | 21,972 | 19,688 | |||||||||||
Redemptions3 | (4,393 | ) | (3,972 | ) | (3,612 | ) | (16,792 | ) | (17,287 | ) | ||||||
Net sales3 | 848 | 1,457 | 1,499 | 5,180 | 2,401 | |||||||||||
Net exchanges | 141 | (91 | ) | 39 | 73 | 67 | ||||||||||
Acquisition-related | 0 | 144 | 0 | 144 | 132 | |||||||||||
Market gains and losses/reinvestments1 | 333 | 911 | 393 | 2,500 | 1,509 | |||||||||||
Ending assets | $ | 52,711 | $ | 51,389 | $ | 44,814 | $ | 52,711 | $ | 44,814 |
Federated Reports Q4 and Year-End 2012 Earnings | Page 9 of 11 |
Quarter Ended | Year Ended | |||||||||||||||
Dec. 31, 2012 | Sept. 30, 2012 | Dec. 31, 2011 | Dec. 31, 2012 | Dec. 31, 2011 | ||||||||||||
Liquidation Portfolios1 | ||||||||||||||||
Beginning assets | $ | 7,718 | $ | 8,124 | $ | 9,144 | $ | 8,856 | $ | 10,708 | ||||||
Sales2 | 0 | 0 | 0 | 0 | 2 | |||||||||||
Redemptions2 | (372 | ) | (406 | ) | (289 | ) | (1,509 | ) | (1,854 | ) | ||||||
Net redemptions2 | (372 | ) | (406 | ) | (289 | ) | (1,509 | ) | (1,852 | ) | ||||||
Market gains and losses/reinvestments3 | 0 | 0 | 1 | (1 | ) | 0 | ||||||||||
Ending Assets | $ | 7,346 | $ | 7,718 | $ | 8,856 | $ | 7,346 | $ | 8,856 |
Federated Reports Q4 and Year-End 2012 Earnings | Page 10 of 11 |
MANAGED ASSETS (in millions) | Dec. 31, 2012 | Sept. 30, 2012 | June 30, 2012 | March 31, 2012 | Dec. 31, 2011 | ||||||||||
By Asset Class | |||||||||||||||
Equity | $ | 35,010 | $ | 35,355 | $ | 33,221 | $ | 34,117 | $ | 30,887 | |||||
Fixed-income | 52,711 | 51,389 | 48,968 | 46,221 | 44,814 | ||||||||||
Money market | 284,704 | 269,622 | 265,548 | 274,704 | 285,140 | ||||||||||
Liquidation portfolios1 | 7,346 | 7,718 | 8,124 | 8,583 | 8,856 | ||||||||||
Total Managed Assets | $ | 379,771 | $ | 364,084 | $ | 355,861 | $ | 363,625 | $ | 369,697 | |||||
By Product Type | |||||||||||||||
Funds: | |||||||||||||||
Equity | $ | 23,152 | $ | 23,658 | $ | 22,671 | $ | 23,612 | $ | 21,930 | |||||
Fixed-income | 42,478 | 41,547 | 39,494 | 38,526 | 37,241 | ||||||||||
Money market | 255,689 | 244,826 | 238,610 | 245,232 | 255,857 | ||||||||||
Total Fund Assets | $ | 321,319 | $ | 310,031 | $ | 300,775 | $ | 307,370 | $ | 315,028 | |||||
Separate Accounts: | |||||||||||||||
Equity | $ | 11,858 | $ | 11,697 | $ | 10,550 | $ | 10,505 | $ | 8,957 | |||||
Fixed-income | 10,233 | 9,842 | 9,474 | 7,695 | 7,573 | ||||||||||
Money market | 29,015 | 24,796 | 26,938 | 29,472 | 29,283 | ||||||||||
Total Separate Accounts | $ | 51,106 | $ | 46,335 | $ | 46,962 | $ | 47,672 | $ | 45,813 | |||||
Total Liquidation Portfolios1 | $ | 7,346 | $ | 7,718 | $ | 8,124 | $ | 8,583 | $ | 8,856 | |||||
Total Managed Assets | $ | 379,771 | $ | 364,084 | $ | 355,861 | $ | 363,625 | $ | 369,697 | |||||
AVERAGE MANAGED ASSETS | Quarter Ended | ||||||||||||||
(in millions) | Dec. 31, 2012 | Sept. 30, 2012 | June 30, 2012 | March 31, 2012 | Dec. 31, 2011 | ||||||||||
By Asset Class | |||||||||||||||
Equity | $ | 35,016 | $ | 34,429 | $ | 32,993 | $ | 32,827 | $ | 29,965 | |||||
Fixed-income | 52,211 | 50,195 | 47,747 | 45,792 | 43,980 | ||||||||||
Money market | 273,943 | 268,573 | 271,507 | 282,801 | 275,295 | ||||||||||
Liquidation portfolios1 | 7,559 | 7,948 | 8,353 | 8,703 | 9,030 | ||||||||||
Total Avg. Assets | $ | 368,729 | $ | 361,145 | $ | 360,600 | $ | 370,123 | $ | 358,270 | |||||
By Product Type | |||||||||||||||
Funds: | |||||||||||||||
Equity | $ | 23,209 | $ | 23,133 | $ | 22,642 | $ | 23,075 | $ | 21,451 | |||||
Fixed-income | 42,156 | 40,579 | 38,901 | 38,128 | 36,546 | ||||||||||
Money market | 248,534 | 243,111 | 243,454 | 251,825 | 249,324 | ||||||||||
Total Avg. Fund Assets | $ | 313,899 | $ | 306,823 | $ | 304,997 | $ | 313,028 | $ | 307,321 | |||||
Separate Accounts: | |||||||||||||||
Equity | $ | 11,807 | $ | 11,296 | $ | 10,351 | $ | 9,752 | $ | 8,514 | |||||
Fixed-income | 10,055 | 9,616 | 8,846 | 7,664 | 7,434 | ||||||||||
Money market | 25,409 | 25,462 | 28,053 | 30,976 | 25,971 | ||||||||||
Total Avg. Separate Accounts | $ | 47,271 | $ | 46,374 | $ | 47,250 | $ | 48,392 | $ | 41,919 | |||||
Total Avg. Liquidation Portfolios1 | $ | 7,559 | $ | 7,948 | $ | 8,353 | $ | 8,703 | $ | 9,030 | |||||
Total Avg. Managed Assets | $ | 368,729 | $ | 361,145 | $ | 360,600 | $ | 370,123 | $ | 358,270 |
Federated Reports Q4 and Year-End 2012 Earnings | Page 11 of 11 |
AVERAGE MANAGED ASSETS | Year Ended | |||||
(in millions) | Dec. 31, 2012 | Dec. 31, 2011 | ||||
By Asset Class | ||||||
Equity | $ | 33,816 | $ | 30,560 | ||
Fixed-income | 48,986 | 42,573 | ||||
Money market | 274,206 | 271,501 | ||||
Liquidation portfolios1 | 8,141 | 9,753 | ||||
Total Avg. Assets | $ | 365,149 | $ | 354,387 | ||
By Product Type | ||||||
Funds: | ||||||
Equity | $ | 23,015 | $ | 22,071 | ||
Fixed-income | 39,941 | 34,455 | ||||
Money market | 246,731 | 242,187 | ||||
Total Avg. Fund Assets | $ | 309,687 | $ | 298,713 | ||
Separate Accounts: | ||||||
Equity | $ | 10,801 | $ | 8,489 | ||
Fixed-income | 9,045 | 8,118 | ||||
Money market | 27,475 | 29,314 | ||||
Total Avg. Separate Accounts | $ | 47,321 | $ | 45,921 | ||
Total Avg. Liquidation Portfolios1 | $ | 8,141 | $ | 9,753 | ||
Total Avg. Managed Assets | $ | 365,149 | $ | 354,387 |
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