SEI Reports Third-Quarter 2012 Financial Results
Strong Sales Results Continue
(firmenpresse) - OAKS, PA -- (Marketwire) -- 10/24/12 -- SEI Investments Company (NASDAQ: SEIC) today announced financial results for third-quarter 2012. Diluted earnings per share were $.29 in third-quarter 2012 compared to $.27 in third-quarter 2011.
"Continued strong new business sales and growing revenue are the highlights of the third-quarter 2012," said Alfred P. West, Jr., SEI Chairman and CEO.
"We continue to see growing acceptance of our solutions and services in all markets. We remain confident that the investments we have made and continue to make will significantly enhance long-term shareholder value."
Revenues increased in third-quarter 2012 as compared to both third-quarter 2011 and second-quarter 2012. This was driven by an increase in Asset management, administration, and distribution fee revenues resulting from increased cash flows from new and existing clients and market appreciation in 2012.
Our average assets under management, excluding LSV, increased $14.8 billion, or 13 percent, to $132.6 billion in the third-quarter 2012, as compared to $117.8 billion during the third-quarter 2011, and increased $6.0 billion, or five percent, as compared to $126.6 billion during the second-quarter 2012 (See attached Ending and Average Asset Balances schedules for further details).
Sales events, net of client losses, during third-quarter 2012 totaled approximately $23.7 million and are expected to generate net annualized recurring revenues of approximately $21.4 million when contract values are fully realized.
Income from LSV increased in third-quarter 2012 to $24.9 million as compared to third-quarter 2011 and second-quarter 2012 due to an increase in assets under management. Our ownership interest was 40 percent in second- and third-quarter 2012 and 41 percent in third-quarter 2011.
In the third-quarter 2012, SEI decided to discontinue the use of specific functionality within the Global Wealth Platform and incurred $2.7 million of amortization expense related to the remaining net book value of this component. This expense was recognized in the Private Banks segment. Without this expense Private Banks profits for the quarter would have been $3.5 million, which is comparable to second-quarter 2012.
Net income attributable to SEI includes gains from SIV securities of $3.4 million in third-quarter 2012 compared to losses of $0.8 million in third-quarter 2011 and a gain of $1.1 million in second-quarter 2012.
The effective tax rates were 39.0 percent in the third-quarter 2012 and 33.8 percent in the third-quarter 2011. The increase in the tax rate was due to the accrual of taxes on the cumulative undistributed earnings of SEI Asset Korea, offset by certain tax planning strategies which benefited the tax rate in third-quarter 2011. As a result of the sale of SEI Asset Korea, the Company no longer considers the undistributed earnings to be indefinitely reinvested and therefore accrued U.S. deferred taxes on the cumulative undistributed earnings of SEI Asset Korea.
In the third-quarter 2012, SEI purchased 1.55 million shares of its common stock for $33.6 million.
A conference call to review earnings is scheduled for 2:00 PM ET on October 24, 2012. Investors may listen to the call at or listen at , a service of Thomson Streetevents. The call may also be accessed at numerous financial services web sites including AOL and Yahoo. Investors may also listen to replays at these web sites, or by telephone at (USA) 1-800-475-6701; (International) 320-365-3844, access code 268471.
SEI (NASDAQ: SEIC) is a leading global provider of investment processing, fund processing, and investment management business outsourcing solutions that help corporations, financial institutions, financial advisors, and ultra-high-net-worth families create and manage wealth. As of September 30, 2012, through its subsidiaries and partnerships in which the company has a significant interest, SEI manages or administers $448 billion in mutual fund and pooled or separately managed assets, including $195 billion in assets under management and $253 billion in client assets under administration. For more information, visit .
Many of the statements in this release may be considered "forward looking statements" and include discussions about future operations, strategies and financial results. Forward-looking statements are based upon estimates and assumptions that involve risks and uncertainties, many of which are beyond our control or are subject to change. Although we believe our assumptions are reasonable, they could be inaccurate. Our actual future revenues and income could differ materially from our expected results. We have no obligation to publicly update or revise any forward-looking statements.
Murray Louis
SEI
+1 610-676-1932
Dana Grosser
SEI
+1 610-676-2459
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Datum: 24.10.2012 - 12:15 Uhr
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