SEI Reports Third-Quarter 2013 Financial Results
(firmenpresse) - OAKS, PA -- (Marketwired) -- 10/24/13 -- SEI Investments Company (NASDAQ: SEIC) today announced financial results for third-quarter 2013. Diluted earnings per share were $.38 in third-quarter 2013 compared to $.29 in third-quarter 2012.
"During the third quarter of 2013, the Company continued its positive progress across all of our business units. Our growth in revenues and profits reflect the impact of new client activity, growth of existing clients, and positive asset flows," said Alfred P. West, Jr., SEI Chairman and CEO.
"We continue to be encouraged by the market acceptance of our solutions. We are engaged in rapidly-changing markets requiring continued investment in our product and service offering. This enables us to enhance our competitive strength, accelerate our growth, and enhance long-term shareholder value."
Summary of Third-Quarter Results by Business Segment
Revenues increased in third-quarter 2013 as compared to both third-quarter 2012 and second-quarter 2013. Revenue growth was primarily driven by higher Asset management, administration, and distribution fees from improved cash flows from new and existing clients and market appreciation.
Our average assets under management, excluding LSV, increased $11.3 billion, or nine percent, to $143.9 billion in the third-quarter 2013, as compared to $132.6 billion during the third-quarter 2012, and increased $3.0 billion, or two percent, as compared to $140.9 billion during the second-quarter 2013. Average asset balances for the third-quarter 2012 include $6.5 billion in assets related to SEI Asset Korea, which was sold in first-quarter 2013 (see attached Ending and Average Asset Balances schedules for further details).
Sales events, net of client losses, during third-quarter 2013 totaled approximately $20.7 million and are expected to generate net annualized recurring revenues of approximately $18.3 million when contract values are fully realized.
Income from LSV increased in third-quarter 2013 to $31.3 million as compared to $24.9 million in third-quarter 2012 due to an increase in assets under management. Our ownership interest in LSV was approximately 39.3 percent in third-quarter 2013 and 39.8 percent in third-quarter 2012.
Stock-based compensation expense in third-quarter 2013 increased by $7.2 million as compared to third-quarter 2012. This incremental expense reflects a change in our estimate of the timing of when stock option vesting targets will be achieved. The Private Banks segment recognized $2.1 million of this incremental expense. The Investment Advisors, Institutional Investors, and Investment Managers segments each recognized approximately $1.3 million in expense.
Corporate overhead costs increased in third-quarter 2013 as compared to third-quarter 2012 due to $1.2 million in increased stock-based compensation, increased personnel costs, and higher costs related to regulatory and compliance matters.
The effective tax rates were 28.5 percent in third-quarter 2013, 39.0 percent in third-quarter 2012, and 35.5 percent in second-quarter 2013. The third-quarter 2013 tax rate was benefited by Pennsylvania Tax Law changes enacted during the third-quarter 2013. These changes resulted in a reduction of the deferred tax liability that has been built up over numerous years. The third-quarter 2012 tax rate reflected the accrual of taxes on the cumulative undistributed earnings of SEI Asset Korea.
In third-quarter 2013, we repurchased 1.9 million shares of our common stock for $58.6 million.
A conference call to review earnings is scheduled for 2:00 p.m. ET on October 24, 2013. Investors may listen to the call at . The call may also be accessed at the financial services sections of numerous web sites, including Google Finance and Yahoo Finance. 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 306035.
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, 2013, through its subsidiaries and partnerships in which the company has a significant interest, SEI manages or administers $529 billion in mutual fund and pooled or separately managed assets, including $219 billion in assets under management and $310 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.
Nicole Vattimo
SEI
+1 610-676-4385
Dana Grosser
SEI
+1 610-676-2459
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Datum: 24.10.2013 - 12:30 Uhr
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