SEI Reports Third-Quarter 2011 Financial Results
(firmenpresse) - OAKS, PA -- (Marketwire) -- 10/19/11 -- SEI Investments Company (NASDAQ: SEIC) today announced financial results for third-quarter 2011. Diluted earnings per share were $.27 in third-quarter 2011 compared to $.30 in third-quarter 2010.
"Our third-quarter results came in mixed versus year-ago and down versus second-quarter levels," said Alfred P. West, Jr., SEI Chairman and CEO. "These results reflect our investments in new services, particularly the Global Wealth Platform, which we are preparing to launch in the US for our bank and advisor segments. Results were also impacted by the weakened capital markets experienced during the quarter.
"Despite the continued headwinds the market presents, we are confident in our market positioning across all businesses, and are working hard to improve results."
Revenues improved in third-quarter 2011 when compared to third-quarter 2010. Asset management, administration, and distribution fee revenues increased, primarily due to higher asset balances under management and administration from existing clients as a result of improved capital markets from third-quarter 2010.
Revenues declined in third-quarter 2011 from second-quarter 2011 due to the substantial weakness in the capital markets during the third-quarter. Assets under management, including assets managed by LSV, decreased $19.5 billion to $151.4 billion at September 30, 2011, as compared to $170.9 billion at June 30, 2011. LSV assets under management decreased $11.2 billion to $49.4 billion at September 30, 2011, as compared to $60.6 billion at June 30, 2011 (Please see attached Asset Balances schedule for details).
Diluted earnings per share declined versus both third-quarter 2010 and second-quarter 2011. The drop in earnings per share versus third-quarter 2010 was primarily the result of increased spending on new services, particularly Global Wealth Services. The comparison to second-quarter 2011 was due primarily to the weakened capital markets experienced during the third-quarter 2011.
Sales events, net of client losses, during third-quarter 2011 totaled $7.9 million and are expected to generate net annualized recurring revenues of approximately $3.6 million.
Net income attributable to SEI includes losses from SIV securities of $0.8 million in third-quarter 2011 compared to gains of $8.7 million in third-quarter 2010.
The effective tax rates were 33.8 percent for the third-quarter 2011 as compared to 37.8 percent for the third-quarter 2010. The decrease in the tax rate was due to tax planning strategies.
In the third-quarter 2011, SEI purchased 3.7 million shares of its common stock for $63.5 million.
In the third-quarter 2011, we made a $20.0 million payment on our outstanding debt. As of September 30, 2011, the remaining balance on our debt is $20.0 million.
A conference call to review earnings is scheduled for 2:00 PM ET on October 19, 2011. 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 220311.
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, 2011, through its subsidiaries and partnerships in which the company has a significant interest, SEI manages or administers $395 billion in mutual fund and pooled assets or separately managed assets, including $151 billion in assets under management and $244 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
(610) 676-1932
Dana Grosser
SEI
(610) 676-2459
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Datum: 19.10.2011 - 12:30 Uhr
Sprache: Deutsch
News-ID 77811
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