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Pzena Investment Management, Inc. Q2 2010 Earnings Call Transcript

These factors include but are not limited to the factors described in the company’s reports filed with the SEC, which are available on our website and on the SEC’s website at www.sec.gov. Investors are cautioned not to place undue reliance on forward-looking statements which speaks only as the date on which the statements are made. The company does not undertake to update such statements to reflect the impact of circumstances or events that are raised after the dates these statements were made. Investors should however, consult any further disclosures the company made in the report filed with the SEC.

In addition please be advised that because of the prohibitions on selective disclosures, the company as a matter of policy does not disclose material that is not public information on their conference calls. If one of your questions requires the disclosure of material non-public information we will not be able to respond to it.

Thank you. For the second quarter of 2010 we reported revenues of $19.4 million, operating income of $10 million, non-GAAP diluted net income of $5.0 million and non-GAAP diluted net income per share of $0.08. During the quarter we repaid remainder of our outstanding senior subordinated notes leaving us debt free. We also declared a quarterly dividend of $0.03 per share.

I’ll review our financial results in greater detail in a few minutes. First, I’d like to turn the call over to Rich Pzena, who will discuss our view of the investing environment and how we’re positioned relative to it.

Rich Pzena

Thanks Greg. Looking at the first half of 2010, one would think the world must be on some strange kind of emotional roller coaster. As we move through the second quarter, fear took over from greed again. Investors around the world became obsessed by headlines of European debt and currency crisis, economic slowdown and new financial regulations.

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