Pzena Investment Management CEO Discusses Q3 2010 Results – Earnings Call Transcript
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Thank you. For the third quarter of 2010, we reported revenues of $18.5 million, operating income of $9.3 million, non-GAAP diluted net income of $5.2 million and non-GAAP diluted net income per share of $0.08. We also declared a quarterly dividend of$0.03 per share. At quarter end, our total cash was 26.8 million and we are debt free.
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 PzenaThanks, Greg. We experienced an entire year in the third quarter as sentiments swung wildly from peer of a double-dip recession to cautious optimism propelling markets to double digit gains. The MSCI world index was up 13.8% in the quarter with most of that earned in September. Despite the gains, we are still finding good values in high quality companies in a range of industries.
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