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TheStreet Open House

Pzena Investment Management CEO Discusses Q3 2010 Results – 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 SECs website www.sec.gov. Investors are cautioned not to place undue reliance on forward-looking statements, which speaks only as the date on which these statements are made. The company does not undertake to update such statements to reflect the impact of circumstances or events that arise after the date these statements were made. Investors should, however, consult any further disclosures the company may make in the reports filed with the SEC.

In addition, please be advised that because of the prohibitions on selective disclosure, 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 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 Pzena

Thanks, 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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