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Pzena Investment Management Inc. CEO Discusses Q1 2011 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 Investors are cautioned not to place undue reliance on forward-looking statements which speaks only as of 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 disclosure that company may make in records filed with the SEC. In addition, please be advised that because of the prohibitions on selected disclosure the company as a matter of policy does not disclose material that is not public information on that conference calls. If one of your questions require the disclosure of material non-public information, you will not be able to respond to it. Thank you.

Before I turn the call over to Rich, I’d like to first mention some financial highlights. We reported non-GAAP diluted EPS of $0.10 per share and 6.2 million in non-GAAP diluted net income. Revenues were 21.8 million for the quarter and our operating income was 11.5 million. Our cash balance was 22.1 million at quarter end and we declared our $0.03 per share of quarterly dividend last night. I’ll shed some light on our financial results in a few minutes but first I will turn the call over to Rich who discuss our view of the investing environment and we are positioned relative to it.

Rich Pzena

Thanks Greg. Global equity market advanced in the quarter with the MHCI all country world index up 4.4% in U.S. dollar terms. Markets recovered during the latter part of March after being whacked by the disaster in Japan and turmoil in the Middle East and North Africa which pushed oil passed the $100 per barrel. The U.S. market registered solid gains during the quarter with the S&P 500 index up 5.9% and the Russell 2000 index at small cap stock up 7.9%. The MCHI Europe index posted a 6.6% advanced during the quarter helped in large part by the euro which moved up almost 6% against the dollar during the quarter. The MCHI emerging market index was up 2.1% over the same period with energy producers for example Russia posting double-digits gains. Japan however, fell 4.9% reflecting the impacts of the earthquake, tsunami and nuclear disaster.

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