Financial Engines (NASDAQ: FNGN), the largest independent provider of investment management and advice to employees in retirement plans, today reported financial results for its second quarter ended June 30, 2011.
Financial results for the second quarter of 2011 compared to the second quarter of 2010: i
- Revenue increased 38% to $35.3 million for the second quarter of 2011 from $25.6 million for the second quarter of 2010
- Professional management revenue increased 49% to $26.5 million for the second quarter of 2011 from $17.8 million for the second quarter of 2010
- Net income was $3.5 million, or $0.07 per diluted share, for the second quarter of 2011 compared to net income of $1.3 million, or $0.03 per diluted share, for the second quarter of 2010
- Non-GAAP Adjusted EBITDA i increased 80% to $9.4 million for the second quarter of 2011 from $5.2 million for the second quarter of 2010
- Non-GAAP Adjusted Net Income i increased 70% to $4.2 million for the second quarter of 2011 from $2.5 million for the second quarter of 2010
- Non-GAAP Adjusted Earnings Per Share i increased 80% to $0.09 for the second quarter of 2011 compared to $0.05 for the second quarter of 2010
Key operating metrics as of June 30, 2011: ii
- Assets under contract (“AUC”) were $431 billion
- Assets under management (“AUM”) were $43.8 billion
- Members in Professional Management were 518,000
- Asset enrollment rates for companies where services have been available for 26 months or more averaged 12.4% iii
“We continue to see strong growth and are encouraged by customer reaction to Income+,” said Jeff Maggioncalda, president and chief executive officer of Financial Engines. “We are enthusiastic about the long-term growth opportunities created by Income+, and we plan to invest more aggressively to take advantage of these opportunities.”
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