This Day On The Street
Continue to site right-arrow
ADVERTISEMENT
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here
Stocks Under $10 with 50-100% upside potential - 14 days FREE!

SEI Investments CEO Discusses Q3 2011 Results - Earnings Call Transcript

Stocks in this article: SEIC

Third quarter earnings were 13% lower than earnings a year ago on revenue increase of 6%. Diluted earnings per share for the third quarter of $0.27 compares to $0.30 reported for the third quarter of 2010 a drop of 10%, our earnings for the quarter were affected by a loss attributable to the SIVs on our balance sheet which netted to a decrease to earnings of approximately $800,000. Now this compares to an $8.7 million increase to earnings due to SIVs in the third quarter of 2010. Now this swing represents approximately $0.03 per share.

Also during the third quarter of 2011, our non-cash asset balances under management experienced significant losses. SEI’s assets under management fell by $19.5 billion during the quarter including a $11.5 billion drop in LSVs assets under management.

And as you will hear later this drop in assets under management is market driven. In addition during the third quarter, we repurchased just under $3.7 million shares of stock at an average price of just over $17 per share. Now that translates over $63 million of stock repurchases during the quarter.

New recurring revenue sales are still slow. For the Investment Managers and Institutional Investors segments good sales quarters, both segments are experiencing delays in conversion.

In addition the Advisor segment added a number of new advisors to its roles but did suffer from the loss of assets under management due to market volatility. Banking had a decent sales quarter and they have a number of prospects in the later stage of the sales process and are working hard to close them in the fourth quarter and each of the segment will address their sales events.

And we are continuing our investment in GWP and its operational infrastructure so critical to our future.

Now during the first quarter, we capitalized approximately $10 million of the Global Wealth Platform development and amortized approximately $6.6 million of previously capitalized development.

2 of 3

Select the service that is right for you!

COMPARE ALL SERVICES
Action Alerts PLUS
Try it NOW

Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
  • Weekly roundups
TheStreet Quant Ratings
Try it NOW
Only $49.95/yr

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
  • Upgrade/downgrade alerts
Stocks Under $10
Try it NOW

David Peltier, uncovers low dollar stocks with extraordinary upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
  • Weekly roundups
Dividend Stock Advisor
Try it NOW

Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Alerts when market news affect the portfolio
  • Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
Real Money Pro
Try it NOW

All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.

Product Features:
  • Real Money + Doug Kass Plus 15 more Wall Street Pros
  • Intraday commentary & news
  • Ultra-actionable trading ideas
Options Profits
Try it NOW

Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • 100+ monthly options trading ideas
  • Actionable options commentary & news
  • Real-time trading community
  • Options TV
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!

Markets

DOW 18,053.71 +23.50 0.13%
S&P 500 2,088.77 +6.89 0.33%
NASDAQ 4,806.8590 +33.3870 0.70%

Brokerage Partners

Rates from Bankrate.com

  • Mortgage
  • Credit Cards
  • Auto

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs