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Artio Global Investors Reports Third Quarter 2011 Results; Announces Quarterly Dividend Of $0.06 Per Share

Stocks in this article: ART

Artio Global Investors Inc. (NYSE: ART) (“Artio Global Investors”, together with its subsidiaries, “Artio Global” or the “Company”) today reported its results for the quarter ended September 30, 2011.

Financial Update

  • Adjusted 1 net income attributable to Artio Global Investors of $15.9 million, or $0.27 per diluted share, for the third quarter of 2011 (GAAP net income attributable to Artio Global Investors of $6.4 million, or $0.11 per diluted share)
  • Assets under management of $34.3 billion as of September 30, 2011
  • Investment management fees of $65.6 million for the third quarter of 2011
  • Effective fee rate 2 of 62.4 basis points for the third quarter of 2011
  • Adjusted operating margin of 50.0% for the third quarter of 2011
  • Quarterly dividend of $0.06 per share on Class A common stock

The Company’s GAAP results include a previously announced compensation charge (the “Compensation Charge”) of $7.6 million related to organizational changes designed to lower the Company’s operating costs and more efficiently manage resources for current business conditions. The Compensation Charge reduced GAAP net income attributable to Artio Global Investors by $0.08 per diluted share for the third quarter of 2011. The Company’s adjusted results exclude the Compensation Charge.

The Company’s adjusted results for all periods assume the Principals’ 3 non-controlling interests have been fully exchanged for shares of Class A common stock and exclude the amortization of restricted stock units (“RSUs”) granted at the time of the Company’s initial public offering (“IPO”). Adjusted results are presented to provide more meaningful comparisons between periods.

The Company’s adjusted non-operating loss for the third quarter of 2011 of $4.7 million (GAAP non-operating loss of $6.2 million) includes non-operating losses of $4.3 million on seed capital investments, primarily reflecting market depreciation.

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