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Financial Engines Reports Third Quarter 2011 Financial Results

Financial Engines (NASDAQ: FNGN), the largest independent provider of investment management and advice to employees in retirement plans, today reported financial results for its third quarter ended September 30, 2011.

Financial results for the third quarter of 2011 compared to the third quarter of 2010: i

  • Revenue increased 24% to $35.7 million for the third quarter of 2011 from $28.8 million for the third quarter of 2010
  • Professional management revenue increased 32% to $26.3 million for the third quarter of 2011 from $19.9 million for the third quarter of 2010
  • Net income was $3.4 million, or $0.07 per diluted share, for the third quarter of 2011 compared to net income of $53.4 million, or $1.15 per diluted share, for the third quarter of 2010, which included an income tax benefit of $49.9 million
  • Non-GAAP Adjusted EBITDA i increased 37% to $9.7 million for the third quarter of 2011 from $7.1 million for the third quarter of 2010
  • Non-GAAP Adjusted Net Income i decreased 12% to $4.2 million for the third quarter of 2011 from $4.7 million for the third quarter of 2010. This decrease was more than accounted for by a significant change in the effective tax rate.
  • Non-GAAP Adjusted Earnings Per Share i decreased 20% to $0.08 for the third quarter of 2011 compared to $0.10 for the third quarter of 2010. This decrease was more than accounted for by a significant change in the effective tax rate.

Key operating metrics as of September 30, 2011: ii

  • Assets under contract (“AUC”) were $447.0 billion
  • Assets under management (“AUM”) were $42.0 billion
  • Members in Professional Management were over 545,000
  • Asset enrollment rates for companies where services have been available for 26 months or more averaged 12.1% iii and an estimated 12.4% had AUC been marked-to-market at the end of the third quarter of 2011.

“Our AUM has grown 24% over the past 12 months, despite a decline in the S&P 500 of 1% over the same period,” said Jeff Maggioncalda, president and CEO of Financial Engines. “We continue to deploy Income+ with our provider partners and have a Fortune 500 sponsor using Income+ as a lifetime income default for employees aged 60 and older.”

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