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Artio Global Investors Reports Fourth Quarter And Full Year 2011 Results; Announces Quarterly Dividend Of $0.06 Per Share

On a GAAP basis, net income attributable to Artio Global Investors for the fourth quarter of 2011 was $8.3 million, or $0.14 per diluted share, an increase of 29% and 27%, respectively, from net income attributable to Artio Global Investors of $6.4 million, or $0.11 per diluted share, for the third quarter of 2011, and a decrease in each case of 68% from net income attributable to Artio Global Investors of $25.7 million, or $0.44 per diluted share, for the fourth quarter of 2010.

For the full year 2011, adjusted net income attributable to Artio Global Investors was $73.4 million, or $1.23 per diluted share, a decrease of 29% and 28%, respectively, from adjusted net income attributable to Artio Global Investors of $103.5 million, or $1.72 per diluted share, for the full year 2010.

On a GAAP basis, net income attributable to Artio Global Investors for the full year 2011 was $57.9 million, or $0.99 per diluted share, a decrease of 31% and 37%, respectively, from net income attributable to Artio Global Investors of $83.6 million, or $1.58 per diluted share, for the full year 2010.

The following tables compare the Company’s GAAP results and adjusted results. See Exhibits 3 – 5 of this news release for a reconciliation of the Company’s GAAP results to adjusted results.

           
      Three Months Ended

(unaudited, in millions, except per share amounts)

Dec. 31, 2011

 

Dec. 31, 2010

 

% Change

   

Sep. 30, 2011

 

% Change

 

Revenue 4, GAAP

$ 51.9 $ 85.2 (39 %) $ 63.8 (19 %)
Operating income, GAAP $ 15.5 $ 45.0 (65 %) $ 21.2 (27 %)
Operating income, adjusted $ 17.9 $ 47.7 (62 %) $ 31.9 (44 %)
Net income attributable to Artio Global Investors, GAAP

$

8.3

$

25.7

(68

%)

$

6.4

29

%

Net income attributable to Artio Global Investors, adjusted

$

10.0

$

27.8

(64

%)

$

15.9

(37

%)

Diluted EPS, GAAP $ 0.14 $ 0.44 (68 %) $ 0.11 27 %
Diluted EPS, adjusted $ 0.17 $ 0.46 (63 %) $ 0.27 (37 %)
 

Year Ended

(unaudited, in millions, except per share amounts)

Dec. 31, 2011

Dec. 31, 2010

% Change

 

Revenue 4, GAAP

$ 276.0 $ 335.1 (18 %)
Operating income, GAAP $ 112.7 $ 173.2 (35 %)
Operating income, adjusted $ 131.0 $ 184.3 (29 %)
Net income attributable to Artio Global Investors, GAAP

$

57.9

$

83.6

(31

%)

Net income attributable to Artio Global Investors, adjusted

$

73.4

$

103.5

(29

%)

Diluted EPS, GAAP $ 0.99 $ 1.58 (37 %)
Diluted EPS, adjusted       $ 1.23   $ 1.72   (28 %)        
 

Business Update 5

  • Four of the Company’s nine eligible mutual funds 6 were in the top quartile of Lipper performance rankings for the three-year period ended December 31, 2011
  • Four of the Company’s nine eligible mutual funds 7 were in the top quartile of Lipper performance rankings for the five-year period ended December 31, 2011
  • Net client cash outflows were $4.8 billion for the fourth quarter of 2011 and $16.7 billion for full year 2011, driven primarily by our International Equity I and II strategies.

Management Commentary

“The fourth quarter concluded a disappointing year for Artio Global, as underperformance in our International Equity strategies further impacted net client cash flows, revenues and earnings,” said Richard Pell, Chairman, Chief Executive Officer and Chief Investment Officer.

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