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TheStreet Open House

Artio Global Investors Reports First Quarter 2012 Results; Announces Dividend Of $0.02 Per Share

On a GAAP basis, net income attributable to Artio Global Investors for the first quarter of 2012 was $4.6 million, or $0.08 per diluted share, a decrease of 44% and 43%, respectively, from net income attributable to Artio Global Investors of $8.3 million, or $0.14 per diluted share, for the fourth quarter of 2011, and a decrease in each case of 79% from net income attributable to Artio Global Investors of $22.0 million, or $0.38 per diluted share, for the first quarter of 2011.

The following table compares the Company’s GAAP results and adjusted results. See Exhibits 3 – 4 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)

Mar. 31, 2012       Mar. 31, 2011       % Change       Dec. 31, 2011       % Change

Revenue 4, GAAP

$43.9 $82.2 (47%) $51.9 (15%)
Operating income, GAAP $8.2 $39.1 (79%) $15.5 (47%)
Operating income, adjusted $10.8 $41.7 (74%) $17.9 (40%)
Net income attributable to Artio Global Investors, GAAP

$4.6

$22.0

(79%)

$8.3

(44%)

Net income attributable to Artio Global Investors, adjusted

$6.5

$24.2

(73%)

$10.0

(35%)

Diluted EPS, GAAP $0.08 $0.38 (79%) $0.14 (43%)
Diluted EPS, adjusted $0.11 $0.41 (73%) $0.17 (35%)

Adjusted EBITDA 5

    $13.6       $44.3       (69%)       $20.5       (33%)
 

Business Update 6

  • Four of the Company’s nine eligible mutual funds 7 were in the top quartile of Lipper performance rankings for the three-year period ended March 31, 2012
  • Five of the Company’s nine eligible mutual funds 8 were in the top quartile of Lipper performance rankings for the five-year period ended March 31, 2012
  • Net client cash outflows were $6.0 billion for the first quarter of 2012
  • Net client cash inflows of $0.5 billion, in aggregate, into our High Yield and High Grade Fixed Income strategies for the first quarter of 2012

Management Commentary

“Although our International Equity strategies experienced elevated net outflows during the first quarter, they solidly outperformed, which has continued strongly into the current quarter,” said Richard Pell, Chairman, Chief Executive Officer and Chief Investment Officer. “Elsewhere, amid the first quarter’s more ‘risk-on’ environment, our High Yield strategy generated healthy net inflows. And our Multi-, Small- and Microcap US Equity strategies produced exceptional performance, enhancing their potential to become more meaningful contributors to our business over time.”

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