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TheStreet Open House

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

Stock quotes in this article: ART

GAAP general and administrative expenses were $9.7 million for the first quarter of 2012, an increase of 3% from $9.5 million for the fourth quarter of 2011.

Non-operating Income

Adjusted non-operating income for the first quarter of 2012 was $1.9 million, up from the fourth quarter of 2011, primarily reflecting gains on seed capital investments in the first quarter of 2012.

GAAP non-operating income for the first quarter of 2012 was $2.6 million, up from $0.1 million for the fourth quarter of 2011 due primarily to the reason noted above.

Income Taxes

For the first quarter of 2012, the adjusted effective tax rate was 49.2%, 4.9 percentage points higher than the 44.3% adjusted effective tax rate for the fourth quarter of 2011 due primarily to the write-off of a deferred tax asset related to the vesting of RSUs at a price below their grant date price in the first quarter of 2012.

The GAAP effective tax rate was 49.3% for the first quarter of 2012, 4.3 percentage points higher than the 45.0% GAAP effective tax rate for the fourth quarter of 2011, due primarily to the reason noted above.

Liquidity and Capital

As of March 31, 2012, the Company had cash (excluding amounts held in the Consolidated Investment Products) of $46.9 million, seed capital investments in our strategies of $45.4 million and investments held for deferred compensation of $10.8 million. During the first quarter of 2012, the Company repaid the outstanding $37.5 million principal balance on its term loan facility and terminated both the term loan facility and the $100.0 million revolving credit facility.

Total stockholders’ equity on the Statement of Financial Position was $168.5 million as of March 31, 2012, compared to $162.8 million as of December 31, 2011.

Share Repurchase

No shares were repurchased during the first quarter of 2012. As of March 31, 2012, the Company retained authorization to repurchase 2,226,061 shares of its Class A common stock through December 31, 2013.

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