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Manning & Napier, Inc. Reports First Quarter Earnings Results

Stocks in this article: MN

Manning & Napier, Inc. (NYSE: MN), (“Manning & Napier” or “the Company”) today reported 2012 first quarter results for the period ended March 31, 2012.

Summary Highlights

  • Economic net income, a non-GAAP measure, of $24.8 million, or $0.28 per adjusted share
  • First quarter revenue increased 9% year-over-year and 6% sequentially to $85.0 million
  • Economic income, a non-GAAP measure, increased 8% to $40.1 million year-over-year
  • AUM at March 31, 2012 was $44.7 billion, an increase of $4.5 billion since December 31, 2011, including net client inflows of $0.3 billion for the three months ended March 31, 2012
  • Manning & Napier Group, LLC distributed $31.3 million in cash to its members for the quarter, resulting in a $0.16 per share first quarter dividend
  • Continued geographic expansion of our sales distribution in the Direct Channel and launched non-U.S. equity and income-oriented products for both institutional and high net worth investors

Patrick Cunningham, Manning & Napier’s Chief Executive Officer, commented, “In our first full quarter as a publicly traded company we were able to increase revenue, improve economic income and return value to shareholders. The year-over-year and sequential revenue growth was due to strong performance in our international product offerings and an overall improving U.S. market. Overall, economic income again showed significant improvement and is a testament to the health of our business. We were able to generate these positive results while also returning value to shareholders. As we had promised, we recently announced a quarterly dividend of $0.16 per share in conjunction with a $31.3 million distribution.

Cunningham concluded, “As we look out to the remainder of 2012, our focus remains on providing clients with competitive investment performance, developing innovative products and offering solutions that meet their financial needs. We have a robust pipeline of new product offerings spread across domestic and international equities, fixed income, life cycle and multi-asset classes. We believe this robust product pipeline – along with our efforts to increase our direct sales force and geographic reach – will enable us to better serve our existing and potential new clients, increase our presence on distribution platforms and enhance value for our shareholders.

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