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Duff & Phelps Reports 2012 Second Quarter Results, And Declares Quarterly Dividend

Duff & Phelps Corporation (NYSE: DUF), a leading independent financial advisory and investment banking firm, today announced its second quarter 2012 financial results and declared a quarterly dividend.

Results

For the quarter ended June 30, 2012, revenues excluding reimbursable expenses increased $26.6 million or 30.3% to $114.5 million, compared to $87.9 million for the corresponding prior year quarter. Adjusted EBITDA (1) for the quarter was $21.1 million, representing 18.5% of revenues excluding reimbursable expenses, compared to $12.4 million for the corresponding prior year quarter, representing 14.1% of revenues excluding reimbursable expenses. Net income attributable to Duff & Phelps Corporation was $6.6 million, or $0.18 per share of Class A common stock on a fully diluted basis, compared to $3.4 million, or $0.12 per share for the corresponding prior year quarter. Adjusted Pro Forma Net Income (1) was $9.7 million, or $0.25 per share on a fully exchanged, fully diluted basis, compared to $5.8 million, or $0.15 per share, for the corresponding prior year quarter.

For the six months ended June 30, 2012, revenues excluding reimbursable expenses increased $47.9 million or 27.7% to $220.8 million, compared to $172.9 million for the corresponding prior year period. Adjusted EBITDA (1) for the period was $39.1 million, representing 17.7% of revenues excluding reimbursable expenses, compared to $25.1 million for the corresponding prior year period, representing 14.5% of revenues excluding reimbursable expenses. Net income attributable to Duff & Phelps Corporation was $10.5 million, or $0.31 per share of Class A common stock on a fully diluted basis, compared to $7.5 million, or $0.26 per share for the corresponding prior year period. Adjusted Pro Forma Net Income (1) was $18.2 million, or $0.47 per share on a fully exchanged, fully diluted basis, compared to $11.8 million, or $0.30 per share, for the corresponding prior year period.

“I am pleased that our second quarter revenue grew over 30% as compared to the corresponding prior year quarter,” commented Noah Gottdiener, chief executive officer. “The underlying characteristics of this growth included a 12% improvement in organic revenue and strong performance from our recent acquisitions. This top-line result was complemented by margin improvement, highlighting our focus on utilization and expense discipline."

Stock quotes in this article: DUF 

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