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Evercore Partners Reports Second Quarter 2012 Results; Quarterly Dividend Of $0.20 Per Share

Stocks in this article: EVR

“It's impressive that our Investment Banking revenues for the first half of 2012 grew 23% while the global, dollar volume of completed transactions fell 30%. That signifies that Evercore continues to grow and gain market share. And, in turn, it reflects our steady and scrupulous recruiting of additional Senior Managing Directors. We have now entered the important Canadian market, with the addition of George Estey and the commitment to open a Toronto office. And, we expect to announce three additional Senior Managing Directors in overall banking during the next three months,” said Roger Altman, Executive Chairman. "Yes, the financial market environment is a challenging one, but our own backlog is strong."

                               
 

Consolidated U.S. GAAP and Adjusted Pro Forma Selected Financial Data (Unaudited)

 
 
U.S. GAAP
Three Months Ended % Change vs. Six Months Ended
June 30,

2012

March 31,

2012

June 30,

2011

March 31,

2012

June 30,

2011

June 30,

2012

June 30,

2011

% Change
(dollars in thousands)
Net Revenues $ 172,497 $ 102,798 $ 141,204 68 % 22 % $ 275,295 $ 248,302 11 %
Operating Income (Loss) $ 21,195 $ (12,143 ) $ 11,615 NM 82 % $ 9,052 $ 23,379 (61 %)

Net Income (Loss) from Continuing

Operations Attributable to Evercore

Partners Inc.

$ 7,934 $ (3,368 ) $ 2,346 NM 238 % $ 4,566 $ 5,964 (23 %)

Diluted Earnings (Loss) Per Share from

Continuing Operations

$ 0.25 $ (0.12 ) $ 0.08 NM 213 % $ 0.14 $ 0.22 (36 %)
Compensation Ratio 66 % 79 % 71 % 71 % 68 %
Operating Margin 12 % (12 %) 8 % 3 % 9 %
 
 
Adjusted Pro Forma
Three Months Ended % Change vs. Six Months Ended
June 30,

2012

March 31,

2012

June 30,

2011

March 31,

2012

June 30,

2011

June 30,

2012

June 30,

2011

% Change  
(dollars in thousands)
Net Revenues $ 172,115 $ 105,521 $ 140,164 63 % 23 % $ 277,636 $ 245,634 13 %
Operating Income $ 36,452 $ 8,931 $ 31,495 308 % 16 % $ 45,383 $ 52,857 (14 %)

Net Income from Continuing

Operations Attributable to Evercore

Partners Inc.

$ 21,185 $ 4,317 $ 17,833 391 % 19 % $ 25,502 $ 29,270 (13 %)

Diluted Earnings Per Share from

Continuing Operations

$ 0.49 $ 0.10 $ 0.43 390 % 14 % $ 0.58 $ 0.71 (18 %)
Compensation Ratio 60 % 63 % 59 % 61 % 59 %
Operating Margin 21 % 8 % 22 % 16 % 22 %
 
 

The U.S. GAAP and Adjusted Pro Forma results for June 30, 2011 present the continuing operations of the Company, which exclude amounts related to Evercore Asset Management (“EAM”), whose operations were discontinued during the fourth quarter of 2011. See page A-1 for the full financial results of the Company including its discontinued operations.

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