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Janus Capital Group Inc. Announces Second Quarter 2012 Results

At the end of June 2012, JCG managed $152.4 billion in assets for shareholders, clients and institutions around the globe. Based in Denver, JCG also has offices in Frankfurt, The Hague, Paris, London, Milan, Munich, Zurich, Singapore, Hong Kong, Tokyo and Melbourne.

                       
JANUS CAPITAL GROUP INC.
UNAUDITED
CONSOLIDATED STATEMENTS OF INCOME
(dollars in millions, except per share data or as noted)
 
 
Three Months Ended
June 30, March 31, June 30,
2012 2012 2011
Revenues:
Investment management fees $ 192.4 $ 202.0 $ 226.0
Performance fees (21.9 ) (19.0 ) (0.2 )
Shareowner servicing fees and other   35.5     35.4     38.2  
Total   206.0     218.4     264.0  
 
Operating expenses:
Employee compensation and benefits 66.6 72.0 79.9
Long-term incentive compensation 15.2 19.6 17.7
Marketing and advertising 6.1 4.8 8.2
Distribution 31.4 32.3 39.6
Depreciation and amortization 8.0 8.1 8.4
General, administrative and occupancy   26.6     25.1     28.4  
Total   153.9     161.9     182.2  
 
Operating income 52.1 56.5 81.8
 
Interest expense (11.0 ) (11.8 ) (13.1 )
Investment (losses) gains, net (7.0 ) 6.3 (1.4 )
Other income, net 1.8 0.1 0.5
Loss on early extinguishment of debt - (7.2 ) -
Income tax provision   (11.2 )   (17.2 )   (22.3 )
 
Net income 24.7 26.7 45.5
 
Noncontrolling interests   (1.3 )   (4.1 )   (3.6 )
 
Net income attributable to JCG $ 23.4   $ 22.6   $ 41.9  
 
 
Diluted weighted-average shares outstanding ( in millions) 185.4 185.4 184.5
 
 
Diluted earnings per share

attributable to JCG common shareholders

$ 0.13 $ 0.12 $ 0.23
 
Average Assets Under Management (in billions) $ 155.0 $ 158.9 $ 171.6
 
         
JANUS CAPITAL GROUP INC.
UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS
(dollars in millions)
       
June 30, December 31,
2012 2011
Assets
Cash and cash equivalents $ 304.1 $ 360.0
Investment securities 334.5 312.0
Other assets 170.8 185.1
Property and equipment, net 34.9 36.9
Intangible assets and goodwill, net   1,743.9   1,750.0
Total Assets $ 2,588.2 $ 2,644.0
 
Liabilities and Stockholders' Equity
Debt $ 540.4 $ 595.2
Other liabilities 213.0 278.0
Deferred income taxes 431.8 421.7
Stockholders' equity   1,403.0   1,349.1
Total Liabilities and Stockholders' Equity $ 2,588.2 $ 2,644.0
 
     
UNAUDITED CONDENSED CASH FLOW INFORMATION
(dollars in millions)
           
Three Months Ended
June 30, March 31, June 30,
2012 2012 2011
Cash provided by (used in):
Operating activities $ 71.1 $ (4.9 ) $ 93.3
Investing activities 6.9 (24.3 ) (86.8 )
Financing activities   (26.0 )   (78.7 )   (15.6 )
Net change during period $ 52.0   $ (107.9 ) $ (9.1 )
 
               
JANUS CAPITAL GROUP INC.
ASSETS & FLOWS BY INVESTMENT DISCIPLINE
(dollars in billions)
 
Three Months Ended
June 30, 2012 March 31, 2012 June 30, 2011
Growth/Core (1)
Beginning of period assets $ 56.6 $ 49.7 $ 61.8
Sales 2.2 3.0 2.4
Redemptions   (3.5 )   (3.9 )   (5.9 )
Net redemptions (1.3 ) (0.9 ) (3.5 )
Market/fund performance   (2.6 )   7.8     0.2  
End of period assets $ 52.7   $ 56.6   $ 58.5  
 
Global/International
Beginning of period assets $ 21.2 $ 18.4 $ 28.6
Sales 1.0 1.0 1.2
Redemptions   (1.7 )   (1.5 )   (2.2 )
Net redemptions (0.7 ) (0.5 ) (1.0 )
Market/fund performance   (2.9 )   3.3     (1.5 )
End of period assets $ 17.6   $ 21.2   $ 26.1  
 

Mathematical Equity (2)

Beginning of period assets $ 42.7 $ 39.9 $ 44.2
Sales 0.6 0.5 2.3
Redemptions   (3.1 )   (2.3 )   (1.8 )
Net sales (redemptions) (2.5 ) (1.8 ) 0.5
Market/fund performance   (1.0 )   4.6     0.8  
End of period assets $ 39.2   $ 42.7   $ 45.5  
 

Fixed Income (1)

Beginning of period assets $ 22.7 $ 20.6 $ 16.1
Sales 3.2 3.0 2.1
Redemptions   (2.1 )   (1.8 )   (1.1 )
Net sales 1.1 1.2 1.0
Market/fund performance   -     0.9     0.1  
End of period assets $ 23.8   $ 22.7   $ 17.2  
 
Value (3)
Beginning of period assets $ 19.3 $ 18.1 $ 21.3
Sales 1.0 1.2 1.4
Redemptions   (1.5 )   (1.7 )   (1.5 )
Net redemptions (0.5 ) (0.5 ) (0.1 )
Market/fund performance   (1.1 )   1.7     (0.2 )
End of period assets $ 17.7   $ 19.3   $ 21.0  
 
Money Market
Beginning of period assets $ 1.5 $ 1.5 $ 1.5
Sales 0.1 0.2 0.2
Redemptions   (0.2 )   (0.2 )   (0.2 )
Net redemptions (0.1 ) - -
Market/fund performance   -     -     -  
End of period assets $ 1.4   $ 1.5   $ 1.5  
 
Total Company
Beginning of period assets $ 164.0 $ 148.2 $ 173.5
Sales 8.1 8.9 9.6
Redemptions   (12.1 )   (11.4 )   (12.7 )
Net redemptions (4.0 ) (2.5 ) (3.1 )
Market/fund performance   (7.6 )   18.3     (0.6 )
End of period assets $ 152.4   $ 164.0   $ 169.8  
 
Total Excluding Money Market
Beginning of period assets $ 162.5 $ 146.7 $ 172.0
Sales 8.0 8.7 9.4
Redemptions   (11.9 )   (11.2 )   (12.5 )
Net redemptions (3.9 ) (2.5 ) (3.1 )
Market/fund performance   (7.6 )   18.3     (0.6 )
End of period assets $ 151.0   $ 162.5   $ 168.3  
   

Notes:

(1) Growth/core and fixed income assets reflect a 50%/50% split of the Janus Balanced Fund between the two categories.
(2) Represents all assets managed by INTECH Investment Management LLC.
(3) Represents all assets managed by Perkins Investment Management LLC.

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