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AMG Reports Financial And Operating Results For The Second Quarter And First Half Of 2012

Stocks in this article: AMG

Affiliated Managers Group, Inc. (NYSE: AMG) today reported its financial and operating results for the quarter ended June 30, 2012.

For the second quarter of 2012, Economic earnings per share (“Economic EPS”) were $1.66, compared to $1.71 for the same period of 2011, and Economic net income was $87.6 million, compared to $91.3 million for the same period of 2011. (Economic EPS and Economic net income are defined in the attached tables.) For the second quarter of 2012, diluted earnings per share were $0.12, compared to $0.85 for the same period of 2011, and Net income was $6.6 million, compared to $45.5 million for the same period of 2011. AMG’s GAAP results in the quarter included a valuation adjustment of a non-amortizing intangible asset at a single Affiliate, partially offset by the valuation adjustment of AMG’s contingent payment obligations. Excluding these non-cash adjustments, AMG’s GAAP EPS and Net income would have been $0.82 and $43.1 million, respectively.

For the second quarter of 2012, revenue was $429.6 million, compared to $462.3 million for the same period of 2011. For the second quarter of 2012, EBITDA was $113.7 million, compared to $123.8 million for the same period of 2011.

For the six months ended June 30, 2012, Economic net income was $171.1 million, while EBITDA was $227.8 million. For the same period, Net income was $44.0 million, on revenue of $847.2 million. Excluding the non-cash adjustments, AMG’s GAAP Net income would have been $82.9 million. For the six months ended June 30, 2011, Economic net income was $176.3 million, while EBITDA was $242.0 million. For the same period, Net income was $84.5 million, on revenue of $888.5 million.

Net client cash flows for the second quarter of 2012 were approximately $7.1 billion. The aggregate assets under management of AMG’s affiliated investment management firms were approximately $385 billion at June 30, 2012.

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