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Artio Global Investors Reports Second Quarter 2012 Results; Announces Dividend Of $0.02 Per Share

On a GAAP basis, net income attributable to Artio Global Investors for the second quarter of 2012 was $1.5 million, or $0.03 per diluted share, a decrease of 67% and 63%, respectively, from net income attributable to Artio Global Investors of $4.6 million, or $0.08 per diluted share, for the first quarter of 2012, and a decrease of 93% and 92%, respectively, from net income attributable to Artio Global Investors of $21.2 million, or $0.36 per diluted share, for the second quarter of 2011.

For the first six months of 2012, adjusted net income attributable to Artio Global Investors was $9.7 million, or $0.16 per diluted share, a decrease in each case of 80% from adjusted net income attributable to Artio Global Investors of $47.5 million, or $0.80 per diluted share, for the first six months of 2011.

On a GAAP basis, net income attributable to Artio Global Investors for the first six months of 2012 was $6.1 million, or $0.10 per diluted share, a decrease in each case of 86% from net income attributable to Artio Global Investors of $43.2 million, or $0.74 per diluted share, for the first six months of 2011.

The following table compares the Company’s GAAP results and adjusted results. See Exhibits 3 – 5 of this news release for a reconciliation of the Company’s GAAP results to adjusted results.

 
 
        Three Months Ended

(unaudited, in millions, except per share amounts)

Jun. 30,

2012

     

Jun. 30,

2011

     

%

Change

     

Mar. 31,

2012

     

%

Change

Revenue 5, GAAP

$32.7 $78.2 (58%) $43.9 (26%)
Operating income, GAAP $2.5 $36.8 (93%) $8.2 (70%)
Operating income, adjusted $5.4 $39.5 (86%) $10.8 (50%)

Net income attributable to Artio

Global Investors, GAAP

$1.5

$21.2

(93%)

$4.6

(67%)

Net income attributable to Artio

Global Investors, adjusted

$3.2

$23.3

(86%)

$6.5

(50%)

Diluted EPS, GAAP $0.03 $0.36 (92%) $0.08 (63%)
Diluted EPS, adjusted $0.05 $0.39 (87%) $0.11 (55%)

Adjusted EBITDA 6

$8.7 $42.3 (79%) $13.6 (36%)
 
 
        Six Months Ended

(in millions, except per share amounts)

Jun. 30,

2012

     

Jun. 30,

2011

     

%

Change

Revenue 5, GAAP

$76.6 $160.3 (52%)
Operating income, GAAP $10.7 $75.9 (86%)
Operating income, adjusted $16.2 $81.2 (80%)

Net income attributable to Artio

Global Investors, GAAP

$6.1

$43.2

(86%)

Net income attributable to Artio

Global Investors, adjusted

$9.7

$47.5

(80%)

Diluted EPS, GAAP $0.10 $0.74 (86%)
Diluted EPS, adjusted $0.16 $0.80 (80%)
Adjusted EBITDA 6 $22.4 $86.6 (74%)
 
 

Business Update 7

  • Net client cash outflows moderated to $4.5 billion for the second quarter of 2012
  • The Company has decided to refocus on its long-established expertise in cross-border investing and will therefore discontinue its US Equity strategies. This action will enable the Company to better manage its resources for current business conditions.

Management Commentary

“We are realigning our business in order to focus on the asset classes where we believe active investment management offers the greatest opportunities to benefit clients,” said Richard Pell, Chairman, Chief Executive Officer and Chief Investment Officer. “Accordingly, we are closing our US Equity strategies, which at the end of the second quarter represented less than one percent of the firm’s total assets under management.”

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