Artio Global Investors Reports Second Quarter 2012 Results; Announces Dividend Of $0.02 Per Share
Shareholder Servicing and Marketing Expenses
Shareholder servicing and marketing expenses for the second quarter of 2012 were $3.0 million, down 41% from $5.2 million for the second quarter of 2011, driven primarily by lower platform costs, reflecting a decrease in average assets under management in proprietary funds.
General and Administrative Expenses
General and administrative expenses for the second quarter of 2012 were $7.7 million, a decrease of 25% from $10.4 million for the second quarter of 2011, due primarily to lower expenses across most categories.Non-operating Income (Loss) Adjusted non-operating loss for the second quarter of 2012 was $1.2 million, compared to $0.1 million for the second quarter of 2011, primarily reflecting losses on seed capital investments in the second quarter of 2012. GAAP non-operating loss for the second quarter of 2012 was $1.4 million, compared to $0.2 million for the second quarter of 2011, due primarily to the reason noted above. Income Taxes For the second quarter of 2012, the adjusted effective tax rate was 22.0%, 18.9 percentage points lower than the 40.9% adjusted effective tax rate for the second quarter of 2011. The decrease was due primarily to a tax benefit in the second quarter of 2012 resulting from the reversal of a tax liability reserve upon settlement of an uncertain tax position. GAAP income tax benefit for the second quarter of 2012 was $0.3 million compared to GAAP income tax expense of $14.9 million for the second quarter of 2011, due primarily to a 97% decrease in income before income tax expense and the reason noted above. Second Quarter of 2012 Comparison with First Quarter of 2012 Assets Under Management Assets under management were $21.2 billion as of June 30, 2012, a decrease of $5.5 billion, or 21%, from $26.6 billion as of March 31, 2012, due to net client cash outflows and market depreciation.
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