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TheStreet Open House

Duff & Phelps Reports 2012 Third Quarter Results, And Declares Quarterly Dividend

Duff & Phelps Corporation (NYSE: DUF), a leading independent financial advisory and investment banking firm, today announced its third quarter 2012 financial results and declared a quarterly dividend.

Results

For the quarter ended September 30, 2012, revenue excluding reimbursable expenses increased $16.4 million or 17.8% to $108.4 million, compared to $92.0 million for the corresponding prior year quarter. Adjusted EBITDA (1) for the quarter was $17.6 million, representing 16.2% of revenue excluding reimbursable expenses, compared to $15.4 million for the corresponding prior year quarter, representing 16.7% of revenue excluding reimbursable expenses. Net income attributable to Duff & Phelps Corporation was $5.7 million, or $0.15 per share of Class A common stock on a fully diluted basis, compared to $4.0 million, or $0.14 per share for the corresponding prior year quarter. Adjusted Pro Forma Net Income (1) was $7.7 million, or $0.20 per share on a fully exchanged, fully diluted basis, compared to $7.4 million, or $0.20 per share, for the corresponding prior year quarter.

For the nine months ended September 30, 2012, revenue excluding reimbursable expenses increased $64.3 million or 24.3% to $329.2 million, compared to $265.0 million for the corresponding prior year period. Adjusted EBITDA (1) for the period was $56.7 million, representing 17.2% of revenue excluding reimbursable expenses, compared to $40.5 million for the corresponding prior year period, representing 15.3% of revenue excluding reimbursable expenses. Net income attributable to Duff & Phelps Corporation was $16.2 million, or $0.46 per share of Class A common stock on a fully diluted basis, compared to $11.6 million, or $0.40 per share for the corresponding prior year period. Adjusted Pro Forma Net Income (1) was $25.9 million, or $0.66 per share on a fully exchanged, fully diluted basis, compared to $19.3 million, or $0.50 per share, for the corresponding prior year period.

"I am pleased with the performance and momentum we are seeing from our services," commented Noah Gottdiener, chief executive officer. "We continued to increase our revenue even in the face of a challenging market where there is minimal large-scale M&A activity and low defaults rates. As a result of the pipeline in several key areas of the business, I expect our momentum to continue into the fourth quarter," continued Mr. Gottdiener. "Furthermore, we remain poised to deliver additional growth when the M&A and restructuring markets rebound in the future."

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