This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here
Stocks Under $10 with 50-100% upside potential - 14 days FREE!

Janus Capital Group Inc. Announces Fourth Quarter 2012 Results

At the end of December 2012, JCG managed $156.8 billion in assets for shareholders, clients and institutions around the globe. Based in Denver, JCG also has offices in Frankfurt, Amsterdam, Paris, London, Milan, Munich, Zurich, Singapore, Hong Kong, Tokyo, Melbourne, Dubai and Taipei.

 
1 For the period ending December 31, 2012, 40%, 43% and 55% of complex-wide mutual funds had a 4- or 5-star Morningstar rating for the 3-, 5- and 10-year periods based on risk-adjusted returns for 42, 40 and 29 funds, respectively. 42 funds were included in the analysis for the Overall period.
 
2 References Morningstar relative performance on an asset-weighted basis. For the 10-year period ending December 31, 2012, 80% of the fundamental equity mutual fund assets outperformed the majority of their Morningstar peers based on total returns. For the 1-, 3-, 5- and 10-year periods ending December 31, 2012, 66%, 38%, 59% and 76% of the 41, 34, 32 and 25 fundamental equity mutual funds outperformed the majority of their Morningstar peers based on total returns.
 
3 References Morningstar relative performance on an asset-weighted basis. For the 10-year period ending December 31, 2012, 80% of the fixed income mutual fund assets outperformed the majority of their Morningstar peers based on total returns. For the 1-, 3-, 5- and 10-year periods ending December 31, 2012, 50%, 75%, 100% and 75% of the 6, 4, 4 and 4 fixed income mutual funds outperformed the majority of their Morningstar peers based on total returns.
 
4 For the period ending December 31, 2012, 0%, 75%, 50% and 33% of the mathematical equity mutual funds were beating their benchmarks on a 1-, 3-, 5-year and since-fund inception basis. Funds included in the analysis and their inception dates are: INTECH U.S. Growth Fund – Class S (1/03); INTECH U.S. Core Fund – Class T (2/03); INTECH U.S. Value Fund – Class I (12/05); INTECH International Fund – Class I (5/07); INTECH Global Dividend Fund – Class I (12/11) and Janus INTECH U.S. Low Volatility Portfolio – Service Shares (9/12).
 
JANUS CAPITAL GROUP INC.
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF INCOME
(dollars in millions, except per share data)
         
Three Months Ended Year Ended
December 31, September 30, December 31, December 31, December 31,
2012 2012 2011 2012 2011
Revenues:
Investment management fees $ 193.8 $ 194.1 $ 190.9 $ 782.3 $ 844.3
Performance fees (13.6 ) (20.9 ) (9.2 ) (75.4 ) (11.7 )
Shareowner servicing fees and other   36.4     35.8     33.9     143.1     149.3  
Total   216.6     209.0     215.6     850.0     981.9  
 
Operating expenses:
Employee compensation and benefits 65.1 70.8 62.1 274.5 294.9
Long-term incentive compensation 15.7 16.2 10.7 66.7 63.0
Marketing and advertising 7.3 5.4 7.5 23.6 28.0
Distribution 30.8 32.3 30.5 126.8 141.7
Depreciation and amortization 12.5 9.9 7.8 38.5 33.3
General, administrative and occupancy   27.2     26.5     26.4     105.4     109.2  
Total   158.6     161.1     145.0     635.5     670.1  
 
Operating income 58.0 47.9 70.6 214.5 311.8
 
Interest expense (11.1 ) (11.1 ) (11.7 ) (45.0 ) (51.0 )
Investment gains (losses), net 4.2 7.6 1.2 11.1 (21.9 )
Other income, net 1.0 0.3 2.0 3.2 3.8
Loss on early extinguishment of debt - - - (7.2 ) (9.9 )
Income tax provision   (19.3 )   (17.0 )   (22.4 )   (64.7 )   (79.4 )
 
Net income 32.8 27.7 39.7 111.9 153.4
 
Noncontrolling interests   (1.6 )   (2.6 )   (4.0 )   (9.6 )   (10.5 )
 
Net income attributable to JCG $ 31.2   $ 25.1   $ 35.7   $ 102.3   $ 142.9  
 
Diluted weighted-average shares outstanding ( in millions) 185.7 185.3 184.0 185.1 184.2
 

Diluted earnings per share attributable to JCG common shareholders

$ 0.17 $ 0.14 $ 0.19 $ 0.55 $ 0.78
 
Average assets under management (in billions) $ 155.6 $ 155.5 $ 149.2 $ 156.3 $ 162.3
 
JANUS CAPITAL GROUP INC.
UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS
(dollars in millions)
   
December 31, December 31,
2012 2011
Assets
Cash and cash equivalents $ 387.0 $ 360.0
Investment securities 338.6 312.0
Other assets 171.0 185.1
Property and equipment, net 33.3 36.9
Intangibles and goodwill, net   1,730.5   1,750.0
Total Assets $ 2,660.4 $ 2,644.0
 
Liabilities and Stockholders' Equity
Debt $ 545.1 $ 595.2
Other liabilities 244.2 278.0
Deferred income taxes 436.0 421.7
Stockholders' equity   1,435.1   1,349.1
Total Liabilities and Stockholders' Equity $ 2,660.4 $ 2,644.0
 
UNAUDITED CONDENSED CONSOLIDATED
CASH FLOW INFORMATION
(dollars in millions)
         
Three Months Ended Year Ended
December 31, September 30, December 31, December 31, December 31,
2012 2012 2011 2012 2011
Cash provided by (used in)
Operating activities $ 67.4 $ 75.3 $ 74.3 $ 208.9 $ 224.6
Investing activities (6.9 ) (13.9 ) (33.1 ) (38.2 ) 21.7
Financing activities   (26.2 )   (12.8 )   (10.6 )   (143.7 )   (259.5 )
Net change during period $ 34.3   $ 48.6   $ 30.6   $ 27.0   $ (13.2 )
 
JANUS CAPITAL GROUP INC.
ASSETS & FLOWS BY INVESTMENT DISCIPLINE
(dollars in billions)
         
Three Months Ended Year Ended
December 31, 2012 September 30, 2012 December 31, 2011 December 31, 2012 December 31, 2011
Growth/Core (1)
Beginning of period assets $ 54.2 $ 52.7 $ 47.3 $ 49.7 $ 60.9
Sales 2.4 2.3 1.6 9.9 10.7
Redemptions   (3.5 )   (3.9 )   (3.4 )   (14.8 )   (18.7 )
Net redemptions (1.1 ) (1.6 ) (1.8 ) (4.9 ) (8.0 )
Market / fund performance   0.7     3.1     4.2     9.0     (3.2 )
End of period assets $ 53.8   $ 54.2   $ 49.7   $ 53.8   $ 49.7  
 
Global/International
Beginning of period assets $ 17.5 $ 17.6 $ 18.6 $ 18.4 $ 27.9
Sales 0.9 0.7 0.9 3.6 4.8
Redemptions   (1.7 )   (1.5 )   (1.6 )   (6.4 )   (7.7 )
Net redemptions (0.8 ) (0.8 ) (0.7 ) (2.8 ) (2.9 )
Market / fund performance   1.2     0.7     0.5     2.3     (6.6 )
End of period assets $ 17.9   $ 17.5   $ 18.4   $ 17.9   $ 18.4  
 
Mathematical Equity (2)
Beginning of period assets $ 41.9 $ 39.2 $ 38.0 $ 39.9 $ 44.1
Sales 1.2 2.6 0.7 4.9 4.5
Redemptions   (2.8 )   (2.3 )   (2.9 )   (10.5 )   (9.5 )
Net sales (redemptions) (1.6 ) 0.3 (2.2 ) (5.6 ) (5.0 )
Market / fund performance   (0.1 )   2.4     4.1     5.9     0.8  
End of period assets $ 40.2   $ 41.9   $ 39.9   $ 40.2   $ 39.9  
 
Fixed Income (1)
Beginning of period assets $ 25.6 $ 23.8 $ 18.6 $ 20.6 $ 15.3
Sales 2.6 2.8 2.9 11.6 10.7
Redemptions   (1.9 )   (1.8 )   (1.5 )   (7.6 )   (5.8 )
Net sales 0.7 1.0 1.4 4.0 4.9
Market / fund performance   0.1     0.8     0.6     1.8     0.4  
End of period assets $ 26.4   $ 25.6   $ 20.6   $ 26.4   $ 20.6  
 
Value (3)
Beginning of period assets $ 17.6 $ 17.7 $ 17.0 $ 18.1 $ 19.8
Sales 0.8 1.0 0.9 4.0 5.3
Redemptions   (1.6 )   (1.9 )   (1.6 )   (6.7 )   (6.5 )
Net redemptions (0.8 ) (0.9 ) (0.7 ) (2.7 ) (1.2 )
Market / fund performance   0.2     0.8     1.8     1.6     (0.5 )
End of period assets $ 17.0   $ 17.6   $ 18.1   $ 17.0   $ 18.1  
 
Money Market
Beginning of period assets $ 1.4 $ 1.4 $ 1.5 $ 1.5 $ 1.5
Sales 0.3 0.2 0.2 0.8 1.0
Redemptions   (0.2 )   (0.2 )   (0.2 )   (0.8 )   (1.0 )
Net sales 0.1 - - - -
Market / fund performance   -     -     -     -     -  
End of period assets $ 1.5   $ 1.4   $ 1.5   $ 1.5   $ 1.5  
 
Total Company
Beginning of period assets $ 158.2 $ 152.4 $ 141.0 $ 148.2 $ 169.5
Sales 8.2 9.6 7.2 34.8 37.0
Redemptions   (11.7 )   (11.6 )   (11.2 )   (46.8 )   (49.2 )
Net redemptions (3.5 ) (2.0 ) (4.0 ) (12.0 ) (12.2 )
Market / fund performance   2.1     7.8     11.2     20.6     (9.1 )
End of period assets $ 156.8   $ 158.2   $ 148.2   $ 156.8   $ 148.2  
 
Total Excluding Money Market
Beginning of period assets $ 156.8 $ 151.0 $ 139.5 $ 146.7 $ 168.0
Sales 7.9 9.4 7.0 34.0 36.0
Redemptions   (11.5 )   (11.4 )   (11.0 )   (46.0 )   (48.2 )
Net redemptions (3.6 ) (2.0 ) (4.0 ) (12.0 ) (12.2 )
Market / fund performance   2.1     7.8     11.2     20.6     (9.1 )
End of period assets $ 155.3   $ 156.8   $ 146.7   $ 155.3   $ 146.7  
 
Each line has been rounded on the schedule individually to increase the accuracy of the amounts presented.

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. Year-to-date 2011 gross sales and redemptions exclude the transfer of $1.1 billion within mathematical equity strategies in the first quarter 2011.

(3)

Represents all assets managed by Perkins Investment Management LLC.

Data presented reflects past performance, which is no guarantee of future results. Due to market volatility, current performance may be higher or lower than the performance shown. Call 877.33JANUS (52687) or visit janus.com/advisor/mutual-funds for performance, rankings and ratings current to the most recent month-end.

Janus Capital Group Inc. (“JCG”) provides investment advisory services through its primary subsidiaries, Janus Capital Management LLC (“Janus”), INTECH Investment Management LLC (“INTECH”) and Perkins Investment Management LLC (“Perkins”).

3 of 6

Select the service that is right for you!

COMPARE ALL SERVICES
Action Alerts PLUS
Try it NOW

Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
  • Weekly roundups
TheStreet Quant Ratings
Try it NOW
Only $49.95/yr

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
  • Upgrade/downgrade alerts
Stocks Under $10
Try it NOW

David Peltier, uncovers low dollar stocks with extraordinary upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
  • Weekly roundups
Dividend Stock Advisor
Try it NOW

Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Alerts when market news affect the portfolio
  • Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
Real Money Pro
Try it NOW

All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.

Product Features:
  • Real Money + Doug Kass Plus 15 more Wall Street Pros
  • Intraday commentary & news
  • Ultra-actionable trading ideas
Options Profits
Try it NOW

Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • 100+ monthly options trading ideas
  • Actionable options commentary & news
  • Real-time trading community
  • Options TV
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!
DOW 16,919.59 +80.85 0.48%
S&P 500 1,981.60 +9.86 0.50%
NASDAQ 4,527.5140 +19.2020 0.43%

Brokerage Partners

Rates from Bankrate.com

  • Mortgage
  • Credit Cards
  • Auto

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs