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Westwood Holdings Group, Inc. Reports Second Quarter 2013 Results

Stocks in this article: WHG

Westwood Holdings Group, Inc. (NYSE: WHG) today reported second quarter 2013 revenues of $23.5 million, a 17% increase compared to revenues of $20.1 million in both the second quarter of 2012 and the first quarter of 2013. Economic Earnings per share (“Economic EPS”) were $1.07 compared to $0.72 in the same quarter of the prior year and $0.76 in the first quarter of 2013. Diluted earnings per share were $0.65 compared to $0.30 in the same quarter of 2012 and $0.38 in the first quarter of 2013.

Highlights and significant items impacting our pretax results include:

  • Quarterly revenues increased 17% over the second quarter of 2012.
  • Performance fees recorded for our Master Limited Partnership (“MLP”) strategy were $2.5 million compared to $1.2 million in the second quarter of 2012.
  • A gain of $899,000 from the sale of 100,000 shares of Teton Advisors, Inc. was included in other revenues during the second quarter of 2012.
  • 2012’s second quarter included $1.4 million of recruiting and other costs related to the hiring of team members at Westwood International Advisors (“WIA”).

Westwood International’s assets under management (“AUM”) exceeded $1.5 billion at June 30, 2013, up 75% from year end. WIA contributed $1.7 million to revenues during the second quarter of 2013 with $2 million of related costs, compared to revenues of $1.5 million in the first quarter of this year with $2.7 million of related costs. Excluding WIA related items, second quarter 2013 Economic EPS and diluted earnings per share would have been $1.09 and $0.68, respectively.

Brian Casey, Westwood’s President & CEO, commented, “We are very pleased with our second quarter financial results and the exceptionally strong performance generated by our MLP, SmallCap, and Income Opportunity teams. The Westwood Funds™ had record quarterly net inflows exceeding $190 million, bringing aggregate net inflows this year to $347 million. We have experienced strong demand for WIA’s Emerging Markets strategy with assets now exceeding $1.5 billion. We recently obtained authorization from the Central Bank of Ireland for a new Irish UCITS umbrella fund named Westwood Investment Funds PLC. In response to client demand, our first UCITS sub-fund will focus on our Emerging Markets strategy, and we expect this product will receive significant new inflows over the next two months. We look forward to expanding our UCITS offerings in the future.”

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