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Evercore Reports Second Quarter 2013 Results Quarterly Dividend Of $0.22 Per Share

Realized and Unrealized Gains of $3.6 million in the quarter increased relative to the prior year and to the previous quarter; the change relative to the prior periods was driven principally by gains in Private Equity.

Equity in Earnings of Affiliates of $0.7 million in the quarter decreased relative to the prior year and increased relative to the prior quarter.

Expenses

Investment Management’s second quarter expenses were $20.9 million, up 5% compared to the second quarter of 2012 and 1% compared to the previous quarter, driven principally by higher levels of compensation, reflecting higher management fees earned. Year-to-date Investment Management expenses were $41.7 million, up 7% from a year ago.

Other U.S. GAAP Expenses

Evercore’s Adjusted Pro Forma Net Income Attributable to Evercore Partners Inc. for the three and six months ended June 30, 2013 was higher than U.S. GAAP as a result of the exclusion of expenses associated with the vesting of IPO equity awards and awards granted in conjunction with the Lexicon acquisition and certain business acquisition-related costs. In addition, for Adjusted Pro Forma purposes, client related expenses and expenses associated with revenue-sharing engagements with third parties have been presented as a reduction from Revenues and Non-compensation costs. Further details of these expenses, as well as an explanation of similar expenses for the three and six months ended June 30, 2012 and the three months ended March 31, 2013, are included in Annex I, pages A-2 to A-11.

Non-controlling Interests

Non-controlling Interests in certain subsidiaries are owned by the principals and strategic investors in these businesses. Evercore’s equity ownership percentages in these businesses range from 51% to 86%. For the periods ended June 30, 2013, March 31, 2013, and June 30, 2012 the gain (loss) allocated to non-controlling interests was as follows:
       
 
Net Gain (Loss) Allocated to Noncontrolling Interests
Three Months Ended       Six Months Ended

June 30, 2013
     

March 31, 2013
     

June 30, 2012

June 30, 2013
     

June 30, 2012

Segment
(dollars in thousands)
Investment Banking (1) $ 189 $ 395 $ 15 $ 584 $ (263 )
Investment Management (1)   759   112   170   871   444  
Total $ 948 $ 507 $ 185 $ 1,455 $ 181  
 

 
(1) The difference between the above Adjusted Pro Forma and U.S. GAAP Noncontrolling Interests relates primarily to intangible amortization expense for certain acquisitions which we excluded from the Adjusted Pro Forma results.
 

On July 19, 2013, the Company purchased, at fair value, all of the noncontrolling interest in Evercore Trust Company for $7.9 million.

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