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Financial Engines Reports Second Quarter 2013 Financial Results

Financial Engines (NASDAQ: FNGN), America’s largest independent registered investment advisor, today reported financial results for its second quarter ended June 30, 2013.

Financial results for the second quarter of 2013 compared to the second quarter of 2012: i

  • Revenue increased 30% to $57.8 million for the second quarter of 2013 from $44.3 million for the second quarter of 2012.
  • Professional management revenue increased 38% to $48.5 million for the second quarter of 2013 from $35.2 million for the second quarter of 2012.
  • Net income was $6.3 million, or $0.12 per diluted share, for the second quarter of 2013 compared to $3.8 million, or $0.08 per diluted share, for the second quarter of 2012.
  • Non-GAAP Adjusted EBITDA i increased 45% to $17.8 million for the second quarter of 2013 from $12.3 million for the second quarter of 2012.
  • Non-GAAP Adjusted Net Income i increased 57% to $8.5 million for the second quarter of 2013 from $5.4 million for the second quarter of 2012.
  • Non-GAAP Adjusted Earnings Per Share i increased 45% to $0.16 for the second quarter of 2013 from $0.11 for the second quarter of 2012.

Key operating metrics as of June 30, 2013: ii

  • Assets under contract (“AUC”) were $667 billion.
  • Assets under management (“AUM”) were $74.3 billion.
  • Members in Professional Management were over 713,000.
  • Asset enrollment rates for companies where services have been available for 26 months or more averaged 12.9% iii.

“Baby boomers are entering one of the most complex and uncertain retirements in history,” said Jeff Maggioncalda, chief executive officer of Financial Engines. “When we started Financial Engines 17 years ago, we recognized the long-term trends of demographics and the growing reliance on the 401(k), and these trends continue to drive the growth of our business.”

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