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Evercore Reports Third Quarter 2013 Results Increases Quarterly Dividend To $0.25 Per Share

Stocks in this article: EVR

Evercore Partners Inc. (NYSE:EVR) today announced that its U.S. GAAP Net Revenues were $188.0 million for the quarter ended September 30, 2013, compared to $153.0 million and $207.4 million for the quarters ended September 30, 2012 and June 30, 2013, respectively. U.S. GAAP Net Revenues were $546.8 million for the nine months ended September 30, 2013, compared to $428.3 million for the nine months ended September 30, 2012. U.S. GAAP Net Income Attributable to Evercore Partners Inc. for the third quarter was $14.0 million, or $0.36 per share, compared to $5.3 million, or $0.17 per share, a year ago and $16.4 million, or $0.44 per share, last quarter. U.S. GAAP Net Income Attributable to Evercore Partners Inc. was $36.4 million, or $0.96 per share, for the nine months ended September 30, 2013, compared to $9.9 million, or $0.31 per share, for the same period last year.

Adjusted Pro Forma Net Revenues were $187.1 million for the quarter ended September 30, 2013, compared with $149.2 million and $206.8 million for the quarters ended September 30, 2012 and June 30, 2013, respectively. Adjusted Pro Forma Net Revenues were $547.2 million for the nine months ended September 30, 2013, compared with $426.9 million for the nine months ended September 30, 2012. Adjusted Pro Forma Net Income Attributable to Evercore Partners Inc. was $24.3 million, or $0.53 per share, for the third quarter, compared to $17.3 million, or $0.40 per share, a year ago and $29.5 million, or $0.65 per share, last quarter. Adjusted Pro Forma Net Income Attributable to Evercore Partners Inc. was $70.6 million, or $1.54 per share, for the nine months ended September 30, 2013, compared to $42.8 million, or $0.98 per share, for the same period last year.

The U.S. GAAP compensation ratio for the three months ended September 30, 2013, September 30, 2012 and June 30, 2013 was 63.2%, 66.2% and 63.5%, respectively. The U.S. GAAP trailing twelve-month compensation ratio of 64.0% compares to 68.6% for the twelve months ended September 30, 2012 and 64.6% for the twelve months ended June 30, 2013. The Adjusted Pro Forma compensation ratio for the current quarter was 59.2%, compared to 59.9% and 58.9% for the quarters ended September 30, 2012 and June 30, 2013, respectively. The Adjusted Pro Forma compensation ratio for the trailing twelve months was 58.9%, compared to 59.5% for the same period in 2012 and 59.0% for the twelve months ended June 30, 2013.

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