Evercore Revenue Dips in Third-Quarter 2008

Once these most recent quarterly results are finalized, they will be run through TheStreet.com Ratings' model and our ratings will be adjusted accordingly. To keep up to date on all of our ratings, visit TheStreet.com Ratings Screener.

Evercore Partners' third-quarter fiscal 2008 consolidated revenues fell 15.9% to $65.72 million from $78.11 million in third-quarter 2007. The company swung to a loss of $470,000 or 4 cents per share from a profit of $2.32 million or 19 cents per share in the year-ago quarter, hurt by lower advisory revenue. However, on a pro forma basis, net income declined 76.9% to $2.27 million or 7 cents per share.

Geographically, revenue from Latin America surged 162.3% to $12.52 million, while revenue from U.S. and Europe and other slipped 34.5% and 31.0% to $38.81 million and $4.42 million, respectively. At the end of Sept. 30, 2008, assets under management (AUM) in Mexico increased 28.2% year-over-year to $786.60 million, whereas in the U.S., AUM declined 42.2% to $258.70 million. ...