With every announcement, Janus Capital's ( JNS) new CEO is trying to put as much daylight as possible between the company and its role in the mutual fund scandal. Unfortunately, skeptical investors and analysts don't appear to have a short memory.

After the Denver-based company reported a 0.3% month-over-month decrease in assets under management in June and long-term net outflows for the month at $1.4 billion late Monday, Janus' chairman and CEO Steve Scheid put a positive spin on the results, saying that the equity outflows have now been reduced "to the best level we've seen in the last 10 months."

He also said that Janus' fund performance was strong in June, with nearly 70% of the company's retail funds in the top half of their Lipper categories on a one-year basis and 55% in the top half of their Lipper categories on a three-year basis based on total returns.

The fact that Janus' outflows are moderating and fund performance is comparatively strong is good news for the company, but many analysts feel that more dramatic results will be needed to overcome the negative press created by the firm's involvement in the mutual fund scandal.

"Despite steps management has taken to address its problems, we believe that the company will continue to struggle vs. its peers and that its valuation of 19.7 times 2005 earnings is too rich to justify its struggling sales, high redemptions and considerable operating risk," writes Matt Snowling, analyst at Friedman Billings Ramsey. (FBR says investors should assume it seeks investment banking business and hold equity positions in the companies it covers.)

Influential fund-tracking firm Morningstar upgraded its rating on Janus funds to "proceed with caution" in May, but has yet to give investors an all-clear sign.

Janus releases second-quarter financial results before the market opens Thursday, July 22. Analysts are expecting the company to earn 17 cents for the quarter, down from 22 cents a year ago. The consensus revenue forecast is $264 million, a 5.5% increase from last year's $250 million.

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