- Performance fees recorded for our Master Limited Partnership (“MLP”) strategy totaled approximately $1.2 million versus $1.0 million for the second quarter of 2011.
- A gain of approximately $899,000 related to the sale of 100,000 shares of Teton Advisors, Inc.
- One-time recruiting and legal fees related to hiring Westwood International Advisors (“WIA”) team members were approximately $1.4 million.
- Amortization of WIA bonus awards totaled approximately $1.2 million.
- Ongoing expenses related to WIA operations aggregated approximately $1.3 million. No revenues were contributed by WIA this quarter.
Westwood Holdings Group, Inc. (NYSE: WHG) today reported second quarter 2012 revenues of $20.1 million, net income of $2.2 million and earnings per diluted share of $0.30. This compares to revenues of $18.9 million, net income of $3.7 million and earnings per diluted share of $0.52 in the second quarter of 2011. Economic Earnings were $5.2 million compared to $6.7 million for the second quarter of 2011. Economic Earnings per share (“Economic EPS”) were $0.72 per diluted share compared to $0.94 per diluted share for the second quarter of 2011. (Economic Earnings and Economic EPS are non-GAAP performance measures and are explained and reconciled with the most comparable GAAP numbers in the attached tables.) Several significant items impacted second quarter 2012 pretax results: