Financial Engines Reports Fourth Quarter And Full Year 2012 Financial Results

Financial Engines (NASDAQ: FNGN), America’s largest independent registered investment advisor, today reported financial results for its fourth quarter and full year ended December 31, 2012.

Financial results for the fourth quarter of 2012 compared to the fourth quarter of 2011: i
  • Revenue increased 26% to $51.4 million for the fourth quarter of 2012 from $40.9 million for the fourth quarter of 2011.
  • Professional management revenue increased 37% to $43.2 million for the fourth quarter of 2012 from $31.5 million for the fourth quarter of 2011.
  • Net income was $6.5 million, or $0.13 per diluted share, for the fourth quarter of 2012 compared to $5.8 million, or $0.12 per diluted share, for the fourth quarter of 2011.
  • Non-GAAP Adjusted EBITDA i increased 25% to $17.5 million for the fourth quarter of 2012 from $14.0 million for the fourth quarter of 2011.
  • Non-GAAP Adjusted Net Income i increased 21% to $8.2 million for the fourth quarter of 2012 from $6.8 million for the fourth quarter of 2011.
  • Non-GAAP Adjusted Earnings Per Share i increased 14% to $0.16 for the fourth quarter of 2012 from $0.14 for the fourth quarter of 2011.

Financial results for the full year 2012 compared to the full year 2011: i
  • Revenue increased 29% to $185.8 million in 2012 from $144.1 million in 2011.
  • Professional management revenue increased 39% to $150.9 million in 2012 from $108.2 million in 2011.
  • Net income was $18.6 million, or $0.37 per diluted share, in 2012 compared to $15.1 million, or $0.31 per diluted share, in 2011.
  • Non-GAAP Adjusted EBITDA i increased 37% to $55.8 million in 2012 from $40.8 million in 2011.
  • Non-GAAP Adjusted Net Income i increased 34% to $25.0 million in 2012 from $18.6 million in 2011.
  • Non-GAAP Adjusted Earnings Per Share i increased 32% to $0.50 in 2012 from $0.38 in 2011.

Key operating metrics as of December 31, 2012: ii
  • Assets under contract (“AUC”) were $575 billion.
  • Assets under management (“AUM”) were $63.9 billion.
  • Members in Professional Management were over 660,000.
  • Asset enrollment rates for companies where services have been available for 26 months or more averaged 12.7% iii.

“With more than six million employees and half a trillion dollars of assets in the 401(k) plans that have hired us, our job is to reach more people and make a bigger impact in their lives,” said Jeff Maggioncalda, chief executive officer of Financial Engines. “The dramatic increase in our integrated enrollment coverage, the rapidly growing deployment of Income+, and our expansion into IRA management puts us in a great position to continue to drive this reach and impact.”

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