Duff & Phelps Reports 2012 Fourth Quarter Results, And Declares Quarterly Dividend

Duff & Phelps Corporation (NYSE: DUF), a leading independent financial advisory and investment banking firm, today announced its fourth quarter 2012 financial results and declared a quarterly dividend.

Results

For the quarter ended December 31, 2012, revenue excluding reimbursable expenses increased $20.9 million or 17.6% to $139.9 million, compared to $119.0 million for the corresponding prior year quarter. Adjusted EBITDA (1) for the quarter was $27.1 million, representing 19.3% of revenue excluding reimbursable expenses, compared to $24.2 million for the corresponding prior year quarter, representing 20.3% of revenue excluding reimbursable expenses. Net income attributable to Duff & Phelps Corporation was $6.1 million, or $0.16 per share of Class A common stock on a fully diluted basis, compared to $7.0 million, or $0.23 per share for the corresponding prior year quarter. Adjusted Pro Forma Net Income (1) was $13.4 million, or $0.34 per share on a fully exchanged, fully diluted basis, compared to $12.4 million, or $0.32 per share, for the corresponding prior year quarter.

For the year ended December 31, 2012, revenue excluding reimbursable expenses increased $85.2 million or 22.2% to $469.2 million, compared to $383.9 million for the prior year. Adjusted EBITDA (1) for the year was $83.7 million, representing 17.9% of revenue excluding reimbursable expenses, compared to $64.7 million for the prior year, representing 16.9% of revenue excluding reimbursable expenses. Net income attributable to Duff & Phelps Corporation was $22.3 million, or $0.62 per share of Class A common stock on a fully diluted basis, compared to $18.6 million, or $0.63 per share for the prior year. Adjusted Pro Forma Net Income (1) was $39.3 million, or $1.01 per share on a fully exchanged, fully diluted basis, compared to $31.7 million, or $0.82 per share, for the prior year.

"The strong fourth quarter results reflect continued momentum in several of our businesses including dispute consulting, complex asset valuations and middle market investment banking, as well as the positive impact specifically related to the anticipated tax changes resulting from the fiscal cliff discussions—such as transaction opinions provided for dividend recapitalizations," commented Noah Gottdiener, chief executive officer. "Overall, I am pleased with our 2012 results."

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