Cohen & Steers Inc. Reports Unaudited Consolidated Earnings Results for the Fourth Quarter and Year Ended December 31, 2012; Provides Tax Rate Guidance for 2013
January 23, 2013 at 04:30 pm EST
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Cohen & Steers Inc. reported unaudited consolidated earnings results for the fourth quarter and year ended December 31, 2012. For the quarter, the company reported income attributable to common shareholders of $21.7 million, or $0.49 per diluted share and $0.50 per basic share compared with income attributable to common shareholders of $16.0 million, or $0.36 per diluted share and $0.37 per basic share, for the quarter ended December 31, 2011. Total revenue was $71.1 million, an increase of 19.7% from $59.4 million for the fourth quarter of 2011, primarily due to higher average assets under management. Operating income was $32.7 million compared to $22.8 million for the same period last year. Excluding the closed end fund offering costs, operating income for the third quarter of 2012 was $27.9 million. Income before provision for income taxes was $34.26 million compared to $25.21 million for the same period last year. Pre-tax income for the quarter was $33.9 million net of non controlling interest, which represents third party interest in the funds it has consolidated, compared with $25.2 million in the prior year and $15.2 million sequentially. Excluding the offering costs, pre-tax income for the third quarter of 2012 was $30.9 million.
For the year ended December 31, 2012, the company reported income attributable to common shareholders of $66.1 million, or $1.49 per diluted share and $1.51 per basic share, compared with income attributable to common shareholders of $54.3 million, or $1.23 per diluted share and $1.26 per basic share, for the year ended December 31, 2011. The 2012 results included after-tax expenses of approximately $0.21 per share associated primarily with the offering of Cohen & Steers Limited Duration Preferred and Income Fund Inc., a closed-end mutual fund. After adjusting for these items, earnings per share would have been $1.70 for the year ended December 31, 2012. Total revenue was $273.553 million compared to $237.246 million for the same period last year. Operating income was $86.432 million compared to $87.004 million for the same period last year. Income before provision for income taxes was $104.303 million compared to $86.861 million for the same period last year.
Based on the preliminary projections the company estimates that effective tax rate will increase to 37% for 2013.
Cohen & Steers, Inc. is a holding company, which is engaged in global investment management. The Company is specialized in real assets and alternative income, including listed and private real estate, preferred securities, infrastructure, resource equities, commodities, as well as multi-strategy solutions. The Companyâs distribution network encompasses two channels, wealth and institutional. Its wealth channel includes registered investment advisers, wire houses, independent and regional broker dealers and bank trusts. Its institutional channel includes sovereign wealth funds, corporate plans, insurance companies and public funds, including defined benefit and defined contribution plans, as well as other financial institutions that access its investment management services directly or through consultants and other intermediaries. The Company manages three types of investment vehicles, such as open-end funds, institutional accounts, and closed end.
Cohen & Steers Inc. Reports Unaudited Consolidated Earnings Results for the Fourth Quarter and Year Ended December 31, 2012; Provides Tax Rate Guidance for 2013