Federated Investors, Inc. reported unaudited consolidated earnings results for the fourth quarter and full year ended December 31, 2013. For the quarter, the company reported total revenue of $214,722,000 compared to $244,824,000 a year ago. Operating income was $59,758,000 compared to $83,192,000 a year ago. Income before income taxes was $64,215,000 compared to $80,917,000 a year ago. Net income was $41,071,000 compared to $49,581,000 a year ago. Basic and diluted earnings per share was $0.39 compared to $0.44 a year ago. Revenue decreased by $30.1 million or 12% due primarily to an increase in voluntary fee waivers related to certain money market funds in order for those funds to maintain positive or zero net yields and a decrease in revenue due to lower average money market and fixed-income assets. The decrease was partially offset by an increase in revenue from higher average equity assets.

For the year, the company reported total revenue of $878,365,000 compared to $945,706,000 a year ago. Operating income was $251,743,000 compared to $312,593,000 a year ago. Income before income taxes was $259,015,000 compared to $308,511,000 a year ago. Net income was $162,177,000 compared to $188,088,000 a year ago. Basic and diluted earnings per share was $1.55 compared to $1.79 a year ago. Revenue decreased by $67.3 million or 7% primarily due to an increase in voluntary fee waivers and was partially offset by an increase in revenue due to higher average equity assets.