Virtus Investment Partners, Inc. Reports Unaudited Consolidated Earnings Results for the Fourth Quarter and Full Year Ended December 31, 2013; Expects Normalized Effective Tax Rate
For the full year, the company's total revenues were $389,215,000 compared to $280,086,000 a year ago. Operating income was $113,504,000 compared to $60,445,000 a year ago. Income before income taxes was $121,908,000 compared to $64,803,000 a year ago. Total interest income was $2,465,000 compared to $433,000 a year ago. Net income was $77,130,000 compared to $37,773,000 a year ago. Net income attributable to common stockholders was $75,190,000 or $8.92 per diluted share compared to $37,608,000 or $4.66 per diluted share a year ago. Revenues, as adjusted was $291,416,000 compared to $211,645,000 a year ago. Operating income, as adjusted was $130,989,000 compared to $81,455,000 a year ago. Full-year sales increase 48% to $21.3 billion. Quarterly and annual revenue increased from prior periods primarily as a result of the substantial growth of open-end mutual funds from consistently positive net flows. Operating income, as adjusted, was $131 million, an increase of 61% from $81.5 million in 2012.
The company expected normalized effective tax rate would be approximately 38%, excluding the impact of the consolidated investment products.