Exhibit 99.1
Pzena Investment Management, Inc. Reports Results for the Third Quarter of 2010
- Revenues were $18.5 million for the third quarter of 2010, operating income was $9.3 million
- Diluted earnings per share was $0.09 on a GAAP basis and $0.08 on a non-GAAP basis
NEW YORK--(BUSINESS WIRE)--October 26, 2010--Pzena Investment Management, Inc. (NYSE: PZN) reported the following GAAP and non-GAAP basic and diluted net income and earnings per share for the three and nine months ended September 30, 2010 (in thousands, except per-share amounts):
GAAP Basis | Non-GAAP Basis | ||||||||||||||
For the Three Months Ended September 30, | For the Three Months Ended September 30, | ||||||||||||||
2010 | 2009 | 2010 | 2009 | ||||||||||||
(unaudited) | |||||||||||||||
Basic Net Income | $ | 1,219 | $ | 1,432 | $ | 758 | $ | 721 | |||||||
Basic Earnings Per Share | $ | 0.13 | $ | 0.17 | $ | 0.08 | $ | 0.08 | |||||||
Diluted Net Income | $ | 5,632 | $ | 6,051 | $ | 5,171 | $ | 5,340 | |||||||
Diluted Earnings Per Share | $ | 0.09 | $ | 0.09 | $ | 0.08 | $ | 0.08 | |||||||
GAAP Basis | Non-GAAP Basis | ||||||||||||||
For the Nine Months Ended September 30, | For the Nine Months Ended September 30, | ||||||||||||||
2010 | 2009 | 2010 | 2009 | ||||||||||||
(unaudited) | |||||||||||||||
Basic Net Income | $ | 2,676 | $ | 2,736 | $ | 2,236 | $ | 1,539 | |||||||
Basic Earnings Per Share | $ | 0.29 | $ | 0.34 | $ | 0.25 | $ | 0.19 | |||||||
Diluted Net Income | $ | 16,096 | $ | 12,889 | $ | 15,656 | $ | 11,693 | |||||||
Diluted Earnings Per Share | $ | 0.25 | $ | 0.20 | $ | 0.24 | $ | 0.18 |
Diluted net income generally assumes that all dilutive operating company membership units are converted into Company stock at the beginning of the reporting period and the resulting change to Company income associated with its increased interest in the operating company is taxed at the Company’s effective rate.
Non-GAAP net income for the three and nine months ended September 30, 2010 and 2009 excludes the net effect of the tax valuation allowance adjustments to the Company’s deferred tax asset, and its liability to its selling and converting shareholders that had a proportionately greater effect on basic net income. The aggregate effect of such adjustments increased GAAP net income by $0.5 million and $0.7 million for the third quarter of 2010 and 2009, respectively. The aggregate effect of such adjustments increased GAAP net income by $0.4 million and $1.2 million for the nine months ended September 30, 2010 and 2009, respectively. All such adjustments have been recorded as if they had occurred at the beginning of each period presented. The non-GAAP earnings per share figures have been presented assuming that all stock and stock equivalents have been outstanding as of the beginning of each period presented. Management believes that these adjustments, and the non-GAAP measures derived from them, provide information to better analyze the Company’s operations between periods and over time. Investors should consider non-GAAP measures in addition to, and not as a substitute for, financial measures prepared in accordance with GAAP. A reconciliation of the non-GAAP measures disclosed in this press release with the most comparable GAAP measures are included in the financial tables attached.
Assets Under Management (unaudited) |
| ||||||||||||
($ billions) | |||||||||||||
Three Months Ended | |||||||||||||
September 30, | June 30, | September 30, | |||||||||||
2010 | 2010 | 2009 | |||||||||||
Institutional Accounts | |||||||||||||
Beginning of Period Assets | $ | 10.0 | $ | 11.7 | $ | 7.5 | |||||||
Inflows | 0.6 | 0.3 | 0.9 | ||||||||||
Outflows | (0.5 | ) | (0.5 | ) | (0.3 | ) | |||||||
Net Flows | 0.1 | (0.2 | ) | 0.6 | |||||||||
Market Appreciation/(Depreciation) | 1.2 | (1.5 | ) | 2.1 | |||||||||
End of Period Assets | $ | 11.3 | $ | 10.0 | $ | 10.2 | |||||||
Retail Accounts | |||||||||||||
Beginning of Period Assets | $ | 3.1 | $ | 3.7 | $ | 3.1 | |||||||
Inflows | 0.3 | 0.4 | 0.3 | ||||||||||
Outflows | (0.7 | ) | (0.5 | ) | (0.4 | ) | |||||||
Net Flows | (0.4 | ) | (0.1 | ) | (0.1 | ) | |||||||
Market Appreciation/(Depreciation) | 0.3 | (0.5 | ) | 0.7 | |||||||||
End of Period Assets | $ | 3.0 | $ | 3.1 | $ | 3.7 | |||||||
Total | |||||||||||||
Beginning of Period Assets | $ | 13.1 | $ | 15.4 | $ | 10.6 | |||||||
Inflows | 0.9 | 0.7 | 1.2 | ||||||||||
Outflows | (1.2 | ) | (1.0 | ) | (0.7 | ) | |||||||
Net Flows | (0.3 | ) | (0.3 | ) | 0.5 | ||||||||
Market Appreciation/(Depreciation) | 1.5 | (2.0 | ) | 2.8 | |||||||||
End of Period Assets | $ | 14.3 | $ | 13.1 | $ | 13.9 |
Financial Discussion
Revenue (unaudited) | ||||||||||
($ thousands) | ||||||||||
Three Months Ended | ||||||||||
September 30, | June 30, | September 30, | ||||||||
2010 | 2010 | 2009 | ||||||||
Institutional Accounts | $ | 15,491 | $ | 16,133 | $ | 13,839 | ||||
Retail Accounts | 2,991 | 3,255 | 2,974 | |||||||
Total | $ | 18,482 | $ | 19,388 | $ | 16,813 | ||||
Nine Months Ended | ||||||||||
September 30, | September 30, | |||||||||
2010 | 2009 | |||||||||
Institutional Accounts | $ | 47,756 | $ | 36,466 | ||||||
Retail Accounts | 9,264 | 8,251 | ||||||||
Total | $ | 57,020 | $ | 44,717 | ||||||
Revenues were $18.5 million for the third quarter of 2010, an increase of 10.1%, from $16.8 million, for the third quarter of 2009, and a decrease of 4.6%, from $19.4 million, for the second quarter of 2010. For the nine months ended September 30, 2010, revenues were $57.0 million, an increase of 27.5%, from $44.7 million, for the nine months ended September 30, 2009.
Average assets under management for the third quarter of 2010 was $13.6 billion, an increase of 11.5%, from $12.2 billion, for the third quarter of 2009, and a decrease of 6.2%, from $14.5 billion, for the second quarter of 2010. Average assets under management for the nine months ended September 30, 2010 was $14.2 billion, an increase of 32.7%, from $10.7 billion, for the nine months ended September 30, 2009.
The weighted average fee rate was 0.544% for the third quarter of 2010, decreasing from 0.550% for the third quarter of 2009 and increasing from 0.533% for the second quarter of 2010. The decrease from the third quarter of 2009 was due in part to large institutional inflows in our newly launched Europe, Australasia, and Far East ("EAFE") Diversified Value and Global Diversified Value strategies in the fourth quarter of 2009. We typically offer reduced fee rates to initial clients in our new product offerings. The year-over-year weighted average fee rate also decreased in part due to an increase in the average size of the Company’s institutional accounts. The Company’s tiered fee schedules typically charge lower rates as account size increases. The sequential increase was mainly due to the timing of asset flows in our retail accounts and the expiration of the temporary, voluntary partial fee waiver on the John Hancock Classic Value Fund, which ended in May 2010.
The weighted average fee rate for institutional accounts was 0.589% for the third quarter of 2010, decreasing from 0.630% for the third quarter of 2009 and remaining approximately equal to the weighted average fee rate for the second quarter of 2010. The year-over-year decline was primarily due to institutional inflows in our EAFE Diversified Value and Global Diversified Value strategies, and a higher average institutional account size, as discussed above. Institutional accounts comprised 77.2% of total assets under management as of September 30, 2010, increasing from 73.4% as of September 30, 2009, and from 76.3% as of June 30, 2010.
The weighted average fee rate for retail accounts increased to 0.389% for the third quarter of 2010, from 0.346% for the third quarter of 2009, and from 0.371% for the second quarter of 2010. The year-over-year and sequential increases were due to the timing of asset flows in our retail accounts and the expiration of the temporary, voluntary partial fee waiver on the John Hancock Classic Value Fund, which ended in May 2010, as discussed above.
Total operating expenses were $9.2 million in the third quarter of 2010, compared to $8.1 million in the third quarter of 2009, and $9.4 million in the second quarter of 2010. Operating expenses for the nine months ended September 30, 2010 were $28.0 million, an increase of $3.4 million, or 13.8%, from $24.6 million for the nine months ended September 30, 2009. The year-over-year increase in operating expenses was primarily due to increases in employee headcount and discretionary bonus accruals.
As of September 30, 2010, employee headcount was 71, up from 65 at September 30, 2009 and from 70 at June 30, 2010.
The operating margin was 50.3% for the third quarter of 2010, compared to 51.6% for the third quarter of 2009, and 51.4% for the second quarter of 2010. For the nine months ended September 30, 2010, the operating margin was 51.1%, compared to 45.0% for the nine months ended September 30, 2009.
Other income/(expense) was an expense of $1.1 million for the third quarter of 2010, income of $1.6 million for the third quarter of 2009, and income of $0.4 million for the second quarter of 2010. Net realized and unrealized gain/(loss) from investments represents both the Company’s and external investors’ allocation of the gain/(loss) from the Company’s consolidated investments. At September 30, 2010, the Company had total assets of $0.8 million in such investments, compared to total assets of $18.4 million at September 30, 2009 and $4.1 million at June 30, 2010. The external investors’ allocation of net realized and unrealized gain/(loss) is also included as a component of net income from non-controlling interests. Third quarter 2010 other income/(expense) included expenses of $1.7 million associated with an increase in the Company’s liability to its selling and converting shareholders resulting from changes in the realizability of its related deferred tax asset. Such adjustments generated an expense of $2.4 million and income of $1.1 million in the third quarter of 2009 and second quarter of 2010, respectively. Details of other income/(expense), as well as a reconciliation of the GAAP and non-GAAP measures, are shown below:
Other Income/(Expense) (unaudited) | |||||||||||||
($ thousands) | |||||||||||||
Three Months Ended | |||||||||||||
September 30, | June 30, | September 30, | |||||||||||
2010 | 2010 | 2009 | |||||||||||
Interest and Dividend Income | $ | 85 | $ | 112 | $ | 116 | |||||||
Interest Expense | - | (77 | ) | (376 | ) | ||||||||
Net Realized and Unrealized Gain/(Loss) from Investments | 544 | (871 | ) | 4,152 | |||||||||
Other Income/(Expense) | (1,722 | ) | 1,208 | (2,341 | ) | ||||||||
GAAP Other Income/(Expense) | (1,093 | ) | 372 | 1,551 | |||||||||
Change in Liability to Selling and Converting Shareholders¹ | 1,725 | (1,118 | ) | 2,382 | |||||||||
Outside Interests of Investment Partnerships² | (311 | ) | 162 | (2,754 | ) | ||||||||
Non-GAAP Other Income/(Expense), Net of Outside Interests | $ | 321 | $ | (584 | ) | $ | 1,179 | ||||||
Nine Months Ended | |||||||||||||
September 30, | September 30, | ||||||||||||
2010 | 2009 | ||||||||||||
Interest and Dividend Income | $ | 270 | $ | 363 | |||||||||
Interest Expense | (232 | ) | (1,231 | ) | |||||||||
Net Realized and Unrealized Gain/(Loss) from Investments | 137 | 6,061 | |||||||||||
Other Income/(Expense) | (1,561 | ) | (3,437 | ) | |||||||||
GAAP Other Income/(Expense) | (1,386 | ) | 1,756 | ||||||||||
Change in Liability to Selling and Converting Shareholders¹ | 1,633 | 3,586 | |||||||||||
Outside Interests of Investment Partnerships² | (149 | ) | (3,764 | ) | |||||||||
Non-GAAP Other Income/(Expense), Net of Outside Interests | $ | 98 | $ | 1,578 | |||||||||
(1) Reflects the change in the liability to the Company’s selling and converting shareholders associated with | |||||||||||||
(2) Represents the non-controlling interest allocation of the loss/(income) of the Company’s consolidated | |||||||||||||
The net realized and unrealized gain/(loss) from investments represents both the Company’s and its external investors’ gains and losses on their investments.
The Company recognized a $1.1 million income tax benefit for the third quarter of 2010, a $2.0 million income tax benefit for the third quarter of 2009, and a $2.5 million income tax provision for the second quarter of 2010. Third quarter 2010 income taxes included a $2.2 million benefit associated with adjustments to the valuation allowance recorded against the Company’s deferred tax asset related to its tax receivable agreement. Such adjustments generated an income tax benefit of $3.1 million for the third quarter of 2009 and a $1.4 million provision for the second quarter of 2010. Details of the income tax provision/(benefit), as well as a reconciliation of the related GAAP and non-GAAP measures, are shown below:
Income Tax Provision/(Benefit) (unaudited) | |||||||||||||
($ thousands) | |||||||||||||
Three Months Ended | |||||||||||||
September 30, | June 30, | September 30, | |||||||||||
2010 | 2010 | 2009 | |||||||||||
Unincorporated Business Tax Provision | $ | 546 | $ | 622 | $ | 516 | |||||||
Corporate Income Tax Provision | 565 | 546 | 537 | ||||||||||
Non-GAAP Income Tax Provision | 1,111 | 1,168 | 1,053 | ||||||||||
Change in Valuation Allowance¹ | (2,186 | ) | 1,379 | (3,093 | ) | ||||||||
GAAP Income Tax Provision/(Benefit) | $ | (1,075 | ) | $ | 2,547 | $ | (2,040 | ) | |||||
Nine Months Ended | |||||||||||||
September 30, | September 30, | ||||||||||||
2010 | 2009 | ||||||||||||
Unincorporated Business Tax Provision | $ | 1,783 | $ | 1,259 | |||||||||
Corporate Income Tax Provision | 1,663 | 1,145 | |||||||||||
Non-GAAP Income Tax Provision | 3,446 | 2,404 | |||||||||||
Change in Valuation Allowance¹ | (2,073 | ) | (4,783 | ) | |||||||||
GAAP Income Tax Provision/(Benefit) | $ | 1,373 | $ | (2,379 | ) | ||||||||
(1) Reflects the change in the valuation allowance assessed against the deferred tax asset established as part | |||||||||||||
Non-controlling interests in the operations of the Company’s operating company and consolidated subsidiaries are comprised of the following:
Non-Controlling Interests (unaudited) | |||||||||
($ thousands) | |||||||||
Three Months Ended | |||||||||
September 30, | June 30, | September 30, | |||||||
2010 | 2010 | 2009 | |||||||
Operating Company Allocation¹ | $ | 7,722 | $ | 7,470 | $ | 8,082 | |||
Outside Interests of Investment Partnerships² | 311 | (162 | ) | 2,754 | |||||
GAAP Net Income Attributable to Non-Controlling Interests | $ | 8,033 | $ | 7,308 | $ | 10,836 | |||
Nine Months Ended | |||||||||
September 30, | September 30, | ||||||||
2010 | 2009 | ||||||||
Operating Company Allocation¹ | $ | 23,483 | $ | 17,767 | |||||
Outside Interests of Investment Partnerships² | 149 | 3,764 | |||||||
GAAP Net Income Attributable to Non-Controlling Interests | $ | 23,632 | $ | 21,531 | |||||
(1) Represents the non-controlling interest allocation of the income of Pzena Investment Management, LLC | |||||||||
(2) Represents the non-controlling interest allocation of the income/(loss) of the Company’s consolidated | |||||||||
On October 26, 2010, the Board of Directors declared a quarterly dividend of $0.03 per share of its Class A common stock. The following dates apply to the dividend:
Record date: | November 18, 2010 | |
Payment date: | December 2, 2010 | |
Third Quarter 2010 Earnings Call Information
Pzena Investment Management, Inc. (NYSE: PZN) will hold a conference call to discuss its third quarter 2010 financial results and outlook at 10:00 am. ET, Wednesday, October 27, 2010. The call will be open to the public.
Webcast Instructions: To gain access to the webcast, which will be "listen-only," go to the Events page in the Investor Relations area of the Company’s website, www.pzena.com.
Teleconference Instructions: To gain access to the conference call via telephone, U.S./Canada callers should dial 877-820-5027; international callers should dial 706-679-9396. The conference ID number is 18280000.
Replay: The conference call will be available for replay through November 5, 2010, on the web using the information given above.
About Pzena Investment Management
Pzena Investment Management, LLC, the firm’s operating company, is a value-oriented investment management firm. Founded in 1995, Pzena Investment Management has built a diverse, global client base. More firm and stock information is posted at www.pzena.com.
Forward-Looking Statements
This press release may contain, in addition to historical information, forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements are based on the Company's current assumptions, expectations and projections about future events. Words like “believe,” “anticipate,” “intend,” “estimate,” “expect,” “project,” and similar expressions are used to identify forward-looking statements, although not all forward-looking statements contain these words. These forward-looking statements are necessarily estimates reflecting the best judgment of the Company's management and involve a number of risks, uncertainties and assumptions that could cause actual results to differ materially from those expressed or implied by the forward-looking statements.
Among the factors that could cause actual results to differ from those expressed or implied by a forward-looking statement are those described in the sections entitled “Risk Factors” and “Management’s Discussion and Analysis of Financial Condition and Results of Operations” in the Company’s Annual Report on Form 10-K, as filed with the SEC on March 12, 2010 and in the Company’s Quarterly Reports on Form 10-Q as filed with the SEC. Other unknown or unpredictable factors also could have material adverse effects on the Company's future results, performance, or achievements. In light of these risks, uncertainties, assumptions, and factors, actual results could differ materially from those expressed or implied in the forward-looking statements.
You are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date stated, or if no date is stated, as of the date of this release.
The Company is not under any obligation and does not intend to make publicly available any update or other revisions to any forward-looking statements to reflect circumstances existing after the date of this release or to reflect the occurrence of future events even if experience or future events make it clear that any expected results expressed or implied by those forward-looking statements will not be realized.
PZENA INVESTMENT MANAGEMENT, INC. | |||||||||||
CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION | |||||||||||
(in thousands) | |||||||||||
As of | |||||||||||
September 30, | December 31, | ||||||||||
2010 | 2009 | ||||||||||
(unaudited) | |||||||||||
ASSETS | |||||||||||
Cash and Cash Equivalents | $ | 26,801 | $ | 15,908 | |||||||
Restricted Cash | 1,420 | 1,407 | |||||||||
Advisory Fees Receivable | 14,248 | 13,378 | |||||||||
Investments in Equity Securities, at Fair Value | 759 | 7,951 | |||||||||
Investments in Mutual Funds | 2,299 | - | |||||||||
Prepaid Expenses and Other Assets | 783 | 805 | |||||||||
Deferred Tax Asset, Net of Valuation Allowance of | |||||||||||
7,554 | 6,754 | ||||||||||
Property and Equipment, Net of Accumulated | |||||||||||
2,005 | 2,315 | ||||||||||
|
| ||||||||||
TOTAL ASSETS | $ | 55,869 | $ | 48,518 | |||||||
LIABILITIES AND EQUITY | |||||||||||
Liabilities: | |||||||||||
Accounts Payable and Accrued Expenses | $ | 11,455 | $ | 3,644 | |||||||
Senior Subordinated Notes | - | 10,000 | |||||||||
Liability to Selling and Converting Shareholders | 7,608 | 5,642 | |||||||||
Other Liabilities | 1,261 | 1,874 | |||||||||
TOTAL LIABILITIES | 20,324 | 21,160 | |||||||||
Equity: | |||||||||||
Total Pzena Investment Management, Inc.'s Equity | 10,976 | 8,270 | |||||||||
Non-Controlling Interests | 24,569 | 19,088 | |||||||||
TOTAL EQUITY | 35,545 | 27,358 | |||||||||
TOTAL LIABILITIES AND EQUITY | $ | 55,869 | $ | 48,518 |
PZENA INVESTMENT MANAGEMENT, INC. | ||||||||||||
UNAUDITED CONSOLIDATED STATEMENTS OF OPERATIONS | ||||||||||||
(in thousands, except share and per-share amounts) | ||||||||||||
Three Months Ended | Nine Months Ended | |||||||||||
September 30, | September 30, | |||||||||||
2010 | 2009 | 2010 | 2009 | |||||||||
REVENUE | $ 18,482 | $ 16,813 |
| $ 57,020 | $ 44,717 | |||||||
EXPENSES | ||||||||||||
Compensation and Benefits Expense | 7,375 | 6,232 | 22,026 | 18,255 | ||||||||
General and Administrative Expenses | 1,837 | 1,904 | 5,927 | 6,330 | ||||||||
TOTAL OPERATING EXPENSES | 9,212 | 8,136 | 27,953 | 24,585 | ||||||||
Operating Income | 9,270 | 8,677 | 29,067 | 20,132 | ||||||||
Total Other Income/(Expense) | (1,093) | 1,551 |
| (1,386) | 1,756 | |||||||
Income Before Taxes | 8,177 | 10,228 | 27,681 | 21,888 | ||||||||
Income Tax Provision/(Benefit) | (1,075) | (2,040) | 1,373 | (2,379) | ||||||||
Consolidated Net Income | 9,252 | 12,268 | 26,308 | 24,267 | ||||||||
Less: Net Income Attributable to Non-Controlling Interests | 8,033 | 10,836 | 23,632 | 21,531 | ||||||||
Net Income Attributable to Pzena | ||||||||||||
$ 1,219 | $ 1,432 | $ 2,676 | $ 2,736 | |||||||||
Earnings per Share - Basic and Diluted Attributable to | ||||||||||||
Net Income for Basic Earnings per Share | $ 1,219 | $ 1,432 | $ 2,676 | $ 2,736 | ||||||||
Basic Earnings per Share | $ 0.13 | $ 0.17 | $ 0.29 | $ 0.34 | ||||||||
Basic Weighted Average Shares Outstanding | 9,367,659 | 8,633,041 | 9,125,477 | 8,077,545 | ||||||||
Net Income for Diluted Earnings per Share | $ 5,632 | $ 6,051 | $ 16,096 | $ 12,889 | ||||||||
Diluted Earnings per Share | $ 0.09 | $ 0.09 | $ 0.25 | $ 0.20 | ||||||||
Diluted Weighted Average Shares Outstanding | 64,993,746 | 64,994,278 | 65,006,198 | 64,756,331 |
PZENA INVESTMENT MANAGEMENT, INC. | |||||||||||||||||
UNAUDITED NON-GAAP CONSOLIDATED STATEMENTS OF OPERATIONS | |||||||||||||||||
(in thousands, except share and per-share amounts) | |||||||||||||||||
Non-GAAP Basis | Non-GAAP Basis | ||||||||||||||||
Three Months Ended | Nine Months Ended | ||||||||||||||||
September 30, | September 30, | ||||||||||||||||
2010 | 2009 | 2010 | 2009 | ||||||||||||||
REVENUE | $ | 18,482 | $ | 16,813 | $ | 57,020 | $ | 44,717 | |||||||||
EXPENSES | |||||||||||||||||
Compensation and Benefits Expense | 7,375 | 6,232 | 22,026 | 18,255 | |||||||||||||
General and Administrative Expenses | 1,837 | 1,904 | 5,927 | 6,330 | |||||||||||||
TOTAL OPERATING EXPENSES | 9,212 | 8,136 | 27,953 | 24,585 | |||||||||||||
Operating Income | 9,270 | 8,677 | 29,067 | 20,132 | |||||||||||||
Total Other Income, Net of Outside Interests | 321 | 1,179 | 98 | 1,578 | |||||||||||||
Income Before Taxes and Operating Company | 9,591 | 9,856 |
| 29,165 | 21,710 | ||||||||||||
Unincorporated Business Tax Provision | 546 | 516 | 1,783 | 1,259 | |||||||||||||
Allocable Income | 9,045 | 9,340 | 27,382 | 20,451 | |||||||||||||
Operating Company Allocation | 7,722 | 8,082 | 23,483 | 17,767 | |||||||||||||
Income Before Corporate Income Taxes | 1,323 | 1,258 | 3,899 | 2,684 | |||||||||||||
Corporate Income Tax Provision | 565 | 537 | 1,663 | 1,145 | |||||||||||||
Non-GAAP Net Income | $ | 758 | $ | 721 | $ | 2,236 | $ | 1,539 | |||||||||
Tax Receivable Agreement Income, Net of Taxes | 461 | 711 |
| 440 | 1,197 | ||||||||||||
GAAP Net Income | $ | 1,219 | $ | 1,432 | $ | 2,676 | $ | 2,736 | |||||||||
Earnings Per Share - Basic and Diluted Attributable to | |||||||||||||||||
Net Income for Basic Earnings per Share | $ | 758 | $ | 721 | $ | 2,236 | $ | 1,539 | |||||||||
Basic Earnings per Share | $ | 0.08 | $ | 0.08 | $ | 0.25 | $ | 0.19 | |||||||||
Basic Weighted Average Shares Outstanding | 9,367,659 | 8,633,041 | 9,125,477 | 8,077,545 | |||||||||||||
Net Income for Diluted Earnings per Share | $ | 5,171 | $ | 5,340 | $ | 15,656 | $ | 11,693 | |||||||||
Diluted Earnings per Share | $ | 0.08 | $ | 0.08 | $ | 0.24 | $ | 0.18 | |||||||||
Diluted Weighted Average Shares Outstanding | 64,993,746 | 64,994,278 | 65,006,198 | 64,756,331 |
CONTACT:
Pzena Investment Management, Inc.
Lawrence Kohn, 212-355-1600
kohn@pzena.com