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Home » Long Term Weight Loss » Virtus Investment Partners Announces Financial Results For the First Quarter of 2012

HARTFORD, Conn., May 1, 2012 /PRNewswire/ --Virtus Investment Partners, Inc. (VRTS), which operates a multi-manager asset management business, today reported a record level of total and long-term open-end mutual fund sales and net flows for the first quarter of 2012, and a 130 percent increase in operating income, as adjusted, from the first quarter of 2011.

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Operating income, as adjusted, was $16.0 million for the quarter ended March 31, 2012, an increase from $7.0 million in the first quarter of 2011 and from $13.6 million in the fourth quarter of 2011. Operating margin, as adjusted, was 34 percent, compared with 21 percent in the prior year's first quarter and 32 percent in the fourth quarter of 2011. The February 24 launch of the Virtus Global Multi-Sector Income closed-end fund contributed $0.2 million to operating income, as adjusted, which excludes $4.5 million of up-front structuring fees, sales-related compensation, and fund offering costs.

Operating income for the first quarter, which includes $4.5 million of costs related to the closed-end fund launch, was $8.0 million with a margin of 13 percent, compared with $4.4 million and 10 percent in the first quarter of 2011 and $8.2 million with a margin of 15 percent in the fourth quarter of 2011. Net income for the quarter was $5.5 million or $0.68 per diluted share, an increase of 26 percent from $4.3 million or $0.43 per diluted share in the first quarter of 2011. Excluding the costs related to the fund launch, operating income and net income for the first quarter of 2012 would have been $12.4 million and $8.1 million, respectively. The company reported income tax expense of $3.6 million, at an effective tax rate of 40 percent, of which $3.5 million, or a rate of 38.6 percent, reflects the utilization of deferred tax assets and $0.1 million, or a rate of 1.4 percent, reflects the current tax obligation.

Operating income, as adjusted, and operating margin, as adjusted, are non-GAAP measures that exclude certain non-cash and other items, including the closed-end fund launch costs and transition costs for the Newfleet Multi-Sector team. These measures are further described and reconciled to GAAP measures at the end of the release.

Assets under management were $38.0 billion at March 31, 2012, an increase of 19 percent from March 31, 2011 and 10 percent from December 31, 2011. Long-term assets under management, which exclude cash management products, were $36.2 billion at the end of the first quarter, an increase of 27 percent from March 31, 2011 and 13 percent from December 31, 2011.

Financial Highlights (Unaudited)

(Dollars in thousands, except per share data or as noted)

In evaluating its performance, the company considers certain non-GAAP measures, including operating income, as adjusted, operating margin, as adjusted, operating expenses, as adjusted, and revenue, as adjusted, that are described and reconciled to GAAP-reported amounts in the table at the end of the release. These non-GAAP measures net the distribution and administration expenses against the related revenue and also exclude certain other cash and non-cash items.

Three Months Ended

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Virtus Investment Partners Announces Financial Results For the First Quarter of 2012

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Home » Long Term Weight Loss » Virtus Investment Partners Announces Financial Results For the First Quarter of 2012