Legg Mason Inc. provided tax rate guidance for second quarter and third quarter of 2013. The company is still forecasting its effective GAAP tax rate to be in the 34% to 36% range, although it also anticipates a possibly reduced rate in the September quarter related to another U.K. corporate tax rate reduction.

Legg Mason Inc. reported unaudited consolidated earnings results for the fourth quarter and full year ended March 31, 2013. For the quarter, the company reported total operating revenues of $667,763,000 against $648,591,000 for the same period in the last year. Operating revenues increased 3% from the fourth quarter of fiscal year 2012, reflecting an $18.5 million increase in performance fees. Operating income was $43,013,000 against $72,212,000 for the same period in the last year. Income before income tax (benefit) provision was $48,646,000 against $109,993,000 for the same period in the last year. Net income attributable to the company was $29,204,000 or $0.23 per basic and diluted share against $76,069,000 or $0.54 per basic and diluted share for the same period in the last year. Adjusted income was $66,686,000 or $0.52 per diluted share against $123,622,000 or $0.88 per diluted share for the same period in the last year. Operating revenues, as adjusted was $526,123,000 against $488,956,000 for the same period in the last year. Operating income, as adjusted was $50,957,000 against $103,650,000 for the same period in the last year. For the year, the company reported total operating revenues of $2,612,650,000 against $2,662,574,000 for the same period in the last year. Operating revenues decreased 2% from fiscal year 2012, reflecting a less favorable AUM mix. Operating loss was $434,499,000 against operating income of $338,753,000 for the same period in the last year. Loss before income tax (benefit) provision was $510,607,000 against income before income tax (benefit) provision of $303,083,000 for the same period in the last year. Net loss attributable to the company was $353,327,000 or $2.65 per basic and diluted share against net income attributable to the company of $220,817,000 or $1.54 per basic and diluted share for the same period in the last year. Adjusted income was $347,169,000 or $2.61 per diluted share against $397,030,000 or $2.77 per diluted share for the same period in the last year. Operating revenues, as adjusted was $2,014,465,000 against $2,015,989,000 for the same period in the last year. Operating income, as adjusted was $338,957,000 against $429,330,000 for the same period in the last year.

Legg Mason Inc. announced that its board of directors has declared a quarterly cash dividend on its common stock in the amount of $0.13 per share. This represents an 18% increase in its quarterly dividend. The dividend is payable on July 8, 2013 to shareholders of record on June 11, 2013.