manning & napier inc (MN) Snapshot

Manning & Napier, Inc. Presents at KBW Asset Management Conference 2013, Jun-05-2013 . Venue: New York, New York, United States.

Manning & Napier, Inc. announced that its board of directors has declared a quarterly dividend of $0.16 per share of Class A common stock. The dividend will be paid on or about August 1, 2013 to shareholders of record as of the close of business on July 15, 2013.

Manning & Napier, Inc. announced unaudited consolidated earnings results for the first quarter ended March 31, 2013. The company reported first quarter 2013 revenue of $90.3 million, an increase of 6% from revenue of $85.0 million reported in the first quarter of 2012, and an increase of 4% from revenue of $87.1 million reported in the fourth quarter of 2012. The changes in revenue resulted primarily from increases in average AUM. Average AUM for the quarter was $47.2 billion, which was a 10% and 6% increase from the first quarter of 2012 and the fourth quarter of 2012, when average AUM was $43.1 billion and $44.5 billion, respectively. Revenue as a percentage of average AUM was 0.78% for the first quarter of 2013 compared with 0.79% for the first quarter of 2012 and 0.78% for the previous quarter. Operating income, excluding non-cash reorganization-related share-based compensation, was $39.8 million for the quarter, an increase of $0.1 million over the first quarter of 2012 and a decrease of $0.6 million from the fourth quarter of 2012. The company reported first quarter 2013 economic income of $40.1 million compared with $40.1 million in the first quarter of 2012 and $40.5 million in the fourth quarter of 2012. Also for the first quarter of 2013, economic net income was $24.8 million, or $0.28 per adjusted share, compared with $24.8 million, or $0.28 per adjusted share, in the first quarter of 2012 and $25.0 million, or $0.28 per adjusted share, in the fourth quarter of 2012. GAAP net income attributable to the common shareholders for the first quarter of $0.3 million, or $0.03 per basic and diluted share, reflects the public ownership of the company's subsidiary, Manning & Napier Group, LLC. The decrease in net income compared to the first quarter of 2012 is attributable to the increase in non-cash reorganization-related share-based compensation expense of $18.0 million and the increase in net income compared to the fourth quarter of 2012 is due to a decrease in non-cash reorganization-related share-based compensation of $5.5 million. For the quarter, the company reported operating income of $18.1 million against $36.0 million a year ago. Net income attributable to the company was $0.3 million against $2.9 million a year ago. Income before for income taxes per basic share was $1.35 against $2.68 a year ago. Income before for income taxes per basic share was $1.35 against $2.68 a year ago. Economic income per basic share was $2.95 against $2.95 a year ago. Economic net income per basic share was $1.82 against $1.82 a year ago.