Legg Mason Reports Results For Second Fiscal Quarter 2013
-- Second Quarter Net Income of $80.8 Million, or $0.60 per Diluted Share -- -- Second Quarter Adjusted Income of $100.1 Million, or $0.75 per Diluted Share -- -- Assets Under Management of $651 Billion --
Company Release - 10/26/2012 07:00
BALTIMORE, Oct. 26, 2012 /PRNewswire/ -- Legg Mason, Inc. (NYSE: LM) today reported its operating results for the second fiscal quarter ended September 30, 2012. The Company reported net income1 of $80.8 million, or $0.60 per diluted share, as compared with a net loss of $9.5 million, or $0.07 per diluted share, in the previous quarter and net income of $56.7 million, or $0.39 per diluted share, in the second quarter of fiscal 2012. Included in this quarter's results was a U.K. tax benefit of $18.1 million, or $0.13 per diluted share, compared with a similar U.K. tax benefit of $18.3 million, or $0.13 per diluted share, in the prior year quarter. Included in the first quarter of fiscal year 2013 was a $69.0 million, or $0.32 per diluted share, debt extinguishment charge. Adjusted income2 for the second quarter was $100.1 million, or $0.75 per diluted share, as compared to $88.6 million, or $0.64 per diluted share, in the first quarter of fiscal 2013 and $87.6 million, or $0.61 per diluted share, in the second quarter of fiscal 2012. For the second quarter, operating revenues were $640.3 million, up 2% from $630.7 million in the prior quarter and down 4% from $669.9 million in the prior year quarter. Operating expenses of $560.6 million were up 1% from $554.6 million in the first quarter of fiscal 2013 and were down slightly from $563.0 million in the prior year quarter.
Assets Under Management ("AUM") were $650.7 billion, up 3% as compared with $631.8 billion as of June 30, 2012 and up 6% from $611.8 billion as of September 30, 2011.
Legg Mason also announced today that its Board of Directors has declared a quarterly cash dividend on its common stock in the amount of $0.11 per share.
https://ir.leggmason.com/file.aspx?IID=102761&FID=14817870
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