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Legg Mason Inc. Message Board

  • bluecheese4u bluecheese4u Feb 1, 2013 8:27 AM Flag

    LEGG MASON REPORTS RESULTS FOR THIRD FISCAL QUARTER 2013

    LEGG MASON REPORTS RESULTS FOR THIRD FISCAL QUARTER 2013

    -- Third Quarter Net Loss of $454 Million, or $3.45 per Diluted Share --
    -- Third Quarter Adjusted Income of $92 Million, or $0.70 per Diluted Share --
    -- Results Include Non-Cash Impairment Charges of $734 Million, or $3.86 per Diluted Share -- -- Results Reduced by $9.2 Million, or $0.07 per Diluted Share, from Tax Reserve Adjustments -- -- Assets Under Management of $649 Billion --

    Baltimore, Maryland – February 1, 2013 – Legg Mason, Inc. (NYSE: LM) today reported its operating results for the third fiscal quarter ended December 31, 2012. The Company reported a net loss1 of $453.9 million, or $3.45 per diluted share, as compared with net income of $80.8 million, or $0.60 per diluted share, in the previous quarter and net income of $28.1 million, or $0.20 per diluted share, in the third quarter of fiscal 2012. Included in this quarter’s results were $734.0 million, $508.3 million after-tax, or $3.86 per diluted share, in non-cash impairment charges related to intangible assets. Also included in this quarter’s results were net tax expenses of $9.2 million, or $0.07 per diluted share, related to tax reserve adjustments, offset in part by a tax reserve release arising from favorable results of tax audits. Adjusted income2 for the third quarter was $91.8 million, or $0.70 per diluted share, as compared to $100.1 million, or $0.75 per diluted share, in the previous quarter and $76.8 million, or $0.55 per diluted share, in the third quarter of fiscal 2012. For the third quarter, operating revenues were $673.9 million, up 5% from $640.3 million in the prior quarter and up 7% from $627.0 million in the third quarter of fiscal 2012. Operating expenses, excluding the non-cash impairment charge of $734.0 million, were up 2% from the prior quarter of fiscal 2013, and up 1% from the third quarter of fiscal 2012.
    Assets Under Management (“AUM”) were $648.9 billion, as compared with $650.7 billion as of September 30, 2012 and up 3% from $627.0 billion as of December 31, 2011.
    Legg Mason also announced today that its Board of Directors has declared a quarterly cash dividend on its common stock of $0.11 per share.

    leggmasonDOTcom/press/releases/02_01_2013.pdf

 
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