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Cohen & Steers Reports First Quarter 2015 Results

Record Quarterly Revenue of $83.8 million


News provided by

Cohen & Steers, Inc.

Apr 15, 2015, 04:30 ET

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NEW YORK, April 15, 2015 /PRNewswire/ -- Cohen & Steers, Inc. (NYSE: CNS) reported net income attributable to common stockholders of $20.8 million, or $0.45 per diluted share and $0.46 per basic share, for the quarter ended March 31, 2015, compared with $19.4 million, or $0.43 per diluted share and $0.44 per basic share, for the quarter ended March 31, 2014. Total revenue for the first quarter of 2015 was $83.8 million, an increase of 15.1% from $72.8 million for the first quarter of 2014.

Financial Highlights (Unaudited)

For the Periods

(in thousands, except per share data)

Three Months Ended


% Change From


March 31, 2015



December 31, 2014



March 31, 2014


December 31,

2014


March 31,
2014


Revenue

$

83,815



$

81,842



$

72,835



2.4%



15.1%


Expenses

$

49,266



$

49,492



$

45,239



(0.5%)



8.9%


Operating income

$

34,549



$

32,350



$

27,596



6.8%



25.2%


Operating margin


41.2%




39.5%




37.9%



169 bps



333 bps


Total non-operating (loss) income

$

(1,552)



$

(4,541)



$

3,181



*



*


Net income attributable to common stockholders

$

20,816



$

15,698



$

19,445



32.6%



7.1%


Diluted earnings per share attributable to common stockholders

$

0.45



$

0.34



$

0.43



32.3%



5.9%






































* Not meaningful







Revenue

Revenue for the first quarter of 2015 was $83.8 million, an increase of $2.0 million from $81.8 million for the fourth quarter of 2014. Higher average assets under management in institutional accounts and open-end mutual funds, partially offset by two fewer days in the quarter, resulted in the following revenue increases:

  • $1.2 million from open-end mutual funds; and
  • $636,000 from institutional accounts.

Expenses

Expenses for the first quarter of 2015 were $49.3 million, a decrease of $226,000 from $49.5 million for the fourth quarter of 2014. The change was primarily due to:

  • Lower general and administrative expenses of $403,000, primarily due to lower sponsored conference expenses; and
  • Higher distribution and service fees of $389,000, primarily due to higher average assets under management in open-end mutual funds, partially offset by two fewer days in the quarter.

Operating Margin

The company's operating margin increased to 41.2% for the first quarter of 2015 compared with 39.5% for the three months ended December 31, 2014.

Non-operating Income

Non-operating loss for the first quarter of 2015 decreased $3.0 million to $1.6 million from a loss of $4.5 million for the fourth quarter of 2014, primarily due to lower realized and unrealized losses on the company's seed investments. The non-operating loss included net losses attributable to redeemable noncontrolling interest of $45,000 and $525,000 for the quarters ended March 31, 2015 and December 31, 2014, respectively.

Assets Under Management Highlights (Unaudited)

March 31, 2015 Compared with December 31, 2014

(in millions)

Assets Under Management






As of





By Investment Vehicle

March 31,

2015



December 31,

2014


% Change

    Institutional accounts

$

26,704



$

26,201



1.9%


    Open-end mutual funds


18,062




17,131



5.4%


    Closed-end funds


9,900




9,805



1.0%


Total

$

54,666



$

53,137



2.9%













By Investment Strategy











    U.S. real estate

$

29,289



$

28,357



3.3%


    Global/international real estate


10,189




10,184



0.0%


    Preferred securities


6,732




6,342



6.1%


    Global listed infrastructure


5,701




5,697



0.1%


    Large cap value


1,374




1,288



6.7%


    Other


1,381




1,269



8.8%


Total

$

54,666



$

53,137



2.9%


Assets under management were $54.7 billion at March 31, 2015, an increase of $1.5 billion from $53.1 billion at December 31, 2014. The increase from December 31, 2014 was attributable to market appreciation of $2.0 billion, partially offset by net outflows of $451 million.

Institutional Accounts

Assets under management in institutional accounts were $26.7 billion as of March 31, 2015, an increase of 1.9% from $26.2 billion at December 31, 2014. The change from December 31, 2014 was due to the following:

  • Market appreciation of $1.1 billion, including $745 million from U.S. real estate and $365 million from global/international real estate;
  • Net outflows of $429 million from subadvisory relationships, including $241 million from U.S. real estate, $135 million from global/international real estate, $110 million from preferred securities and $94 million from global listed infrastructure, partially offset by net inflows of $83 million into large cap value and $68 million into commodities (included in "Other" in the above table); and
  • Net outflows of $189 million from advisory relationships, including $152 million from U.S. real estate and $134 million from preferred securities, partially offset by net inflows of $115 million into global listed infrastructure.

Open-end Mutual Funds

Assets under management for open-end mutual funds were $18.1 billion as of March 31, 2015, an increase of 5.4% from $17.1 billion at December 31, 2014. The change from December 31, 2014 was due to the following:

  • Market appreciation of $764 million, including $546 million from U.S. real estate, $120 million from global/international real estate and $96 million from preferred securities; and
  • Net inflows of $167 million, including net inflows of $459 million into preferred securities, partially offset by net outflows of $257 million from global/international real estate and $59 million from U.S. real estate.

Closed-end Funds

Assets under management for closed-end funds were $9.9 billion as of March 31, 2015, an increase of 1.0% from $9.8 billion at December 31, 2014. The increase from December 31, 2014 was due to market appreciation of $95 million.

Balance Sheet Information

As of March 31, 2015, cash, cash equivalents and investments were $158 million. As of March 31, 2015, stockholders' equity was $228 million and the company had no debt.

Conference Call Information

Cohen & Steers will host a conference call tomorrow, April 16, 2015 at 11:00 a.m. (ET) to discuss the company's first quarter results. Investors and analysts can access the live conference call by dialing 800-272-5460 (U.S.) or +1-303-223-2683 (international); passcode: 21766723. Participants should plan to register at least 10 minutes before the conference call begins.

A replay of the call will be available for two weeks starting at approximately 1:00 p.m. (ET) on April 16, 2015 and can be accessed at 800-633-8284 (U.S.) or +1-402-977-9140 (international); passcode: 21766723. Internet access to the webcast, which includes audio (listen-only), will be available on the company's website at www.cohenandsteers.com under "Company - Investor Relations." The webcast will be archived on the website for one month.

About Cohen & Steers

Founded in 1986, Cohen & Steers is a leading global investment manager with a long history of innovation and a focus on real assets, including real estate, infrastructure and commodities, along with preferred securities and other income solutions. Headquartered in New York City, with offices in London, Hong Kong, Tokyo and Seattle, Cohen & Steers serves institutional and individual investors around the world.

Forward-Looking Statements

This press release and other statements that Cohen & Steers may make may contain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, which reflect the company's current views with respect to, among other things, the company's operations and financial performance. You can identify these forward-looking statements by the use of words such as "outlook," "believes," "expects," "potential," "continues," "may," "will," "should," "seeks," "approximately," "predicts," "intends," "plans," "estimates," "anticipates" or the negative versions of these words or other comparable words. Such forward-looking statements are subject to various risks and uncertainties. Accordingly, there are or will be important factors that could cause actual outcomes or results to differ materially from those indicated in these forward-looking statements. The company believes that these factors include, but are not limited to, the risks described in the "Risk Factors" section of the company's Annual Report on Form 10-K for the year ended December 31, 2014 ("Form 10-K"), which is accessible on the Securities and Exchange Commission's website at www.sec.gov and on the company's website at www.cohenandsteers.com. These factors are not exhaustive and should be read in conjunction with the other cautionary statements that are included in the company's Form 10-K and other filings with the Securities and Exchange Commission. The company undertakes no obligation to publicly update or review any forward-looking statement, whether as a result of new information, future developments or otherwise.

Cohen & Steers, Inc. and Subsidiaries




Condensed Consolidated Statements of Operations (Unaudited)




For the Periods




(in thousands, except per share data)












Three Months Ended


% Change From


March 31,

2015


December 31,

2014


March 31,

2014


December 31,

2014


March 31,

2014

Revenue













  Investment advisory and administration fees

$

77,752


$

76,063


$

67,564





  Distribution and service fees

3,906


3,715


3,470





  Portfolio consulting and other

2,157


2,064


1,801





     Total revenue

83,815


81,842


72,835


2.4%


15.1%

Expenses










  Employee compensation and benefits

25,983


26,142


24,035





  Distribution and service fees

9,251


8,862


8,304





  General and administrative

12,463


12,866


11,093





  Depreciation and amortization

1,052


1,169


1,262





  Amortization of deferred commissions

517


453


545





     Total expenses

49,266


49,492


45,239


(0.5%)


8.9%

 Operating income

34,549


32,350


27,596


6.8 %


25.2%

Non-operating income










  Interest and dividend income—net

299


617


239





  (Loss) gain from trading investments—net

(451)


(2,622)


983





  Gain from available-for-sale investments—net

100


153


1,076





  Equity in (losses) earnings of affiliates

(1,081)


(2,748)


935





  Other (losses) income

(419)


59


(52)





    Total non-operating (loss) income

(1,552)


(4,541)


3,181


*


*

Income before provision for income taxes

32,997


27,809


30,777


18.7%


7.2%

Provision for income taxes

12,226


12,636


11,177





Net income

20,771


15,173


19,600


36.9%


6.0%

      Less: Net loss (income) attributable to

      redeemable noncontrolling interest

45


525


(155)





Net income attributable to common stockholders

$

20,816


$

15,698


$

19,445


32.6%


7.1%











Earnings per share attributable to common

 stockholders










  Basic

$

0.46


$

0.35


$

0.44


31.5%


5.6%

  Diluted

$

0.45


$

0.34


$

0.43


32.3%


5.9%











Dividends declared per share










  Quarterly

$

0.25


$

0.22


$

0.22


13.6%


13.6%

  Special

$

—


$

1.00


$

—


*


*











Weighted average shares outstanding










  Basic

45,241


44,852


44,633





  Diluted

45,980


45,866


45,483















* Not meaningful










Cohen & Steers, Inc. and Subsidiaries

Assets Under Management (Unaudited)

By Investment Vehicle

For the Periods

(in millions)


Three Months Ended


% Change From


March 31,

2015


December 31,

2014


March 31,

2014


December 31,

2014


March 31,

2014

Institutional Accounts










Assets under management, beginning of period

$

26,201


$

23,941


$

22,926





    Inflows

617


1,077


432





    Outflows

(1,235)


(1,345)


(652)





    Net outflows

(618)


(268)


(220)





    Market appreciation

1,121


2,528


1,773





    Total increase

503


2,260


1,553





Assets under management, end of period

$

26,704


$

26,201


$

24,479


1.9%


9.1%

Percentage of total assets under management

48.8%


49.3%


49.9%





Average assets under management for period

$

27,080


$

25,589


$

23,858


5.8%


13.5%











Open-end Mutual Funds










Assets under management, beginning of period

$

17,131


$

16,116


$

14,016





    Inflows

1,642


1,368


1,523





    Outflows

(1,475)


(1,894)


(1,419)





    Net inflows (outflows)

167


(526)


104





    Market appreciation

764


1,541


1,028





    Total increase

931


1,015


1,132





Assets under management, end of period

$

18,062


$

17,131


$

15,148


5.4%


19.2%

Percentage of total assets under management

33.0%


32.2%


30.9%





Average assets under management for period

$

17,963


$

16,986


$

14,607


5.8%


23.0%











Closed-end Funds










Assets under management, beginning of period

$

9,805


$

9,638


$

8,965





    Inflows

—


—


—





    Outflows

—


—


—





    Net inflows

—


—


—





    Market appreciation

95


167


439





    Total increase

95


167


439





Assets under management, end of period

$

9,900


$

9,805


$

9,404


1.0%


5.3%

Percentage of total assets under management

18.1%


18.5%


19.2%





Average assets under management for period

$

9,978


$

9,830


$

9,241


1.5%


8.0%











Total










Assets under management, beginning of period

$

53,137


$

49,695


$

45,907





    Inflows

2,259


2,445


1,955





    Outflows

(2,710)


(3,239)


(2,071)





    Net outflows

(451)


(794)


(116)





    Market appreciation

1,980


4,236


3,240





    Total increase

1,529


3,442


3,124





Assets under management, end of period

$

54,666


$

53,137


$

49,031


2.9%


11.5%

Average assets under management for period

$

55,021


$

52,405


$

47,706


5.0%


15.3%

Cohen & Steers, Inc. and Subsidiaries










Assets Under Management - Institutional Accounts (Unaudited)










By Account Type










For the Periods










(in millions)











Three Months Ended


% Change From


March 31,

2015


December 31,

2014


March 31,

2014


December 31,

2014


March 31,

2014











Subadvisory










Assets under management, beginning of period

$

18,857


$

17,092


$

16,693





    Inflows

419


969


311





    Outflows

(848)


(1,138)


(487)





    Net outflows

(429)


(169)


(176)





    Market appreciation

814


1,934


1,407





    Total increase

385


1,765


1,231





Assets under management, end of period

$

19,242


$

18,857


$

17,924


2.0%


7.4%

Percentage of institutional assets under management

72.1%


72.0%


73.2%





Average assets under management for period

$

19,526


$

18,371


$

17,480


6.3%


11.7%











Advisory










Assets under management, beginning of period

$

7,344


$

6,849


$

6,233





    Inflows

198


108


121





    Outflows

(387)


(207)


(165)





    Net outflows

(189)


(99)


(44)





    Market appreciation

307


594


366





    Total increase

118


495


322





Assets under management, end of period

$

7,462


$

7,344


$

6,555


1.6%


13.8%

Percentage of institutional assets under management

27.9%


28.0%


26.8%





Average assets under management for period

$

7,554


$

7,218


$

6,378


4.7%


18.4%











Total Institutional Accounts










Assets under management, beginning of period

$

26,201


$

23,941


$

22,926





    Inflows

617


1,077


432





    Outflows

(1,235)


(1,345)


(652)





    Net outflows

(618)


(268)


(220)





    Market appreciation

1,121


2,528


1,773





    Total increase

503


2,260


1,553





Assets under management, end of period

$

26,704


$

26,201


$

24,479


1.9%


9.1%

Average assets under management for period

$

27,080


$

25,589


$

23,858


5.8%


13.5%


Cohen & Steers, Inc. and Subsidiaries










Assets Under Management (Unaudited)










By Investment Strategy










For the Periods










(in millions)











Three Months Ended


% Change From


March 31,

2015


December 31,

2014


March 31,

2014


December 31,

2014


March 31,

2014

U.S. Real Estate










Assets under management, beginning of period

$

28,357


$

26,226


$

23,116





    Inflows

813


695


756





    Outflows

(1,265)


(2,183)


(829)





    Net outflows

(452)


(1,488)


(73)





    Market appreciation

1,384


3,619


2,208





    Total increase

932


2,131


2,135





Assets under management, end of period

$

29,289


$

28,357


$

25,251


3.3%


16.0%

Percentage of total assets under management

53.6%


53.4%


51.5%





Average assets under management for period

$

29,627


$

27,998


$

24,362


5.8%


21.6%











Global/International Real Estate










Assets under management, beginning of period

$

10,184


$

9,677


$

9,498





    Inflows

264


408


485





    Outflows

(744)


(583)


(664)





    Net outflows

(480)


(175)


(179)





    Market appreciation

485


682


402





    Total increase

5


507


223





Assets under management, end of period

$

10,189


$

10,184


$

9,721


0.0%


4.8%

Percentage of total assets under management

18.6%


19.2%


19.8%





Average assets under management for period

$

10,429


$

10,021


$

9,595


4.1%


8.7%











Preferred Securities










Assets under management, beginning of period

$

6,342


$

5,766


$

4,722





    Inflows

684


783


358





    Outflows

(469)


(271)


(180)





    Net inflows

215


512


178





    Market appreciation

175


64


226





    Total increase

390


576


404





Assets under management, end of period

$

6,732


$

6,342


$

5,126


6.1%


31.3%

Percentage of total assets under management

12.3%


11.9%


10.5%





Average assets under management for period

$

6,597


$

6,150


$

4,946


7.3%


33.4%











Global Listed Infrastructure










Assets under management, beginning of period

$

5,697


$

5,611


$

4,714





    Inflows

208


251


302





    Outflows

(157)


(84)


(224)





    Net inflows

51


167


78





    Market (depreciation) appreciation

(47)


(81)


280





    Total increase

4


86


358





Assets under management, end of period

$

5,701


$

5,697


$

5,072


 

0.1%


12.4%

Percentage of total assets under management

10.4%


10.7%


10.3%





Average assets under management for period

$

5,685


$

5,701


$

5,011


(0.3%)


13.5%











Large Cap Value










Assets under management, beginning of period

$

1,288


$

1,260


$

2,907





    Inflows

99


45


9





    Outflows

(28)


(57)


(155)





    Net inflows (outflows)

71


(12)


(146)





    Market appreciation

15


40


96





    Total increase (decrease)

86


28


(50)





Assets under management, end of period

$

1,374


$

1,288


$

2,857


6.7%


(51.9%)

Percentage of total assets under management

2.5%


2.4%


5.8%





Average assets under management for period

$

1,358


$

1,251


$

2,822


8.6%


(51.9%)











Other










Assets under management, beginning of period

$

1,269


$

1,155


$

950





    Inflows

191


263


45





    Outflows

(47)


(61)


(19)





    Net inflows

144


202


26





    Market (depreciation) appreciation

(32)


(88)


28





    Total increase

112


114


54





Assets under management, end of period

$

1,381


$

1,269


$

1,004


8.8%


37.5%

Percentage of total assets under management

2.5%


2.4%


2.0%





Average assets under management for period

$

1,325


$

1,284


$

970


3.2%


36.6%











Total










Assets under management, beginning of period

$

53,137


$

49,695


$

45,907





    Inflows

2,259


2,445


1,955





    Outflows

(2,710)


(3,239)


(2,071)





    Net outflows

(451)


(794)


(116)





    Market appreciation

1,980


4,236


3,240





    Total increase

1,529


3,442


3,124





 

Assets under management, end of period

$

54,666


$

53,137


$

49,031


2.9%


11.5%

Average assets under management for period

$

55,021


$

52,405


$

47,706


5.0%


15.3%


SOURCE Cohen & Steers, Inc.

Related Links

http://www.cohenandsteers.com

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