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Federated Investors, Inc. Reports First Quarter 2012 Earnings

-- Diluted EPS increases 14 percent to $0.41 per share compared to Q4 2011

-- Equity and fixed-income assets increase $4.4 billion during Q1 2012 to $88.9 billion

-- Net sales in equity and fixed-income funds and separate accounts were $1.4 billion in Q1 2012

-- Board declares $0.24 per share quarterly dividend


News provided by

Federated Investors, Inc.

Apr 26, 2012, 04:01 ET

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PITTSBURGH, April 26, 2012 /PRNewswire/ -- Federated Investors, Inc. (NYSE: FII), one of the nation's largest investment managers, today reported earnings per diluted share (EPS) of $0.41 for the quarter ended March 31, 2012 as compared to $0.32 for the same quarter last year.  Net income was $42.3 million for Q1 2012 compared to $33.2 million for Q1 2011, which included approximately $11.3 million, after tax or $0.11 per diluted share, in nonrecurring legal expenses. 

Federated's total managed assets were $363.6 billion at March 31, 2012, up $8.7 billion or 2 percent from $354.9 billion at March 31, 2011 and down $6.1 billion or 2 percent from $369.7 billion reported at Dec. 31, 2011.  Average managed assets for Q1 2012 were $370.1 billion, up $13.8 billion or 4 percent from $356.3 billion reported for Q1 2011 and up $11.9 billion or 3 percent from $358.3 billion reported for Q4 2011.  Combined equity and fixed-income net sales for funds and separate accounts were a positive $1.4 billion for Q1 2012.

"Investors' growing demand for income and Federated's broad array of high-quality income-oriented products continued to prove beneficial for our company during the first quarter,'' said J. Christopher Donahue, president and chief executive officer. "Equity assets increased 8 percent over the past 12 months driven by substantial inflows into our dividend-driven Strategic Value lineup. Our fixed-income assets increased 11 percent over the same period amid continued investor interest in our high yield-oriented and multisector bond offerings.''

Federated's board of directors declared a quarterly dividend of $0.24 per share.  The dividend is payable on May 15, 2012 to shareholders of record as of May 8, 2012.  During Q1 2012, Federated purchased 50,000 shares of Federated class B common stock for $1.1 million.

Federated's equity assets were $34.1 billion at March 31, 2012, up $2.5 billion or 8 percent from $31.6 billion at March 31, 2011 and up $3.2 billion or 10 percent from $30.9 billion at Dec. 31, 2011.  During the quarter, net equity separate account sales were strong at $975 million, driven by flows into the Strategic Value Dividend strategy and Clover Small Cap Value Equity strategy.  Top-selling equity funds during Q1 2012 on a net basis were Federated Strategic Value Dividend Fund, Federated International Strategic Value Dividend Fund, Federated Managed Volatility Fund II and Federated Clover Small Value Fund.

Federated's fixed-income assets were $46.2 billion at March 31, 2012, up $4.4 billion or 11 percent from $41.8 billion at March 31, 2011 and up $1.4 billion or 3 percent from $44.8 billion at Dec. 31, 2011.  Fixed-income assets in liquidation portfolios were $8.6 billion at March 31, 2012.  Fixed-income sales were driven by strong net flows into Federated Municipal Ultrashort Fund, Federated Total Return Bond Fund, Federated Institutional High Yield Bond Fund, Federated's Capital Preservation Fund and Federated Ultrashort Bond Fund.

Money market assets in both funds and separate accounts were $274.7 billion at March 31, 2012, up $3.6 billion or 1 percent from $271.1 billion at March 31, 2011 and down $10.4 billion or 4 percent from $285.1 billion at Dec. 31, 2011. 

Money market mutual fund assets were $245.2 billion at March 31, 2012, up $6.2 billion or 3 percent from $239.0 billion at March 31, 2011 and down $10.7 billion or 4 percent from $255.9 billion at Dec. 31, 2011. 

Financial Summary

Q1 2012 vs. Q1 2011

Revenue decreased by $8.6 million or 4 percent due primarily to an increase in voluntary fee waivers related to certain money market funds in order for those funds to maintain positive or zero net yields and a decrease in revenue due to the change in the mix of average equity assets.  These decreases were partially offset by an increase in revenue from higher average money market and fixed-income assets.  See additional information about voluntary fee waivers in the table at the end of this financial summary. 

Federated derived 53 percent of its revenue from equity and fixed-income assets (32 percent from equity assets and 21 percent from fixed-income assets), 46 percent from money market assets and 1 percent from other products and services.

Operating expenses were $159.9 million compared to $182.4 million.  This decrease of $22.5 million or 12 percent was primarily a result of lower professional service fees as the company incurred nonrecurring legal expenses in Q1 2011.

Additionally, intangible-asset-related expense decreased due to mark-to-market adjustments of an acquisition-related contingent payment liability in both periods, as well as certain intangible assets becoming fully amortized in 2011.

Q1 2012 vs. Q4 2011

Revenue increased by $13.9 million or 6 percent primarily related to an increase in total average managed assets and a decrease in the aforementioned fee waivers due mainly to improved money market fund yields partially offset by a decrease in the number of days from the prior quarter.

Operating expenses increased by $5.4 million or 3 percent.  The increase was primarily related to an increase in compensation and related expense due primarily to the annual reset of payroll taxes and 401(k) contributions and an increase in distribution expense primarily due to improved money market fund yields.  Additionally, intangible-asset-related expense decreased due to a Q1 2012 mark-to-market adjustment of an acquisition-related contingent payment liability.

Federated's level of business activity and financial results are dependent upon many factors including market conditions, investment performance and investor behavior.  These factors and others including asset levels, product sales and redemptions, market appreciation or depreciation, revenues, fee waivers and expenses can impact Federated's activity levels and financial results significantly.  Risk factors and uncertainties that can influence Federated's financial results are discussed in the company's annual and quarterly reports as filed with the Securities and Exchange Commission.

Fee waivers to maintain positive or zero net yields could vary significantly from management's estimates as they are contingent on a number of variables including, but not limited to, changes in assets within the money market funds, available yields on instruments held by the money market funds, actions by the Federal Reserve, the U.S. Department of the Treasury and other governmental entities, changes in expenses of the money market funds, changes in the mix of money market customer assets, Federated's willingness to continue the fee waivers and changes in the extent to which the impact of the waivers is shared by third parties.

Money Market Fund Yield Waiver Impact
(in millions)


Quarter Ended

Change
Q1 2011 to
Q1 2012


Quarter Ended

Change
Q4 2011 to
Q1 2012


(Decrease)/Increase

March 31,
2012

March 31,
2011


Dec. 31,
2011


Investment advisory fees

$

(52.9)


$

(36.0)


$

(16.9)



$

(58.8)


$

5.9



Other service fees

(27.5)


(27.4)


(0.1)



(30.2)


2.7



Total Revenue

$

(80.4)


$

(63.4)


$

(17.0)



$

(89.0)


$

8.6



Distribution expense

(57.5)


(49.5)


(8.0)



(61.9)


4.4



Operating income

$

(22.9)


$

(13.9)


$

(9.0)



$

(27.1)


$

4.2



Noncontrolling interest

(0.6)


(0.8)


0.2



(1.0)


0.4



Pre-tax impact

$

(22.3)


$

(13.1)


$

(9.2)



$

(26.1)


$

3.8



Federated will host an earnings conference call at 9 a.m. Eastern on April 27, 2012.  Investors are invited to listen to Federated's earnings teleconference by calling 877-407-0782 (domestic) or 201-689-8567 (international) prior to the 9 a.m. start time.  The call may also be accessed in real time on the Internet via the About Federated section of FederatedInvestors.com.  A replay will be available after 12:30 p.m. and through May 4, 2012 by calling 877-660-6853 (domestic) or 201-612-7415 (international) and entering codes 286 and 392082.

Federated Investors, Inc. is one of the largest investment managers in the United States, managing $363.6 billion in assets as of March 31, 2012.  With 134 funds and a variety of separately managed account options, Federated provides comprehensive investment management to approximately 4,800 institutions and intermediaries including corporations, government entities, insurance companies, foundations and endowments, banks and broker/dealers.  Federated ranks in the top 2 percent of money market fund managers in the industry, the top 7 percent of equity fund managers and the top 7 percent of fixed-income fund managers(1).  For more information, visit FederatedInvestors.com.

(1) Strategic Insight, Feb. 29, 2012.  Based on assets under management in open-end funds.
Federated Securities Corp. is distributor of the Federated funds. 
Separately managed accounts are made available through Federated Global Investment Management Corp., Federated Investment Counseling and Federated MDTA LLC, each a registered investment advisor.

Certain statements in this press release, such as those related to the level of fee waivers incurred by the company, and product demand and asset flows constitute or may constitute forward-looking statements, which involve known and unknown risks, uncertainties and other factors that may cause the actual results, levels of activity, performance or achievements of the company, or industry results, to be materially different from any future results, levels of activity, performance or achievements expressed or implied by such forward-looking statements.  Other risks and uncertainties include the ability of the company to predict the level of fee waivers in future quarters, which could vary significantly depending on a variety of factors identified above, and include the ability of the company to sustain product demand and asset flows, which could vary significantly depending on market conditions, investment performance and investor behavior.  Other risks and uncertainties also include the risk factors discussed in the company's annual and quarterly reports as filed with the Securities and Exchange Commission.  As a result, no assurance can be given as to future results, levels of activity, performance or achievements, and neither the company nor any other person assumes responsibility for the accuracy and completeness of such statements in the future.

Unaudited Condensed Consolidated Statements of Income

(in thousands, except per share data)


Quarter Ended

% Change
Q1 2011 to
Q1 2012

Quarter Ended

% Change
Q4 2011 to
Q1 2012


March 31, 2012

March 31, 2011

Dec. 31, 2011

Revenue






     Investment advisory fees, net

$

149,348


$

159,589


(6)

%

$

138,225


8

%

     Administrative service fees, net

57,292


54,048


6


56,830


1


     Other service fees, net

22,655


24,663


(8)


20,249


12


     Other, net

986


582


69


1,102


(11)


          Total Revenue

230,281


238,882


(4)


216,406


6








Operating Expenses






     Compensation and related

64,065


64,396


(1)


60,620


6


     Distribution

61,693


64,692


(5)


58,740


5


     Professional service fees

10,308


26,185


(61)


9,567


8


     Systems and communications

6,310


5,579


13


5,839


8


     Office and occupancy

6,253


6,201


1


6,254


0


     Advertising and promotional

2,928


3,162


(7)


3,524


(17)


     Travel and related

2,751


2,438


13


3,673


(25)


     Intangible asset related

21


3,780


(99)


1,243


(98)


     Other

5,605


5,949


(6)


5,085


10


          Total Operating Expenses

159,934


182,382


(12)


154,545


3


     Operating Income

70,347


56,500


25


61,861


14








Nonoperating Income (Expenses)






     Investment income, net

3,346


3,812


(12)


2,538


32


     Debt expense––recourse

(3,711)


(4,636)


(20)


(3,860)


(4)


     Other, net

(37)


(24)


54


(103)


(64)


          Total Nonoperating Expenses, net

(402)


(848)


(53)


(1,425)


(72)


     Income before income taxes

69,945


55,652


26


60,436


16


     Income tax provision

25,538


20,598


24


21,811


17


     Net income including noncontrolling interests in subsidiaries

44,407


35,054


27


38,625


15


    Less: Net income attributable to the noncontrolling interests in
           subsidiaries

2,082


1,823


14


1,682


24


     Net Income

$

42,325


$

33,231


27

%

$

36,943


15

%







Amounts Attributable to Federated






   Earnings Per Share1






     Basic and Diluted

$

0.41


$

0.32


28

%

$

0.36


14

%

 Weighted-average shares outstanding






     Basic

100,112


100,586



100,264



     Diluted

100,112


100,667



100,264



Dividends declared per share

$

0.24


$

0.24



$

0.24



1) Unvested share-based payment awards that receive non-forfeitable dividend rights are considered participating securities and are required to be included in the computation of earnings per share under the "two-class method." Total income available to participating restricted shareholders was $1.5 million, $1.1 million and $1.2 million for the quarterly periods ended March 31, 2012, March 31, 2011 and Dec. 31, 2011, respectively.

Unaudited Condensed Consolidated Balance Sheets



(in thousands)

March 31, 2012

Dec. 31, 2011

Assets



     Cash and other investments

$

310,584


$

322,317


     Other current assets

57,839


44,194


     Intangible assets, net and goodwill

720,255


720,926


     Other long-term assets

64,026


63,419


          Total Assets

$

1,152,704


$

1,150,856





Liabilities and Equity



     Current liabilities

$

163,947


$

187,356


     Long-term debt—recourse

308,125


318,750


     Other long-term liabilities

110,377


101,567


     Equity excluding treasury stock

1,336,160


1,315,664


     Treasury stock

(765,905)


(772,481)


          Total Liabilities and Equity

$

1,152,704


$

1,150,856


Changes in Equity and Fixed-Income Fund and Separate Account Assets
(in millions)




Quarter Ended


March 31, 2012

Dec. 31, 2011

March 31, 2011

Equity Funds




Beginning assets

$

21,930


$

20,140


$

22,626


      Sales

1,823


2,185


1,558


      Redemptions

(2,187)


(1,771)


(2,023)


             Net (redemptions) sales

(364)


414


(465)


     Net exchanges

(12)


(32)


1


     Market gains and losses/reinvestments1

2,058


1,408


686


Ending assets

$

23,612


$

21,930


$

22,848






Equity Separate Accounts2




Beginning assets

$

8,957


$

7,831


$

8,176


     Sales3

1,461


873


692


     Redemptions3

(486)


(549)


(606)


              Net sales3

975


324


86


     Net exchanges

0


26


13


     Market gains and losses/reinvestments1

573


776


518


Ending assets

$

10,505


$

8,957


$

8,793






Total Equity2




Beginning assets

$

30,887


$

27,971


$

30,802


     Sales3

3,284


3,058


2,250


     Redemptions3

(2,673)


(2,320)


(2,629)


              Net sales (redemptions)3

611


738


(379)


     Net exchanges

(12)


(6)


14


     Market gains and losses/reinvestments1

2,631


2,184


1,204


Ending assets

$

34,117


$

30,887


$

31,641






Fixed-Income Funds




Beginning assets

$

37,241


$

35,620


$

31,933


      Sales

4,822


4,696


4,910


      Redemptions

(3,987)


(3,417)


(4,381)


              Net sales

835


1,279


529


     Net exchanges

(59)


38


(12)


     Market gains and losses/reinvestments1

509


304


239


Ending assets

$

38,526


$

37,241


$

32,689






Fixed-Income Separate Accounts2




Beginning assets

$

7,573


$

7,263


$

8,772


     Sales3

220


415


551


     Redemptions3

(280)


(195)


(374)


          Net (redemptions) sales3

(60)


220


177


     Net exchanges

0


1


0


     Market gains and losses/reinvestments1

182


89


118


Ending assets

$

7,695


$

7,573


$

9,067






Total Fixed Income2




Beginning assets

$

44,814


$

42,883


$

40,705


     Sales3

5,042


5,111


5,461


     Redemptions3

(4,267)


(3,612)


(4,755)


          Net sales3

775


1,499


706


     Net exchanges

(59)


39


(12)


     Market gains and losses/reinvestments1

691


393


357


Ending assets

$

46,221


$

44,814


$

41,756


1) Reflects the approximate changes in the market value of the securities held by the portfolios and, to a lesser extent, reinvested dividends, distributions, net investment income and the impact of changes in foreign exchange rates.

2) Includes separately managed accounts, institutional accounts and sub-advised funds and other managed products.

3) For certain accounts, Sales, Redemptions or Net sales (redemptions) are calculated as the remaining difference between beginning and ending assets after the calculation of Market gains and losses/reinvestments.

Changes in Liquidation Portfolios
(in millions)


Quarter Ended



March 31, 2012

Dec. 31, 2011

March 31, 2011


 Liquidation Portfolios1





Beginning assets

$

8,856


$

9,144


$

10,708



     Sales2

0


0


2



     Redemptions2

(273)


(289)


(325)



          Net redemptions2

(273)


(289)


(323)



    Market gains and losses/reinvestments3

0


1


(1)



Ending Assets

$

8,583


$

8,856


$

10,384



1) Liquidation portfolios include portfolios of distressed fixed-income securities. Federated has been retained by a third party to manage these assets through an orderly liquidation process that will generally occur over a multi-year period.  Management-fee rates earned from these portfolios are lower than those of traditional separate account mandates.

2) For certain accounts, Sales, Redemptions or Net redemptions are calculated as the remaining difference between beginning and ending assets after the calculation of Market gains and losses/reinvestments.

3) Reflects the approximate changes in the market value of the securities held by the portfolios, and, to a lesser extent, reinvested dividends, distributions, net investment income and the impact of changes in foreign exchange rates.







MANAGED ASSETS

(in millions)

March 31, 2012

Dec. 31, 2011

Sept. 30, 2011

June 30, 2011

March 31, 2011

By Asset Class






     Equity

$

34,117


$

30,887


$

27,971


$

31,380


$

31,641


     Fixed-income

46,221


44,814


42,883


42,418


41,756


     Money market

274,704


285,140


271,653


265,651


271,141


     Liquidation portfolios1

8,583


8,856


9,144


9,964


10,384


          Total Managed Assets

$

363,625


$

369,697


$

351,651


$

349,413


$

354,922


By Product Type






     Funds:






          Equity

$

23,612


$

21,930


$

20,140


$

22,678


$

22,848


          Fixed-income

38,526


37,241


35,620


34,874


32,689


          Money market

245,232


255,857


245,293


236,077


238,990


          Total Fund Assets

$

307,370


$

315,028


$

301,053


$

293,629


$

294,527


     Separate Accounts:






          Equity

$

10,505


$

8,957


$

7,831


$

8,702


$

8,793


          Fixed-income

7,695


7,573


7,263


7,544


9,067


          Money market

29,472


29,283


26,360


29,574


32,151


          Total Separate Accounts

$

47,672


$

45,813


$

41,454


$

45,820


$

50,011


          Total Liquidation Portfolios1

$

8,583


$

8,856


$

9,144


$

9,964


$

10,384


          Total Managed Assets

$

363,625


$

369,697


$

351,651


$

349,413


$

354,922



AVERAGE MANAGED ASSETS

Quarter Ended

(in millions)

March 31, 2012

Dec. 31, 2011

Sept. 30, 2011

June 30, 2011

March 31, 2011

By Asset Class






     Equity

$

32,827


$

29,965


$

29,699


$

31,520


$

31,056


     Fixed-income

45,792


43,980


43,001


42,127


41,187


     Money market

282,801


275,295


266,756


270,411


273,542


     Liquidation portfolios1

8,703


9,030


9,309


10,138


10,534


          Total Avg. Assets

$

370,123


$

358,270


$

348,765


$

354,196


$

356,319


By Product Type






     Funds:






          Equity

$

23,075


$

21,451


$

21,491


$

22,741


$

22,599


          Fixed-income

38,128


36,546


35,478


33,534


32,265


          Money market

251,825


249,324


239,406


239,642


240,375


          Total Avg. Fund Assets

$

313,028


$

307,321


$

296,375


$

295,917


$

295,239


     Separate Accounts:






          Equity

$

9,752


$

8,514


$

8,208


$

8,779


$

8,457


          Fixed-income

7,664


7,434


7,523


8,593


8,922


          Money market

30,976


25,971


27,350


30,769


33,167


          Total Avg. Separate Accounts

$

48,392


$

41,919


$

43,081


$

48,141


$

50,546


          Total Avg. Liquidation Portfolios1

$

8,703


$

9,030


$

9,309


$

10,138


$

10,534


          Total Avg. Managed Assets

$

370,123


$

358,270


$

348,765


$

354,196


$

356,319


1) Liquidation portfolios include portfolios of distressed fixed-income securities. Federated has been retained by a third party to manage these assets through an orderly liquidation process that will generally occur over a multi-year period.  Management-fee rates earned from these portfolios are lower than those of traditional separate account mandates.

 

SOURCE Federated Investors, Inc.

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