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Rating:Integrity Posts Higher Q2 Earnings Not Rated 2.0 Email Routing List Email & Route  Print Print
Thursday, August 14, 2008

Integrity Posts Higher Q2 Earnings

Reported by Erin Kello

Integrity Mutual Funds posted second quarter net income of $336,521 ($0.02 per share) in the second quarter, up 12.3 percent from a year ago, bringing net income for the first half of 2008 to $620,808. Revenues, however, fell 14 percent in Q2 to $8.92 million. Integrity attributed the decrease to lower fee income from its mutual funds and lower commissions and fee income from its broker-dealer division. As for the higher net income, the firm said the rise resulted in part from an increase in due diligence and marketing allowances received by the company's b-d.
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Hennessy Funds reported EPS of six cents for its Q3 which ended June 30, versus 17 cents for the prior comparable period in 2007. Total mutual fund assets were $1.1 billion at June 30, 2008, compared to $1.9 billion at June 30, 2007, a 42.8 percent decline.

Morningstar reported earnings of 57 cents per share in the second quarter, up from 38 cents per share a year ago. Net income at the company rose to $28 million from $18.3 million in the year-ago period. The Chicago company's acquisition of Hemscott in January added $4.3 million to the Institutional segment in the second quarter.
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Waddell and Reed sponsor of the Ivy Funds saw gross sales of $4.6 billion in the wholesale channel in Q2. The channel had net flows of $3.4 billion during the quarter representing a annualized growth rate of 55 percent. The Institutional channel at the company saw gross sales of $664 million. Net flows of $196 million represented an annualized quarterly growth rate of 9 percent.

Legg Mason posted its results for its Q1 of fiscal year 2009. The company saw a loss of 22 cents per share; analysts polled by Thomson had predicted a 13 cent per share profit. The total net loss at the company was $31.3 million compared to net income of $191.0 million in the first quarter of fiscal 2008. The net losses were a result of charges the company took to support its money-market funds totaling $155.4 million after tax and operating expense adjustments, or $1.09 per diluted share. AUM was $922.8 billion at the end of the quarter, down 7 percent from $992.4 billion a year ago.

T. Rowe Price reported an EPS of 60 cents, right in line with analysts' expectations. The company recorded net income of $162 million. AUM increased 2.4 percent from March 31 to $387.7 billion at the end of June, including $233.3 billion in the T. Rowe Price mutual funds distributed in the United States. The company cut its ad and promo spending by $1.7 million in Q2 of 2008 compared to Q2 of 2007. T.Rowe said it plans to reduce its planned spending on advertising and promotion over the balance of 2008.

Federated Investors missed analysts' expectations by two cents, reporting EPS of 58 cents per share. Income from continuing operations was $55.2 million for compared to $55.3 a year ago. Equity assets at the firm were $37.3 billion at end-June, down $6.0 billion or 14 percent from $43.3 billion at June 30, 2007. Fixed-income assets were $25.1 billion, up $2.1 billion or 9 percent from $23.0 billion last year.

Franklin Resources reported an EPS of $1.71, above the $1.69 expected by analysts. The company saw net income in Q2 of $468.4 million. Total AUM by the company's subsidiaries was $580.2 billion at the end of the quarter, compared to $624.0 billion a year ago.
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Janus reported EPS of 40 cents, beating analysts' expectations by 10 cents per share. The company reported net income of $65.6 million, up from $51.6 million in Q2 of 2007. AUM increased 5.5 percent to $200.1 billion. Janus has long-term net inflows of $4.8 billion in Q2, excluding numbers from INTECH.

Ameriprise's Q2 report provides some numbers on its RiverSource fund business. The fund complex saw net outflows of $600 million in Q2 and saw AUM fall 10 percent year-over-year to $78 billion, primarily due to market depreciation. A decline in RiverSource mutual fund sales in the Ameriprise channel occurred as a result of less client activity was partially offset by sales growth in non-affiliated broker-dealer and bank platforms.

REIT shop Cohen & Steers fell two cents short of analysts' expectations, reporting a EPS of 23 cents. The company reported net income of $13.6 million in Q2, down from $18.6 million a year ago. At end-June AUM were $27.0 billion, down 22 percent from $34.6 billion in the year-ago period. The company recorded net outflows of $158 million from open-end mutual funds during the quarter. Outflows of $818 million were partially offset by inflows of $660 million.
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SEI reported earnings that were in line with analysts' predictions of 33 cents per share, minus a one-time pre-tax charge of $27.3 million to cover SIV related money fund losses. Net income at the company fell to $46.16 million from $69.50 million a year ago.

AMG beat analysts' EPS estimates of $1.41 by two cents, but was still off from the $1.52 it reported in Q2 of last year. The aggregate assets under management of AMG's affiliated investment management firms at end-June were approximately $254 billion. Net client cash flows for mutual funds in the second quarter of 2008 were negative $248 million. The company also announced the addition of two new affiliates today.

Columbia Management, Bank of America's asset management arm, saw its second quarter net income plunge 48 percent to $39 million. The drop was mainly due to losses tied to support for some of its cash funds. Boston-based Columbia recorded revenues of $365 million, up from $360 million a year ago.

Naperville, Illinois-based Calamos Investments reported earnings per share, post adjustments, of 32 cents for Q2 2008, well above the 23 cents analysts saw in their crystal balls. Net income, for Q2 was $8.7 million compared to $7.4 million in the prior year. The company reported a one percent rise in AUM from $40.9 billion at the end of Q1 to $41.2 billion at the end of Q2. Calamos' open-ended funds saw an eight percent loss in AUM from a a year ago, with assets falling from $25.99 billion at the end of Q2 in 2007 to $24 billion at the end of Q2 this year.
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New York City-based BlackRock, lauded for mostly avoiding the pitfalls of the subprime situation, beat the street in Q2. The company reported an EPS of $2.05, well above the $1.97 predicted by analysts polled by Thomson. Net income for the company jumped 23 percent compared to Q2 of 2007. AUM increased to $1.428 trillion at June 30, 2008, up 5 percent since March 31, 2008. Net inflows in fixed income, equity and alternative investments totaled $24.2 billion for the quarter.

State Street Global Advisors saw its investment management fees drop one percent to $280 million in Q2, the company's parent State Street Bank said in its earnings release today. The company said the slide is due to lower performance fees and and a 10 percent decrease in average month-end equity valuations. SSgA's AUM was $1.89 trillion at the end of June, down 2 percent from $1.93 trillion a year ago. 

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