Broker/Dealer - Earnings and Guidance
Duff & Phelps reports increased Q3 net income from prior year, declares dividend
November 03, 2009 5:04 PM ET
By Kelly Durkin
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Duff & Phelps Corp. on Nov. 3 reported net income attributable to the company of $3.5 million, compared to $153,000 in the year-ago period. Net income attributable to holders of class A common stock was 14 cents per share, compared to 1 cent per share in the prior-year quarter. Adjusted pro forma net income was $8.4 million, or 22 cents per share on a fully exchanged and diluted basis, compared to $7.4 million, or 22 cents per share, for the corresponding prior-year quarter. The Thomson First Call mean earnings estimate for the quarter was 23 cents per share, according to SNL Financial. Adjusted pro forma net income for the quarter consists of adjusted EBITDA, less depreciation and amortization, interest income and expense, other income and pro forma corporate income tax applied at an assumed 40.8% rate. Total revenues for the quarter were $96.6 million, compared to $99.1 million in the year-ago period. Financial advisory revenues totaled $57.6 million, compared to $65.0 million in the year-ago quarter. Investment banking revenues totaled $18.2 million, compared to $16.1 million in the prior-year period. Corporate finance consulting revenues totaled $17.4 million, compared to $15.2 million in the third quarter of 2008. Additionally, the company announced that its board declared a quarterly dividend of 5 cents per share on its outstanding class A common stock, payable Dec. 4 to shareholders of record as of Nov. 24. |
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