Cohen & Steers Inc. Reports Unaudited Consolidated Earnings Results for the Fourth Quarter and Year Ended December 31, 2011
January 25, 2012 at 04:30 pm
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Cohen & Steers Inc. reported unaudited consolidated earnings results for the fourth quarter and year ended December 31, 2011. For the quarter, the company reported income attributable to common shareholders of $16.0 million, or $0.36 per diluted share compared with income attributable to common shareholders of $12.8 million, or $0.29 per diluted share for the quarter ended December 31, 2010. Total revenue was $59.4 million, an increase of 14.7% from $51.8 million for the fourth quarter of 2010. The fourth quarter 2010 results included an after-tax expense of approximately $0.06 per share associated primarily with the offering of Cohen & Steers Select Preferred and Income Fund Inc. and an after-tax gain of approximately $0.03 per share due to recoveries on the sale of securities. After adjusting for these items, earnings per share would have been $0.32 for the quarter ended December 31, 2010. Operating income was $22.799 million compared to $13.053 million for the same period last year. Income before provision for income taxes was $25.208 million compared to $18.187 million for the same period last year.
For the year ended December 31, 2011, the company recorded income attributable to common shareholders of $54.3 million, or $1.23 per diluted share compared with income attributable to common shareholders of $46.4 million, or $1.07 per diluted share for the year ended December 31, 2010. The 2010 results included after-tax gains of approximately $0.17 per share primarily due to recoveries on the sale of securities and the above mentioned after-tax expense of approximately $0.06 per share. After adjusting for these items, earnings per share would have been $0.96 for the year ended December 31, 2010. Total revenue was $237.246 million compared to $183.738 million for the same period last year. Operating income was $87.004 million compared to $52.786 million for the same period last year. Income before provision for income taxes was $86.861 million compared to $65.494 million for the same period last year.
Cohen & Steers, Inc. is a holding company, which is engaged in global investment management. The Company is specialized in real assets and alternative income, including listed and private real estate, preferred securities, infrastructure, resource equities, commodities, as well as multi-strategy solutions. The Companyâs distribution network encompasses two channels, wealth and institutional. Its wealth channel includes registered investment advisers, wire houses, independent and regional broker dealers and bank trusts. Its institutional channel includes sovereign wealth funds, corporate plans, insurance companies and public funds, including defined benefit and defined contribution plans, as well as other financial institutions that access its investment management services directly or through consultants and other intermediaries. The Company manages three types of investment vehicles, such as open-end funds, institutional accounts, and closed end.