SEI Investments Co. announced unaudited consolidated financial results for the fourth quarter and year ended December 31, 2011. For the quarter, the company reported total revenues of $226,247,000 against $231,399,000 a year ago. Income from operations was $44,375,000 against $51,877,000 a year ago. Net income before income taxes was $68,603,000 against $96,180,000 a year ago. Net income attributable to the company was $44,396,000 or $0.25 per basic and diluted share against $62,400,000 or $0.33 per basic and diluted share a year ago. Net income was $44,853,000 against $62,902,000 a year ago. Diluted earnings per share in fourth-quarter 2011 declined versus third-quarter 2011 due mainly to the revenue decreases. Revenues declined in fourth-quarter 2011 as compared to fourth-quarter 2010 and to third-quarter 2011 due to a decrease in Asset management, administration, and distribution fee revenues from the market decline experienced at the end of third-quarter 2011. Fourth quarter cash flows from operations are $81.4 million or $0.46 per share. The fourth quarter free cash flow $49.4 million or $0.28 per share, and that does reflect debt repayments of $20 million. The fourth quarter capital expenditures, excluding capitalized software, were $1.5 million. Earnings for the fourth quarter of 2010 and 2011 were affected by gains and losses attributable to the SIVs on balance sheet, as well as the sale of other assets. For the year, the company reported total revenues of $929,727,000 against $900,835,000 a year ago. Income from operations was $204,065,000 against $217,533,000 a year ago. Net income before income taxes was $318,487,000 against $369,781,000 a year ago. Net income attributable to the company was $204,959,000 or $1.11 per diluted share against $231,687,000 or $1.22 per diluted share a year ago. Net income was $206,650,000 against $233,320,000 a year ago. Cash flows from operations is $257 million or $1.40 per share. The year-to-date free cash flow, $108.4 million or $0.59 per share, and that reflects debt repayments of $95 million. Year-to-date, capital expenditures, excluding capitalized software, were $12.3 million. The company provided capital expenditure guidance for the year 2012. For the period, the company expects capital expenditures, excluding capitalized software, to be between $8 million to $10 million. The company expects tax rate to increase between 36% and 37%.