Virtus Investment Partners, Inc. reported unaudited consolidated earnings results for the fourth quarter and full year ended December 31, 2013. For the quarter, the company's total revenues were $106,498,000 compared to $78,919,000 a year ago. Operating income was $33,892,000 compared to $20,472,000 a year ago. Income before income taxes was $41,303,000 compared to $22,864,000 a year ago. Total interest income was $981,000 compared to $631,000 a year ago. Net income attributable to common stockholders was $24,756,000 or $2.65 per diluted share compared to $12,213,000 or $1.50 per diluted share a year ago. Revenues, as adjusted was $79,974,000 compared to $59,151,000 a year ago. Operating income, as adjusted was $38,346,000 compared to $24,497,000 a year ago. Total sales increased 20% to $4.6 billion in fourth quarter from $3.9 billion in fourth quarter of 2012. Operating income, as adjusted was increased by 57% to $38.3 million from $24.5 million in the fourth quarter of last year. The significant growth from the prior year reflects a 35% increase in revenue, as adjusted, over the past year, as a result of growing asset base, particularly in open-end funds, which were up 41%.

For the full year, the company's total revenues were $389,215,000 compared to $280,086,000 a year ago. Operating income was $113,504,000 compared to $60,445,000 a year ago. Income before income taxes was $121,908,000 compared to $64,803,000 a year ago. Total interest income was $2,465,000 compared to $433,000 a year ago. Net income was $77,130,000 compared to $37,773,000 a year ago. Net income attributable to common stockholders was $75,190,000 or $8.92 per diluted share compared to $37,608,000 or $4.66 per diluted share a year ago. Revenues, as adjusted was $291,416,000 compared to $211,645,000 a year ago. Operating income, as adjusted was $130,989,000 compared to $81,455,000 a year ago. Full-year sales increase 48% to $21.3 billion. Quarterly and annual revenue increased from prior periods primarily as a result of the substantial growth of open-end mutual funds from consistently positive net flows. Operating income, as adjusted, was $131 million, an increase of 61% from $81.5 million in 2012.

The company expected normalized effective tax rate would be approximately 38%, excluding the impact of the consolidated investment products.