Waddell & Reed Financial, Inc. Reports Unaudited Consolidated Earnings Results for the Fourth Quarter and Year Ended December 31, 2016; Reports Impairment Charges for the Fourth Quarter Ended December 31, 2016
For the year, the company reported total operating revenues of $1,239,023,000 against $1,516,631,000 a year ago. Operating income was $236,393,000 against $415,852,000 a year ago. Income before taxes was $224,508,000 against $399,540,000 a year ago. Net income was $148,321,000 against $154,004,000 a year ago. Net income attributable to company was $146,907,000 against $245,536,000 a year ago. Net income per share basic and diluted were $1.78 against $2.94 per share a year ago. Adjusted earnings per share were $2.14, 27% down. This year's lower earnings were driven by decline in assets under management due to net flows in all three of the distribution channels. Adjusted operating income declined by 32%.
For the quarter, the company reported intangible impairment was $4,049,000.