Waddell & Reed Financial, Inc. reported unaudited consolidated earnings results for the fourth quarter and year ended December 31, 2016. For the quarter, the company reported total operating revenues of $292,913,000 against $361,074,000 a year ago. Operating income was $37,413,000 against $91,357,000 a year ago. Income before taxes was $35,517,000 against $96,232,000 a year ago. Net income was $22,476,000 against $62,920,000 a year ago. Net income attributable to company was $22,417,000 against $62,920,000 a year ago. Net income per share basic and diluted were $0.27 against $0.76 per share a year ago. Net cash provided by operating activities was $57,588,000 against $3,377,000 a year ago. Adjusted earnings per share were $0.48, 25% down.

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.