Phoenix Investment Partners, Ltd. Reports First Quarter Results.HARTFORD Hartford, city (1990 pop. 139,739), state capital, Hartford co., central Conn., on the west bank of the Connecticut River; settled as Newtown 1635–36 on the site of a Dutch trading post (1633; abandoned 1654), inc. 1784. , Conn.--(BUSINESS WIRE)--April 29, 1999-- Phoenix Investment Partners, Ltd. (NYSE NYSE See: New York Stock Exchange : PXP (Packet eXchange Protocol) See PEP. ) today reported net income for the first quarter ended March 31, 1999 of $6,038,000 or $0.13 per diluted di·lute tr.v. di·lut·ed, di·lut·ing, di·lutes 1. To make thinner or less concentrated by adding a liquid such as water. 2. To lessen the force, strength, purity, or brilliance of, especially by admixture. share, compared to earnings of $5,425,000 or $0.10 per diluted share for the same period in 1998. Revenues for the quarter were $63.3 million, an increase of 21% compared to $52.5 million for the same period in 1998. The current quarter includes revenues from March 1, 1999 relating to relating to relate prep → concernant relating to relate prep → bezüglich +gen, mit Bezug auf +acc the acquisition of the Zweig Zweig , Arnold 1887-1968. German-born writer. A Zionist, he wrote about Judaism, the persecution of the Jews, and war. His works include the novel The Case of Sergeant Grischa (1927). Noun 1. Fund Group. Operating cash flow Operating cash flow Earnings before depreciation minus taxes. Measures the cash generated from operations, not counting capital spending or working capital requirements. (net income plus depreciation and amortization of intangibles) for the quarter was $13.3 million. Assets under management Assets Under Management (AUM) is a term used by financial services companies in the mutual fund and money management or investment management business to gauge how much money they are managing. at March 31, 1999 were $58.5 billion, an increase of 19% compared to assets of $49.3 billion at March 31, 1998, and an increase of 9% compared to assets of $53.5 billion at December December: see month. 31, 1998. "Last year was our first full year of operations under our multi-manager business model. The momentum begun in 1998 is continuing in 1999. We are pleased with our model's positive impact on product performance, sales results and operating income Operating Income The profit realized from a business' own operations. Notes: This would not include income from things such as investments in other firms. Also referred to as operating profit or recurring profit. in the first quarter," said Philip Philip, tetrarch of Ituraea Philip, d. A.D. 34, tetrarch of Ituraea, son of Herod the Great. He was perhaps the ablest of the Herod dynasty. He is mentioned in the Gospel of St. Luke. R. McLoughlin, Chairman and Chief Executive Officer. "We are most satisfied by the first-quarter rebound rebound (rē´bownd), n/v 1. a recovery from illness. n 2. an outbreak of fresh reflex activity after withdrawal of a stimulus rebound adjective of our high yield and multi-sector bond funds, which had been impacted by the 'flight to quality' in the third quarter of 1998," said McLoughlin. Seven out of a total of 11 Phoenix fixed-income funds performed in the top 20% of their Lipper peer groups year-to-date Year-to-date (YTD) The period beginning at the start of the calendar year up to the current date. through March 31, 1999, according to according to prep. 1. As stated or indicated by; on the authority of: according to historians. 2. In keeping with: according to instructions. 3. Lipper. Also contributing to the positive results were new non-traditional products introduced during the quarter. "We have been expanding our revenue base by diversifying our product line with offerings which fall outside Phoenix Investment Partners' traditional retail and institutional lines of business," said McLoughlin. Two such products were launched in the quarter: Gilbraltar Limited, a $400 million collateralized bond obligation Collateralized Bond Obligation (CBO) Investment-grade bonds backed by a collection of junk bonds with different levels of risk, called tiers, that are determined by the quality of junk bond involved. managed by Seneca Capital Management, and Phoenix CDO (Collaborative Data Objects) A programming interface from Microsoft for accessing MAPI-based e-mail, calendaring and scheduling servers. Originally called "OLE Messaging" and "Active Messaging," CDO wraps the Enhanced MAPI library into a COM object that provides the , Limited, a $244 million collateralized debt obligation Collateralized Debt Obligation (CDO) A general inclusive term which covers Collateralized Bond Obligations, Collateralized Loan Obligations, and Collateralized Mortgage Obligations, , managed by the company's multi-sector fixed-income group in Hartford. "The first quarter was also highlighted by our acquisition of the Zweig Fund Group, which was completed on March 1," said McLoughlin. "We are pleased with the rapid integration of Zweig into our multi-manager model. We expect that the addition of Zweig's risk-averse Risk-averse Describes an investor who, when faced with two investments with the same expected return but different risks, prefers the one with the lower risk. products and award-winning sales and marketing staff will significantly strengthen our retail distribution capabilities." Phoenix Investment Partners, Ltd. (NYSE:PXP) is a leading U.S. investment firm providing institutions and individuals with a full line of investment products and services, including institutional investment management, mutual funds, closed-end funds Closed-end fund An investment company that issues shares like any other corporation and usually does not redeem its shares. A publicly traded fund sold on stock exchanges or over the counter that may trade above or below its net asset value. Related: Open-end fund. , retirement plans, variable products and individually-managed accounts. The firm manages $58.5 billion in assets through eight investment management partners. Its headquarters are in Hartford, Connecticut “Hartford” redirects here. For other uses, see Hartford (disambiguation). Hartford is the capital of the State of Connecticut. It is located in Hartford County on the Connecticut River, north of the center of the state. , which is also home to its majority stockowner stock·own·er n. See stockholder. stock  own , Phoenix Home Life Mutual Insurance Company.Mutual funds distributed by Phoenix Equity Planning Corporation, Enfield, CT 06083. -0-
Phoenix Investment Partners, Ltd. (NYSE:PXP)
March 31, 1999 and 1998 Financial Highlights
Three Months Ended
March 31, March 31,
1999 1998
------- -------
(in thousands, except per share data)
Revenues $63,319 $52,457
Net earnings $ 6,038 $ 5,425
EBITDA(a) $21,625 $18,990
Operating Cashflow(b) $13,256 $11,842
Preferred stock dividends $ -- $ 1,190
Interest on convertible subordinated debt,
net of tax $ 667 $ --
Net income per common share
Basic $ 0.14 $ 0.10
Diluted $ 0.13 $ 0.10
Weighted average common shares
outstanding
Basic 43,661 43,936
Diluted 53,446 44,530(A)
March 31, March 31,
1999 1998
-------- --------
Condensed Balance Sheet (in thousands):
Current assets $ 88,037 $ 66,344
Total assets $700,035 $596,794
Current liabilities $ 52,766 $ 38,655
Total liabilities $464,782 $297,242
Stockholders' equity $233,963 $219,815
Total liabilities and stockholders' equity $700,035 $596,794
Assets Under Management (in millions):
Retail:
Open-End Mutual Funds $ 16,658 $ 14,085
Managed Accounts 8,120 6,315
-------- --------
24,778 20,400
-------- --------
Institutional:
Closed-end Funds 4,726 3,373
Institutional Accounts 20,196 17,207
PHL General Account 8,817 8,324
-------- --------
33,739 28,904
-------- --------
Total $ 58,517 $ 49,304
======== ========
(a)Earnings before interest, taxes, depreciation and amortization.
(b)Earnings plus depreciation and amortization.
Phoenix Investment Partners, Ltd. (NYSE:PXP)
March 31, 1999 and 1998 Income Statement Comparisons
Three Months Ended
March 31, March 31,
1999 1998
(in thousands, except per share data) -------- --------
Revenues
Investment management fees $ 55,025 $ 45,654
Mutual funds - ancillary fees 7,328 6,154
Other income and fees 966 649
-------- --------
Total Revenues 63,319 52,457
Operating Expenses
Employment expenses 26,654 22,731
Other operating expenses 14,513 11,692
Depreciation and amortization
of leasehold improvements 904 913
Amortization of goodwill and intangible assets 6,314 5,504
Amortization of deferred commissions 565 340
-------- --------
Total Operating Expenses 48,950 41,180
Operating Income 14,369 11,277
Equity in Earnings of Unconsolidated Affiliates 165 929
Other Income - Net 45 515
Interest (Expense) Income - Net
Interest expense (3,786) (2,952)
Interest income 727 395
-------- --------
(3,059) (2,557)
Income to Minority Interest (737) (488)
Pretax Income 10,783 9,676
Income Tax Expense 4,745 4,251
-------- --------
Net Income $ 6,038 $ 5,425
======== ========
Preferred Dividends $ -- $ 1,190
Interest on Convertible Subordinated
Debt, Net of Tax $ 667 $ --
Basic shares 43,661 43,936
Diluted shares 53,446 44,530(A)
Basic EPS $ 0.14 $ 0.10
Diluted EPS $ 0.13 $ 0.10
(A) Total shares would be 54,687 assuming full conversion of all
equivalents and no anti-dilution.
|
|
||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion