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SEI RELEASES FOURTH QUARTER YEAR-END 1992 RESULTS

 WAYNE, Pa., Feb. 3 /PRNewswire/ -- SEI Corporation (NASDAQ: SEIC) today released fourth quarter and year-end results of operations.
 During the three-month period ended Dec. 31, 1992, revenues were $54.9 million compared to $51.2 million for the corresponding quarter in 1991. Income before income taxes from continuing operations for the fourth quarter of 1992 was $3.4 million, compared to $6.4 million during the same quarter of 1991. Income from continuing operations for the fourth quarter of 1992 was $2.1 million, compared to $3.9 million in the same period of 1991.
 Earnings per share from continuing operations for the fourth quarter of 1992 was $.20 versus $.35 registered during the same quarter of 1991, based on shares used to compute earnings per share of 10,713,000 and 11,140,000 in the fourth quarter of 1992 and 1991, respectively. Earnings per share for the fourth quarter of 1992 was negatively affected $.09 by a severance accrual for positions deemed to be outside the strategic focus of the company. In addition, SEI made substantially more investments in marketing, sales and development in 1992 versus 1991.
 Revenues for the 12 months ended Dec. 31, 1992, were $208.7 million compared to $187.9 million in the corresponding period in 1991. Income before income taxes from continuing operations for 1992 was $18.3 million versus $26.0 million in the same period of 1991. Income from continuing operations for the 12 months ended Dec. 31, 1992, was $11.3 million, compared to $16.0 million reported in the same period in 1991.
 Earnings per share from continuing operations for the 12 months ended Dec. 31, 1992, was $1.03 compared to $1.39 registered in the same period last year, based on shares used to compute earnings per share of 10,970,000 and 11,508,000 in 1992 and 1991, respectively.
 The company realized a gain of $1.6 million (or $.15 per share) in the fourth quarter of 1992 on the sale of Reality Technologies, Ltd., which was an investment written off by the company in the third quarter of 1991.
 Trust and Banking reported revenue of $37.8 million and operating profit of $6.7 million in the fourth quarter of 1992 vs. $36.3 million and $8.8 million in the fourth quarter of 1991. The decrease in Trust and Banking operating profit resulted primarily from a 12 percent increase in operating and development expenses related to the severance accrual, increased investment in proprietary fund complexes to accommodate new business, and increased product development expense. In addition, sales and marketing expenses increased 19 percent as the company continues to invest in this area.
 Revenue growth in Trust and Banking remains strong. SEI's mutual fund product line continues to expand, especially in the bank proprietary fund sector. The company currently has more than $33 billion in fund balances as compared to $19.6 billion on Dec. 31, 1991. During this same period, proprietary fund balances grew from $6.4 billion to more than $15 billion.
 The fund sponsor/investment advisory segment registered revenues of $17.1 million in the fourth quarter of 1992 with an operating profit of $623,000 while the same unit reported revenues of $14.9 million and operating profit of $2.0 million in 1991. Reduction in operating profit in this area was due mostly to investment in the sales and marketing areas and the ongoing development costs of Access 3,000, SEI's 401(k) defined contribution recordkeeping system. Assets under management continue to expand as a result of client acceptance of SEI's International Fund and Customized Asset Management Services (CAMS).
 The company's selection as administrator/distributor to several proprietary fund complexes that have not yet funded should lead to revenue growth in succeeding quarters. Because of the nature of this business, the company generally begins to accrue sales and operating expenses relating to new proprietary fund complexes several months before funding of the complexes and recognition of any revenues. Moreover, SEI continues to make increased expenditures in sales, marketing and product areas in all of its market segments. As a matter of policy, the company does not project or predict future earnings.
 Cash flow continued strong during the fourth quarter of 1992, with cash flow from operations for the fourth quarter of 1992 at $11,349,000 and $28,663,000 for the full year 1992, as compared to $7,640,000 and $32,264,000 for the corresponding periods of 1991. During 1992, the company bought back 697,000 shares at a cost of $17.2 million.
 SEI CORPORATION
 (In thousands, except per-share data)
 Periods ended Three months 12 months
 Dec. 31 1992 1991 1992 1991
 Revenues $54,867 $51,159 $208,733 $187,850
 Income before income
 taxes 3,385 6,403 18,275 26,027
 Income from continuing
 operations 2,099 3,938 11,331 16,008
 Loss from discontinued
 operations, net of
 income tax benefit --- --- --- (3,858)
 Gain on sale of
 discontinued operations,
 net of income taxes 1,597 --- 1,597 ---
 Net income 3,696 3,938 12,928 12,150
 Earnings per share from
 continuing operations $0.20 $0.35 $1.03 $1.39
 Earnings (loss) per share
 from discontinued
 operations 0.15 --- 0.15 (0.33)
 Earnings per share 0.35 0.35 1.18 1.06
 Weighted average number
 of shares outstanding 10,713 11,140 10,970 11,508
 /delval/
 -0- 2/3/92
 /CONTACT: Murray A. Louis of SEI Corp., 215-254-1932/
 (SEIC)


CO: SEI Corporation ST: Pennsylvania IN: FIN SU: ERN

MJ-CC -- PH045 -- 2627 02/03/93 17:26 EST
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Date:Feb 3, 1993
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