Printer Friendly

SEI RELEASES THIRD QUARTER 1993 RESULTS

 WAYNE, Pa., Oct. 18 /PRNewswire/ -- SEI Corporation (NASDAQ: SEIC) today released third quarter 1993 results of operations.
 For the three-month period ended Sept. 30, 1993, revenues were $64 million, compared to $52.9 million for the corresponding quarter in 1992. Income before income taxes for third quarter 1993 was $7 million, compared to $2.7 million during the same quarter of 1992, while net income for the third quarter of 1993 was $4.3 million, compared to $1.7 million in the corresponding period in 1992.
 Earnings per share for third quarter 1993 was $.21 vs. $.08 registered during the same quarter of 1992, based on shares used to compute earnings per share of 20,601,000 and 21,616,000 in third quarter 1993 and 1992, respectively.
 The company's strong earnings momentum continued in the third quarter of 1993. Earnings per share for third quarter 1993 increased 163 percent over the prior year's corresponding quarter. SEI continues to focus on reducing non-strategic and non-essential expenses while revenue growth remains strong.
 Revenues for the nine months ended Sept. 30, 1993, were $181.4 million, compared to $159 million during the corresponding period in 1992. Income before income taxes for the nine months ended Sept. 30, 1993, was $17.9 million, compared to $14.9 million for the same quarter in 1992. Net income for the first three quarters ended Sept. 30, 1993, was $11.1 million, compared to $9.2 million in the same period of 1992.
 Earnings per share for the nine months ended Sept. 30, 1993, was $.54, compared to $.42 in the same period last year, based on shares used to compute earnings per share of 20,589,000 and 22,206,000 in 1993 and 1992, respectively.
 Revenue growth in Trust and Banking remains strong, with the company's mutual fund product line continuing to expand, especially in the bank proprietary fund sector. SEI currently has approximately $40 billion in fund balances, including $22 billion in proprietary funds.
 Trust and Banking reported revenues of $45.5 million and operating profit of $11.2 million in the third quarter of 1993 vs. $38.3 million and $7.8 million in the third quarter of 1992. Operating profit increased 44 percent on a 19 percent increase in revenues, as this segment continues to grow revenues, while controlling expenses.
 The Fund Sponsor/Investment Advisory segment registered revenues of $18.5 million in the third quarter of 1993 with an operating loss of $487,000, while the same segment reported revenues of $14.6 million and an operating loss of $1.1 million in the corresponding quarter in 1992. Strong revenue growth in this segment is the result of increased fees from SEI's International Equity Fund and Customized Asset Management Service (CAMS), new products launched at the end of 1991. Operating profits, however, continue to be affected by start-up costs associated with these new products, and ongoing costs related to ACCESS 3000, the company's new recordkeeping system for defined contribution plans.
 SEI continued to pursue its stock repurchase program during the third quarter of 1993, buying back 275,000 shares at a cost of $4.7 million, and raised the year-to-date total to 968,000 shares at a cost of $14.9 million.
 SEI CORPORATION
 Concolidated Statements Of Income
 (Unaudited; in thousands, except per-share data)
 Periods ended Three months Nine months
 Sept. 30 1993 1992 1993 1992
 Revenues $64,040 $52,943 $181,434 $159,016
 Expenses 57,027 50,223 163,494 144,126
 Income before income
 taxes 7,013 2,720 17,940 14,890
 Income taxes 2,665 1,033 6,817 5,658
 Net income 4,348 1,687 11,123 9,232
 Earnings per share $0.21 $0.08 $0.54 $0.42
 Shares used to calculate
 earnings per share 20,601 21,616 20,589 22,206
 /delval/
 -0- 10/18/93
 /CONTACT: Murray A. Louis of SEI, 215-254-1932/
 (SEIC)


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

LJ-MP -- PH030 -- 3503 10/18/93 15:21 EDT
COPYRIGHT 1993 PR Newswire Association LLC
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 1993 Gale, Cengage Learning. All rights reserved.

Article Details
Printer friendly Cite/link Email Feedback
Publication:PR Newswire
Date:Oct 18, 1993
Words:673
Previous Article:RADIO SHACK TO SPONSOR NFL PRO BOWL BALLOTING; FANS TO JOIN PLAYERS, COACHES IN SELECTION PROCESS
Next Article:ATL REPORTS THIRD QUARTER FINANCIAL RESULTS
Topics:

Terms of use | Copyright © 2016 Farlex, Inc. | Feedback | For webmasters