UNITED ASSET MANAGEMENT CORPORATION POSTS STRONG FIRST QUARTER RESULTS; NET INCOME UP 35 PCT., E.P.S. UP 25 PCT., OPERATING CASH FLOW UP 41 PCT.
BOSTON, April 22 /PRNewswire/ -- United Asset Management Corporation (NYSE: UAM), a leading provider of institutional investment management services with $80 billion in assets under management, today reported strong financial results for the first quarter ended March 31, 1993. Net income for the quarter was up 35 percent to $10.9 million from $8.1 million in the first quarter of 1992. Fully diluted earnings per share were $0.45 in the quarter, a 25 percent increase over the $0.36 reported in the 1992 quarter. Operating income increased by 30 percent to $23.5 million from $18.1 million last year. Revenues in the quarter rose 31 percent to $88.0 million from $67.3 million at March 31, 1992. Operating cash flow (cash flow provided by operations before working capital changes) for the first quarter of 1993 was $24.3 million, a 41 percent increase from $17.2 million last year. Amortization of cost assigned to contracts acquired was $11.8 million or $0.47 per share, up from $8.1 million or $0.35 per share in the 1992 first quarter. "Our record financial performance was fueled by the strong investment performance of our affiliates, positive client cash flow and acquisitions made in the past 12 months," said Norton H. Reamer, president of UAM. "During the quarter, our continuing strong operating cash flow allowed us to increase our quarterly dividend to $0.20 per share, a level 25 percent higher than one year earlier and our 13th increase since going public in 1986. We also completed the acquisition of Pell, Rudman & Co., Inc., which manages $1.1 billion primarily for individuals and families, and established Regis Retirement Plan Services, Inc., to serve the fast-growing $600 billion market for defined contribution plans. Looking ahead, we hope to further increase our nearly 2 percent share of the $4 trillion institutional investment management industry while continuing to deliver increasing shareholder value." UAM provides investment management services, primarily to institutional clients, through 33 operating firms which manage $80 billion for over 4,600 clients located throughout the United States and abroad. UNITED ASSET MANAGEMENT CORPORATION Pct. Three months ended March 31 1993 1992 Inc. Revenues $88,046,000 $67,338,000 31 Operating income 23,547,000 18,050,000 30 Income before income tax expense 19,425,000 14,421,000 35 Net income 10,878,000 8,073,000 35 Operating cash flow (A) $24,271,000 $17,177,000 41 Average shares 21,763,000 19,060,000 -- Primary earnings per share $0.45 $0.36 25 Fully diluted earnings per share $0.45 $0.36 25 Assets under management at March 31 $79,765,000,000 $60,571,000,000 32 (A) -- Cash flow provided by operations before working capital changes. -0- 4/22/93 /CONTACT: William H. Park or Gregory S. Dimit of UAM, 617-330-8900; or George Sard or Anna Cordasco of Sard Verbinnen & Co., 212-687-8080, for UAM/ (UAM)
CO: United Asset Management Corporation ST: Massachusetts IN: FIN SU: ERN
GK-SM -- NY026 -- 9268 04/22/93 10:01 EDT
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|Date:||Apr 22, 1993|
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