Legg Mason Q3 net income declines
American asset management firm Legg Mason has reported a net income of $28.1m, or $0.20 diluted income per share, for the fiscal third quarter of 2011, compared to $61.6m, or $0.41 diluted income per share, for the same period in 2010.
Results for the quarter include $42.3m, or $0.21 per diluted share, in transition-related costs as compared to $24m, or $0.10 per diluted share, in the third quarter of fiscal 2011.
The total operating revenues for the third quarter of 2011 declined 13% to $627m, compared to $722m for the same period in the last year.
Operating income was $59.32m, compared to $96.99m for the same period a year ago.
Assets Under Management (AUM) decreased 7% to $627bn from $671.8bn as of 31 December 2010.
Legg Mason chairman and CEO Mark Fetting said that it was a challenging quarter, with the cumulative effect of 2011's second-half market turmoil impacting AUM and revenues. However, our core business held up well, the flow picture improved and investment performance remained strong.
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