SEI Reports First-Quarter 2015 Financial Results
Income From Operations Increases 19 Percent
(firmenpresse) - OAKS, PA -- (Marketwired) -- 04/22/15 -- SEI Investments Company (NASDAQ: SEIC) today announced financial results for the first-quarter 2015. Diluted earnings per share were $.50 in first-quarter 2015 compared to $.43 in first-quarter 2014. Diluted earnings per share for first-quarter 2015 and 2014 reflect pre-tax gains of $2.8 million, or $.01 per share, and $5.6 million, or $.02 per share, respectively, from the sale of SEI Asset Korea.
"Our results for the first quarter demonstrate the success we are having in growing our company, increasing profitability, and expanding our customer base," said Alfred P. West, Jr., SEI Chairman and CEO. "SEI''s business model, our ability to execute, and the completeness of our offerings enable us to manage through the mixed nature of global markets.
"Across our company, we are investing in products and services that position us well for long-term, sustainable growth as we work to meet the evolving needs of our clients and markets."
Revenue growth was primarily driven by higher Asset management, administration, and distribution fees from market appreciation and improved cash flows from new and existing clients.
Our average assets under management, excluding LSV, increased $14.9 billion, or nine percent, to $172.5 billion in the first-quarter 2015, as compared to $157.6 billion during the first-quarter 2014 (see attached Average Asset Balances schedules for further details).
Our average assets under administration increased $48.7 billion, or 14 percent, to $384.7 billion in the first-quarter 2015, as compared to $336.0 billion during the first-quarter 2014 (see attached Average Asset Balances schedules for further details).
Revenue growth was also driven by increased Information processing and software servicing fees in our Private Banks segment. The increase was primarily attributable to higher fees from the growth in assets processed on the SEI Wealth Platform(SM) and increased non-recurring professional services fees.
Sales events, net of client losses, during first-quarter 2015 totaled approximately $30.9 million and are expected to generate net annualized recurring revenues of approximately $23.6 million when contract values are fully realized.
Income from LSV increased $2.1 million, or seven percent, to $34.3 million in first-quarter 2015 as compared to $32.2 million in first-quarter 2014 due to an increase in assets under management and an increase in performance fees earned by LSV.
We recorded pre-tax gains of $2.8 million, or $.01 diluted earnings per share, and $5.6 million, or $.02 diluted earnings per share, from the sale of SEI AK in first-quarter 2015 and 2014, respectively.
Amortization expense related to capitalized software was $10.3 million during the first-quarter 2015 as compared to $9.2 million during the first-quarter 2014 due to continued enhancements to the SEI Wealth Platform.
Our effective tax rates were 35.4 percent in first-quarter 2015 and 35.9 percent in first-quarter 2014.
In first-quarter 2015, we repurchased 1.5 million shares of our common stock for $65.3 million.
A conference call to review earnings is scheduled for 2 p.m. Eastern time on April 22, 2015. Investors may listen to the call at . The call may also be accessed at many financial services websites, including Google Finance and Yahoo Finance. Investors may also listen to replays at these websites, or by telephone at (USA) 800-475-6701; (International) 320-365-3844, access code 358144.
SEI (NASDAQ: SEIC) is a leading global provider of investment processing, investment management, and investment operations solutions that help corporations, financial institutions, financial advisors, and ultra-high-net-worth families create and manage wealth. As of March 31, 2015, through its subsidiaries and partnerships in which the company has a significant interest, SEI manages or administers $648 billion in mutual fund and pooled or separately managed assets, including $258 billion in assets under management and $390 billion in client assets under administration. For more information, visit .
Many of the statements in this release may be considered "forward looking statements" and include discussions about future operations, strategies and financial results. Forward-looking statements are based upon estimates and assumptions that involve risks and uncertainties, many of which are beyond our control or are subject to change. Although we believe our assumptions are reasonable, they could be inaccurate. Our actual future revenues and income could differ materially from our expected results. We have no obligation to publicly update or revise any forward-looking statements.
Nicole Vattimo
SEI
+1 610-676-4385
Dana Grosser
SEI
+1 610-676-2459
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Datum: 22.04.2015 - 06:30 Uhr
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