SEI Investments Company (Nasdaq: SEIC) today announced financial results for second-quarter 2007, reporting increases in revenues, net income and earnings per share, compared to the corresponding period for the prior year.
"We are satisfied with our quarterly results, especially since we have shifted into the execution stage of our new strategies," said Alfred P. West, Jr., SEI Chairman and CEO.
"We are excited about the successful implementation this month of the first broad application of our global wealth platform. The platform is now in production and has surpassed our expectations both in the installation and early operating phases. All other key investments continue to be on schedule as we make steady progress in our transformation. In the long run, we remain firm in our belief that what we are doing will provide our clients with increased opportunities for success and allow us to grow our future revenues and profits more rapidly."
Second-Quarter Business Commentary:
- All major business segments reported double digit revenue gains versus year ago.
- The Investment Advisors, Institutional Investors, Investment Managers and LSV segments all realized substantial operating profit growth versus year ago levels.
- The company's percentage ownership in LSV remained at approximately 43 percent. In the second-quarter 2007, the company recognized $35.4 million as its portion of the earnings from LSV versus $26.8 million in second-quarter 2006.
- In the second-quarter 2007, SEI recognized a one-time pre-tax gain of $3.0 million from the sale of its remaining ownership in a joint venture.
- The tax rate for the second-quarter 2007 was approximately 38% vs. 32% for the second-quarter 2006.
- Assets under management grew by $9 billion during second-quarter to $199 billion.
- In the second-quarter 2007, SEI purchased 2,682,800 shares of its common stock for $79.4 million.
- In the second-quarter 2007, SEI declared and paid a 2 for 1 stock split. All per-share information has been adjusted to reflect the split.
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