Pzena Investment Management, Inc. (PZN) SEC Filing 10-K Annual report for the fiscal year ending Monday, December 31, 2018

•

Assets under management ends the fourth quarter at $33.4 billion.

•

2018 full year revenue increases 9% to $153.6 million.

•

2018 full year GAAP diluted earnings per share increases 93% reflecting the net expense from the Tax Cuts and Jobs Act in 2017. Adjusting for the changes in the deferred tax asset and the impact of the Tax Cuts and Jobs Act, diluted earnings per share increased 22% for the full year.

•

Board declares a year-end dividend of $0.49 per share.

GAAP Basis

Non-GAAP Basis¹

For the Three Months Ended

December 31,

For the Three Months Ended

December 31,

2018

2017

2018

2017

(unaudited)

Basic Net Income

$

2,537

$

(1,046

)

$

2,783

$

3,597

Basic Earnings Per Share

$

0.15

$

(0.06

)

$

0.16

$

0.21

Diluted Net Income²

$

2,537

$

(1,046

)

$

11,560

$

13,633

Diluted Earnings Per Share²

$

0.15

$

(0.06

)

$

0.16

$

0.19

GAAP Basis

Non-GAAP Basis¹

For the Twelve Months Ended

December 31,

For the Twelve Months Ended

December 31,

2018

2017

2018

2017

(unaudited)

Basic Net Income

$

13,794

$

6,908

$

14,040

$

11,551

Basic Earnings Per Share

$

0.78

$

0.40

$

0.79

$

0.67

Diluted Net Income²

$

55,347

$

6,908

$

55,593

$

44,706

Diluted Earnings Per Share²

$

0.77

$

0.40

$

0.77

$

0.63

¹

Please refer to the GAAP to Non-GAAP Reconciliations on Page 12 of this release for a reconciliation to the GAAP financial measures.

²

During the three months ended December 31, 2018 and the three and twelve months ended December 31, 2017, the calculation of GAAP diluted earnings per share resulted in an increase in earnings per share. Therefore, diluted net income and diluted earnings per share are assumed to be equal to basic net income and basic earnings per share.