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|NEWS RELEASE||For Immediate Release|
Contact: Joe Fazzino
Virtus Investment Partners Announces Results
For Fourth Quarter and Full Year 2009
Fourth Quarter Operating Income, As Adjusted, Increases Sequentially 38% to $4.4 Million; Operating Income Increases to $1.3 Million
Net Income Improves to $1.4 Million; Net Income, Attributable to Common Stockholders, is $0.5 Million in Fourth Quarter
First Year as Public Company Ends With Operating Income, As Adjusted, of $7.0 Million; Operating Loss Improves to $6.6 Million
Four Consecutive Quarters of Improving Sales Leads to Positive Net Flows for Full Year; Assets Under Management Grow to $25.4 Billion
Hartford, CT, February 4, 2010 Virtus Investment Partners, Inc. (NASDAQ: VRTS), which operates a multi-manager asset management business, today reported results for the fourth quarter and full year of 2009. The quarter was the fourth consecutive quarter of sequential improvement in operating income and asset flows. Virtus ended 2009 with assets under management of $25.4 billion, up 12 percent for the year, and positive net flows for the year of $122.5 million on sales of $4.1 billion.
Operating income for the quarter ended December 31, 2009 was $1.3 million, compared to operating losses of $0.6 million in the prior quarter and $135.6 million in the fourth quarter of 2008. Operating income, as adjusted, in the quarter improved 38 percent to $4.4 million from $3.2 million in the third quarter and from a loss of $5.7 million in the fourth quarter of 2008. Operating margin, as adjusted, was 18 percent for the fourth quarter, compared with 14 percent in the prior quarter and negative 26 percent in the fourth quarter of 2008. In the fourth quarter, Virtus earned net income of $1.4 million and net income attributable to common stockholders, after dividends to preferred shareholders, of $0.5 million or $0.09 per share, compared with net income of $0.1 million and a net loss attributable to common stockholders of $0.8 million or $0.14 per share in the third quarter. In the fourth quarter of 2008, the net loss was $179.2 million and the net loss attributable to common
The following information was filed by Virtus Investment Partners, Inc. (VRTS) on Thursday, February 4, 2010 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.
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