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For Immediate Release
Contact: Joe Fazzino
Virtus Investment Partners Announces Financial Results
For the Fourth Quarter and Full Year of 2013
|-||Operating Income, as Adjusted, Increases 57 Percent to $38.3 Million in Fourth Quarter and 61 Percent to $131.0 Million for Full Year; Operating Income Increases to $33.9 Million in Fourth Quarter and $113.5 Million for Full Year|
|-||Earnings per Diluted Common Share Increase 77 Percent in Fourth Quarter to $2.65 and 91 Percent to $8.92 for Full Year|
|-||Total Sales Increase 20 Percent to $4.6 Billion in Fourth Quarter from $3.9 Billion; Full-Year Sales Increase 48 Percent to $21.3 Billion|
|-||Long-Term Open-End Mutual Fund Sales Increase 20 Percent to $4.1 Billion in Fourth Quarter from $3.4 Billion; Net Flows of $0.8 Billion|
Hartford, CT, January 28, 2014 – Virtus Investment Partners, Inc. (NASDAQ: VRTS), which operates a multi-manager asset management business, today reported growth in operating income, as adjusted, in the fourth quarter and the full year of 2013 as a result of higher revenues from continued strong mutual fund sales and positive flows.
Operating income, as adjusted, was $38.3 million for the quarter ended December 31, 2013, an increase of 57 percent from $24.5 million in the fourth quarter of 2012 and 7 percent from $35.8 million in the third quarter of 2013. The related margin was 48 percent, compared with 41 percent for the prior-year quarter and 48 percent in the third quarter of 2013. Operating income, as adjusted, was $131.0 million for the full year, a 61 percent increase from $81.5 million in 2012; the related margin increased to 45 percent from 38 percent.
Operating income for the fourth quarter of 2013 was $33.9 million, a 66 percent increase from $20.5 million in the fourth quarter of 2012 and 7 percent from $31.6 million in the third quarter of 2013. For the full year, operating income increased 88 percent to $113.5 million from $60.4 million.
|Virtus Investment Partners, Inc. | 100 Pearl Street | Hartford, CT 06103 | www.virtus.com|
The following information was filed by Virtus Investment Partners, Inc. (VRTS) on Wednesday, January 29, 2014 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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