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Waddell & Reed Financial, Inc. Reports Fourth Quarter Results
Overland Park, KS, Jan. 28, 2010 Waddell & Reed Financial, Inc. (NYSE: WDR) today reported fourth quarter net income of $33.3 million, or $0.39 per diluted share compared to a net loss of $0.7 million, or ($0.01) per share during the fourth quarter of 2008 and net income of $33.4 million, or $0.39 per diluted share during the third quarter of 2009.
The fourth quarter of 2008 included significant restructuring and impairment charges. Combined, these charges totaled $18.2 million, or $0.22 per diluted share. For comparative purposes, net income and earnings per diluted share excluding these charges would have been $17.4 million, or $0.21 per diluted share.
The third quarter of 2009 included a tax benefit from the carry back of capital losses generated in connection with the sale of our subsidiary, Austin, Calvert & Flavin, Inc. (ACF), which were partly offset by charges related to the sale of ACF. For comparative purposes, net income and earnings per diluted share excluding the effects of the sale of ACF would have been $31.8 million, or $0.37 per diluted share.
Management believes adjusting results to exclude special and/or non-recurring items provides investors with a more comparable basis for evaluating results and financial performance to other periods. A schedule reconciling adjusted results to GAAP is included on page 8 of this release.
Despite the many challenges of 2009, our business model proved its resilience, said Hank Herrmann, Chief Executive Officer of Waddell & Reed Financial, Inc. Our sales volume recovered rapidly, redemption levels are well below our peers, our asset recovery was among the best in the industry and by year-end had returned to its all time high of $70 billion reached in June 2008.
The following information was filed by Waddell Reed Financial Inc (WDR) on Thursday, January 28, 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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