Pzena Investment Management (PZN), a value-oriented investment management firm, has recorded a 67.77 percent surge in profit for the quarter ended Jun. 30, 2014. The company earned $2.12 million or $0.13 a share in the second-quarter compared with $1.27 million or $0.10 a share a year ago. Analysts on average had predicted net income of $0.13 a share.
Revenue during the second-quarter grew 26.27 percent to $27.94 million from $22.13 million in the last year period.
The company disclosed operating income of $15.54 million compared with $11.28 million in the last year period. The operating margin was 55.6% for the second quarter of 2014, compared to 50.9% for the second quarter of 2013.
Average assets under management for the second quarter of 2014 was $26.3 billion, an increase of 6.5% from $24.7 billion for the first quarter of 2014 and an increase of 30.8% from $20.1 billion for the second quarter of 2013. "The increase from the first quarter of 2014 and from the second quarter of 2013 was due to market appreciation and net inflows," the company said.
As of June 30, 2014, employee headcount was 76, compared to 77 at March 31, 2014 and up from 70 at June 30, 2013.
Shares of Pzena Investment Management gained 31 cents or 2.95 percent to close at $10.81 on Tuesday.