Artisan Partners Asset Management Inc. (APAM) has reported a 3.98 percent fall in profit for the quarter ended Dec. 31, 2016. The company has earned $19.30 million, or $0.42 a share in the quarter, compared with $20.10 million, or $0.47 a share for the same period last year. On the other hand, adjusted net income for the quarter stood at $39.30 million, or $0.53 a share compared with $46.20 million or $0.63 a share, a year ago.
Revenue during the quarter dropped 5.47 percent to $181.50 million from $192 million in the previous year period. Total expenses were 67.77 percent of quarterly revenues, up from 65.78 percent for the same period last year. That has resulted in a contraction of 199 basis points in operating margin to 32.23 percent.
Operating income for the quarter was $58.50 million, compared with $65.70 million in the previous year period.
However, the adjusted operating income for the quarter stood at $64.90 million compared to $76.20 million in the prior year period.
Commenting on 2016, chief executive officer and chairman Eric Colson said, "Last year was a year of big headlines. The Brexit vote and U.S. presidential election were the biggest. Both outcomes surprised experts and disrupted the status quo. Disruption was also the theme of the biggest and most persistent industry headlines: Continued outflows from active strategies in favor of passive products and evermore regulatory and technological change. As with the Brexit and Trump headlines, it’s crucial to appreciate that the reality underlying these headlines is nuanced. In running our business, we focus on separating the information from the noise and aligning our investment strategies and business with long-term, durable changes."
Debt remains almost stable
Total debt of Artisan Partners Asset Management remained almost stable for the quarter at $199.50 million, when compared with the last year period. Long-term debt of Artisan Partners Asset Management remained almost stable for the quarter at $199.50 million, when compared with the last year period. Total debt was 21.31 percent of total assets as on Dec. 31, 2016, compared with 21.06 percent on Dec. 31, 2015. Debt to equity ratio was at 1.69 as on Dec. 31, 2016, down from 1.71 as on Dec. 31, 2015. Interest coverage ratio deteriorated to 20.17 for the quarter from 22.66 for the same period last year.
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