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Friday, July 27, 2012

Legg Mason Kicks Off 2013 in the Negative

Reported by Irene Park

Legg Mason [profile] lost $9.5 million, or 7 cents per diluted share, in its first quarter of fiscal year 2013, said a company release.

Net income in the previous quarter was $76.1 million, and $60 million in Q1 of fiscal year 2012. Meanwhile, total revenue was down 3 percent to $631 million from $649 million in the fourth quarter of fiscal year 2012. Revenue in the year-prior quarter was $717 million.

Assets under management also fell by 2 percent to $632 billion from $643 billion the previous quarter, and by 5 percent from $663 billion the same quarter the year prior.

Losses by the Baltimore-based money manager resulted from major debt restructuring and the launch of two new funds a closed-end energy fund and a REIT from two of its subsidiaries. Notably, Legg Mason repurchased $1.25 billion in senior convertible notes, which reduced Legg Mason's profit by $69 million, or 32 cents per share. CFO Peter Nachtwey also indicated in the company's earnings conference call the firm's plans for an additional $1 billion share buyback to take place over the next few years.

"We made significant progress on a number of funds in positioning the firm for long-term growth. Specifically, we had a number of positive events during our first fiscal quarter of 2013 he upfront cost of which significantly reduced our GAAP earnings per share, but the outcomes of which will contribute to future earnings momentum and growth," Nachtwey said.

Legg Mason's Board of Directors also announced an 11 cent-per-share dividend on the firm's common stock.

Legg Mason shares closed at $25.13 on Thursday.  

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