MutualFundWire.com
The insiders' edge for 40 Act industry executives!
an InvestmentWires' Publication
an InvestmentWires' Publication
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MutualFundWire.com
The insiders' edge for 40 Act industry executives!
an InvestmentWires' Publication |
|
Tuesday, April 25, 2006 Waddell & Reed Reports Higher Q1 Earnings Waddell & Reed Financial Inc. on Tuesday said its first quarter profit rose 8 percent as the firm's financial advisors turned in their strongest quarterly gross and net sales results since 2001. The Overland Park, Kansas-based investment management firm said net income for the quarter increased to $24.6 million from $22.8 million last year. Revenue climbed 15 percent to $173.1 million from $150.7 million a year ago. Waddell & Reed also said its wholesale channel posted gross sales of of $1.15 billion during the first three months of the year, up from $668 million in the final quarter of 2005 and $611 million in the first three months of 2005. "Our results this quarter reflected good momentum," said Hank Hermann, chief executive of Waddell & Reed, in a statement. "We anticipate further progress for the remainder of the year, presuming of course that the financial markets cooperate and remain on an upward path." Printed from: MFWire.com/story.asp?s=11701 Copyright 2006, InvestmentWires, Inc. All Rights Reserved |