Cohen & Steers Inc. Reports Unaudited Consolidated Earnings Results for the Fourth Quarter and Full Year Ended December 31, 2015; Provides Tax Rate Guidance for 2016
January 20, 2016 at 05:20 pm EST
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Cohen & Steers Inc. reported unaudited consolidated earnings results for the fourth quarter and full year ended December 31, 2015. For the quarter, the company reported total revenue of $81.67 million compared to $81.84 million a year ago. Operating income was $30.35 million compared to $32.35 million a year ago. Income before provision for income taxes was $18.27 million compared to $27.81 million a year ago. Net income attributable to common stockholders was $5.88 million or $0.13 per basic and diluted share compared to $15.7 million or $0.34 per diluted share a year ago.
For the full year, the company reported total revenue of $328.66 million compared to $313.93 million a year ago. Operating income was $127.55 million compared to $121.94 million a year ago. Income before provision for income taxes was $112.74 million compared to $122.01 million a year ago. Net income attributable to common stockholders was $64.55 million or $1.41 per diluted share compared to $75.51 million or $1.65 per diluted share a year ago. The full year 2015 results included unrealized nonoperating losses on seed investments of $15.4 million and a higher effective tax rate resulting from a full valuation allowance that was recorded on those losses.
The company expect that effective tax rate will approximate 38% for 2016.
Cohen & Steers, Inc. is a holding company, which is engaged in global investment management. The Company is specialized in real assets and alternative income, including listed and private real estate, preferred securities, infrastructure, resource equities, commodities, as well as multi-strategy solutions. The Companyâs distribution network encompasses two channels, wealth and institutional. Its wealth channel includes registered investment advisers, wire houses, independent and regional broker dealers and bank trusts. Its institutional channel includes sovereign wealth funds, corporate plans, insurance companies and public funds, including defined benefit and defined contribution plans, as well as other financial institutions that access its investment management services directly or through consultants and other intermediaries. The Company manages three types of investment vehicles, such as open-end funds, institutional accounts, and closed end.
Cohen & Steers Inc. Reports Unaudited Consolidated Earnings Results for the Fourth Quarter and Full Year Ended December 31, 2015; Provides Tax Rate Guidance for 2016