Legg Mason Posts Q1 Profit - Quick Facts

(RTTNews) - Legg Mason Inc. (LM) reported first-quarter of fiscal 2014 net income attributable to the company of $47.8 million, or $0.38 per share, compared to a net loss of $9.5 million, or $0.07 per share, in the first quarter of fiscal 2013. Analysts polled by Thomson Reuters expected the company to report earnings of $0.36 per share for the quarter. Analysts' estimates typically exclude special items.

In the quarter, Legg Mason raised approximately $1.2 billion for the ClearBridge American Energy MLP closed-end fund launch which resulted in $26.3 million, or $0.14 per share, in related expenses. The prior quarter's results were reduced by $52.8 million, or $0.27 per share, for real estate related losses driven by an initiative to reduce space requirements.

The first quarter of fiscal year 2013 included debt extinguishment costs of $69.0 million, or $0.32 per share and fund launch costs of $22.7 million, or $0.11 per share.

Adjusted income for the first quarter was $85.2 million, or $0.68 per share, compared to $88.6 million, or $0.64 per share, in the first quarter of fiscal 2013.

For the quarter, operating revenues were $670.4 million, up 6% from $630.7 million in the first quarter of fiscal 2013, reflecting a 2% increase in average long-term AUM, a $13.5 million increase in performance fees, and a favorable asset mix shift. Thirteen analysts had consensus revenue estimate of $655.62 million for the quarter.

Assets Under Management or "AUM" were $644.5 billion, down 3% from $664.6 billion as of March 31, 2013 and up 2% from $631.8 billion as of June 30, 2012.

The Board of Directors has declared a quarterly cash dividend on its common stock in the amount of $0.13 per share. The dividend is payable October 21, 2013 to shareholders of record at the close of business on October 3, 2013.