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Evercore Partners Inc. was down less than $0.90 on above average volume early trading Monday, May 12, 2008. They recently announced the following:
Monday, May 12, 2008 -Evercore Partners Inc. announced that for the first quarter ended March 31, 2008 its Adjusted Pro Forma Net Income was $4.5 million or $0.13 per share, compared to Adjusted Pro Forma Net Income of $16.0 million or $0.50 per share for the prior year first quarter. Adjusted Pro Forma Net Revenues were $44.5 million for the quarter ended March 31, 2008 compared to Adjusted Pro Forma Net Revenues of $89.5 million for the quarter ended March 31, 2007.
For the quarter ended March 31, 2008, Evercore's U.S. GAAP Net Loss was $1.0 million or ($0.08) per share compared to Net Income of $4.2 million or $0.64 per share for the quarter ended March 31, 2007.
"Investment banking is lumpy by nature and also characterized by periodic down cycles," said Roger C. Altman, Chairman and Chief Executive Officer, Evercore. "We will have occasional weak quarters, and this was one of them. Indeed, it was our first since going public nearly two years ago."
"U.S. merger and acquisition volume was down nearly 50 percent for the quarter. Nevertheless, the fundamentals of Evercore's business remain excellent. Our merger advisory activity levels and backlog are fine, restructuring volume is rising and our non-compensation expenses are coming down as promised."
The following table provides an overview of the Company's results:
Three Months Ended March 31,
U.S. GAAP Adjusted Pro Forma(1)
2007 2008 % Change 2007 2008 % Change (dollars in thousands, except per share data)
Net Revenues:
Advisory $83,946 $40,692 (51.5%) $83,946 $40,692 (51.5%)
Investment Management 4,603 2,574 (44.1%) 4,603 2,574 (44.1%)
Other - Net 947 1,222 29.0% 947 1,222 29.0%
Net Revenues $89,496 $44,488 (50.3%) $89,496 $44,488 (50.3%)
Pre-Tax Income (Loss) $24,096 $(2,602) NM $28,351 $6,453 (77.2%)
Pre-Tax Margin 26.9% (5.8%) 31.7% 14.5%
Net Income (Loss) $4,220 $(965) NM $16,047 $4,495 (72.0%)
EPS $0.64 $(0.08) NM $0.50 $0.13 (74.0%)
(1) See "Basis of Alternative Financial Statement Presentations" on page 6 and Annex I for a detailed discussion of the differences in the calculation of the Company's results prepared in accordance with U.S.
GAAP and on an adjusted pro forma basis. Any financial measure other than U.S. GAAP results should not be considered a substitute for, or superior to, measures of financial performance prepared in accordance with U.S. GAAP.
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