Pzena Investment Management Q4 earnings rise

Thu. February 12, 2009; Posted: 06:27 AM

Feb 12, 2009 (Datamonitor via COMTEX) -- PZN | Quote | Chart | News | PowerRating -- Pzena Investment Management has reported a fourth quarter 2008 net income of $3.4 million, or $0.56 basic earnings per share, compared with $0.7 million, or $0.12 basic earnings per share, for the fourth quarter of 2007.

The company has reported an operating income of $15.1 million for the fourth quarter of 2008, compared with operating income of $20.9 million for the fourth quarter of 2007.

Revenues were $18 million for the fourth quarter of 2008, a decrease of 48.3% from $34.8 million for the fourth quarter of 2007.

For the year ended December 31, 2008, the company generated a net loss of $3.7 million, or $0.60 per share, compared with a net income of $0.7 million, or $0.12 per share, for the year ended December 31, 2007.

Operating income was $64.4 million for the year 2008, compared with $4.4 million for the year 2007. For the year ended December 31, 2008, revenues were $101.4 million, a decrease of 31.1% from $147.1 million for 2007.

At December 31, 2008, the company managed $10.7 billion in total assets, a decrease of 54.7% from $23.6 billion at December 31, 2007.

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