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DENVER, Colo. -- Highbury Financial Inc. (OTCBB: HBRF | Quote | Chart | News | PowerRating) today reported its financial and operating results for the three months and full year ended December 31, 2008.
Net loss for the fourth quarter of 2008 was $1,680,157 compared to a net loss of $1,942,083 for the fourth quarter of 2007. Cash Net Income was $(83,572) for the three months ended December 31, 2008, compared to $904,641 for the three months ended December 31, 2007. Basic and diluted Cash Net Income per share ("Cash EPS") for the fourth quarter of 2008 were $(0.01), compared to $0.09 for the fourth quarter of 2007. Cash Net Income is defined in the attached tables. Basic and diluted earnings per share for the fourth quarter of 2008 were $(0.18), compared to basic and diluted earnings per share of $(0.20) for the fourth quarter of 2007. Adjusted EBITDA for the three months ended December 31, 2008 was $(253,969), compared to $973,438 for the three months ended December 31, 2007. Adjusted EBITDA is defined in the attached tables. For the fourth quarter of 2008, revenue was $7,156,669, compared to $10,234,494 for the fourth quarter of 2007.
Net income for 2008 was $486,007 compared to net income of $852,892 for 2007. Cash Net Income was $2,923,434 for 2008, compared to $4,536,499 for 2007. Basic and diluted Cash EPS for 2008 were $0.32, compared to $0.48 and $0.42, respectively, for 2007. Basic and diluted earnings per share for 2008 were $0.05, compared to basic and diluted earnings per share of $0.09 and $0.08, respectively, for 2007. Adjusted EBITDA for 2008 was $3,371,382, compared to $5,683,798 for 2007. For 2008, revenue was $35,712,112, compared to $42,063,995 for 2007.
As of December 31, 2008, Highbury had approximately $3.5 billion of total assets under management, compared to approximately $5.1 billion as of December 31, 2007. As of December 31, 2008, mutual fund assets under management were approximately $3.4 billion, compared to approximately $5.0 billion as of December 31, 2007. The aggregate decline in mutual fund assets under management of $1,574 million during 2008 resulted from a combination of (i) negative market appreciation and other adjustments, including distributions of income and gain, reinvestments of distributions, and other items, of approximately $1,786 million and (ii) net asset inflows, which represent aggregate contributions from new and existing clients less withdrawals, of approximately $212 million. During 2008, separate account assets under management decreased from $145 million as of December 31, 2007 to $115 million as of December 31, 2008.
Richard S. Foote, Highbury's President and Chief Executive Officer, stated, "In 2008, Highbury's weighted average assets under management totaled approximately $4.5 billion with a weighted average fee basis of 0.76%."
Mr. Foote concluded, "As of December 31, 2008, Highbury had cash and cash equivalents and investments of $14.4 million and no debt outstanding."
Highbury is an investment management holding company providing permanent capital solutions to mid-sized investment management firms. We pursue acquisition opportunities and seek to establish accretive partnerships with high quality investment management firms. Highbury's strategy is to provide permanent equity capital to fund buyouts from corporate parents, buyouts of founding or departing partners, growth initiatives, or exit strategies for private equity funds. This strategy includes leaving material equity interests with management teams to align the interests of management and Highbury's shareholders and, in general, does not include integrating future acquisitions, although Highbury may execute add-on acquisitions for its current or future affiliates. We seek to augment and diversify our sources of revenue by asset class, investment style, distribution channel, client type and management team. We intend to fund acquisitions with our revolving credit facility, other external borrowings, retained earnings (if any), additional equity and other sources of capital, including seller financing and contingent payments.
Questions and inquiries for further information may be directed to Richard S. Foote, President and Chief Executive Officer of Highbury Financial Inc. He can be reached via telephone at 212-688-2341. More information is also available at www.highburyfinancial.com.
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