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Medley Management Inc. Declares $0.03 Per Share Dividend, Reports Fourth Quarter And Full Year 2018 Results
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PR Newswire
NEW YORK, April 1, 2019
NEW YORK, April 1, 2019 /PRNewswire/ -- Medley Management Inc. (NYSE: MDLY) today reported its financial results for its fourth quarter and year ended December 31, 2018 and will host an earnings conference call and audio webcast Tuesday, April 2 at 10:00 a.m. (Eastern Time).
Highlights
- Fee earning assets under management were $2.8 billion as of December 31, 2018
- Total assets under management were $4.7 billion as of December 31, 2018
- Total revenues were $56.5 million for the year ended December 31, 2018
- U.S. GAAP net loss per share attributable to Medley Management Inc. was $0.16 for Q4 2018 and $0.65 for the year ended December 31, 2018
- Core Net (Loss) Income Per Share was $(0.03) for Q4 2018 and $0.12 for the year ended December 31, 2018
- Declared $0.03 per share dividend for Q4 2018 payable on May 3, 2019
Results of Operations for the Three Months Ended December 31, 2018
Total revenues were $12.6 million for the three months ended December 31, 2018 compared to $18.0 million for the same period in 2017. The decrease was due primarily to lower base management fees and incentive fees from our permanent capital vehicles as a result of a decrease in fee earning assets under management, partly offset by an increase in other revenue and fees.
Total expenses from operations were $14.1 million for the three months ended December 31, 2018 compared to $13.6 million for the same period in 2017. The increase was due primarily to increased performance fee compensation expense.
Total other expense, net was $10.9 million for the three months ended December 31, 2018 compared to $1.3 million for the same period in 2017. The increase was due primarily to $9.0 million of unrealized losses relating to one of our investments. The $9.0 million of unrealized losses were allocated to non-controlling interests in consolidated subsidiaries which did not have any impact on the income attributed to Medley Management Inc. and non-controlling interests in Medley LLC.
Net loss attributable to Medley Management Inc. and non-controlling interests in Medley LLC was $3.9 million for the three months ended December 31, 2018 compared to net income of $0.6 million for the same period in 2017. Medley Management Inc.'s net loss per share was $0.16 for the three months ended December 31, 2018 compared to net loss per share of $0.11 for the same period in 2017.
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Pre-Tax Core Net Loss was $1.4 million for the three months ended December 31, 2018 compared to Pre-Tax Core Net Income of $2.5 million for the same period in 2017. Core Net Loss Per Share was $0.03 for the three months ended December 31, 2018, compared to Core Net Income Per Share of $0.05 for the same period in 2017. Core EBITDA was $1.5 million for the three months ended December 31, 2018 compared to $5.5 million for the same period in 2017.
Results of Operations for the Year Ended December 31, 2018
Total revenues were $56.5 million for the year ended December 31, 2018 compared to $65.0 million for the same period in 2017. The decrease was due primarily to lower base management fees and incentive fees from our permanent capital vehicles as a result of a decrease in fee earning assets under management, partly offset by an increase in other revenue and fees.
Total expenses from operations were $51.0 million for the year ended December 31, 2018 compared to $39.6 million for the same period in 2017. The increase was due primarily to an increase in professional fees and compensation expense. The increase in professional fees was related to strategic initiatives, including our pending merger with Sierra. The increase in compensation expense was primarily attributed to severance expense as a result of the consolidation of our business activities to our New York office and increased compensation relating to existing and planned growth initiatives.
Total other expense, net was $26.7 million for the year ended December 31, 2018 compared to $6.2 million for the same period in 2017. The increase was due primarily to $19.9 million of unrealized losses relating to one of our investments. Of the $19.9 million of unrealized losses, $16.3 million was allocated to non-controlling interests in consolidated subsidiaries which did not have any impact on the net income attributed to Medley Management Inc. and non-controlling interests in Medley LLC.
Net loss attributable to Medley Management Inc. and non-controlling interests in Medley LLC was $10.4 million for the year ended December 31, 2018 compared to net income of $10.6 million for the same period in 2017. Medley Management Inc.'s net loss per share was $0.65 for the year ended December 31, 2018 compared to net income per share of $0.07 for the same period in 2017.
Pre-Tax Core Net Income was $5.8 million for the year ended December 31, 2018 compared to $17.6 million for the same period in 2017. Core Net Income Per Share was $0.12 for the year ended December 31, 2018, compared to $0.33 for the same period in 2017. Core EBITDA was $17.4 million for the year ended December 31, 2018 compared to $29.2 million for the same period in 2017.
Conference Call and Webcast Information
We will host an earnings conference call and audio webcast at 10:00 a.m. (Eastern Time) on Tuesday, April 2, 2019 to discuss our fourth quarter and year-end financial results.
All interested parties may participate in the conference call by dialing (877) 870-4263 approximately 5-10 minutes prior to the call. International callers should dial (412) 317-0790. Participants should request to be joined into the Medley Management Inc. call when prompted. Following the call you may access a replay of the event via audio webcast. This conference call will be broadcast live over the Internet and can be accessed by all interested parties through the Company's website, http://www.mdly.com. To listen to the live call, please go to the Company's website at least 15 minutes prior to the start of the call to register and download any necessary audio software. For those who are not able to listen to the live broadcast, a replay will be available shortly after the call on the Company's website.
Investor Contact:
Sam Anderson
Head of Capital Markets & Risk Management
Medley Management Inc.
212-759-0777
Media Contact:
Jonathan Gasthalter/Nathaniel Garnick
Gasthalter & Co. LP
212-257-4170
| Key Performance Indicators: | |||||||||||||||
| | |||||||||||||||
| | For the Three Months Ended | | For the Year Ended | ||||||||||||
| | 2018 | | 2017 | | 2018 | | 2017 | ||||||||
| | (Amounts in thousands, except AUM, share and per share | ||||||||||||||
| Consolidated Financial Data: | | | | | | | | ||||||||
| Pre-Tax Income (Loss) | $ | (12,421) | | | $ | 3,077 | | | $ | (21,268) | | | $ | 19,265 | |
| Net (loss) income attributable to Medley Management | $ | (3,873) | | | $ | 605 | | | $ | (10,443) | | | $ | 10,591 | |
| Net (Loss) income per Class A common stock | $ | (0.16) | | | $ | (0.11) | | | $ | (0.65) | | | $ | 0.07 | |
| Net (Loss) Income Margin (1) | (30.8) | % | | 3.4 | % | | (18.5) | % | | 16.3 | % | ||||
| Weighted average shares - Basic and Diluted | 5,697,802 | | | 5,478,910 | | | 5,579,628 | | | 5,553,026 | | ||||
| | | | | | | | | ||||||||
| Non-GAAP Data: | | | | | | | | ||||||||
| Pre-Tax Core Net Income (2) | $ | (1,397) | | | $ | 2,543 | | | $ | 5,818 | | | $ | 17,609 | |
| Core Net Income (2) | $ | (1,106) | | | $ | 1,918 | | | $ | 4,058 | | | $ | 15,090 | |
| Core EBITDA (3) | $ | 1,478 | | | $ | 5,488 | | | $ | 17,420 | | | $ Werbung Mehr Nachrichten zur Medley Capital Aktie kostenlos abonnieren
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