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Medley Management Inc. Declares $0.20 Per Share Dividend, Reports Third Quarter 2018 Results
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PR Newswire
NEW YORK, Nov. 14, 2018
NEW YORK, Nov. 14, 2018 /PRNewswire/ -- Medley Management Inc. (NYSE: MDLY) today reported its financial results for its third quarter ended September 30, 2018 and will host an earnings conference call and audio webcast this morning at 11:00 a.m. (Eastern Time).
Highlights
- Fee earning assets under management were $2.9 billion as of September 30, 2018
- Total assets under management were $4.8 billion as of September 30, 2018
- U.S. GAAP net loss per share attributable to Medley Management Inc. was $0.15 for Q3 2018
- Core Net Income Per Share was $0.06 for Q3 2018
- Declared $0.20 per share dividend for Q3 2018 payable on December 12, 2018
Results of Operations for the Three Months Ended September 30, 2018
Total revenues were $14.4 million for the three months ended September 30, 2018 compared to $16.6 million for the same period in 2017. The decrease was due primarily to lower base management 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 $12.5 million for the three months ended September 30, 2018 compared to $9.9 million for the same period in 2017. The increase was due primarily to an increase in professional fees. The increase in professional fees was attributed to fees incurred in connection with our pending merger with Sierra Income Corporation ("Sierra").
Total other income (expense), net was $1.0 million for the three months ended September 30, 2018 compared to $(1.5) million for the same period in 2017. The increase was due primarily to $2.7 million of unrealized gains relating to one of our investments. The $2.7 million of unrealized gains 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 $1.4 million for the three months ended September 30, 2018 compared to net income of $2.6 million for the same period in 2017. Medley Management Inc.'s net loss per share was $0.15 for the three months ended September 30, 2018 compared to net income per share of $0.03 for the same period in 2017.
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Pre-Tax Core Net Income was $2.7 million for the three months ended September 30, 2018 compared to $4.7 million for the same period in 2017. Core Net Income Per Share was $0.06 for the three months ended September 30, 2018, compared to $0.09 for the same period in 2017. Core EBITDA was $5.6 million for the three months ended September 30, 2018 compared to $7.6 million for the same period in 2017.
Results of Operations for the Nine Months Ended September 30, 2018
Total revenues were $43.9 million for the nine months ended September 30, 2018 compared to $47.0 million for the same period in 2017. The decrease was due primarily to lower base management 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 $37.0 million for the nine months ended September 30, 2018 compared to $26.0 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 related to strategic initiatives including our pending merger with Sierra. The increase in compensation was primarily attributed severance expense as a result of the consolidation of our business activities to our New York office and stock-based compensation associated with award grants in 2018.
Total other expense, net was $15.8 million for the nine months ended September 30, 2018 compared to $4.8 million for the same period in 2017. The increase was due primarily to $10.9 million of unrealized losses relating to one of our investments, partly offset by an increase of $0.5 million in dividend income. Of the $10.9 million of unrealized losses, $7.3 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 $6.6 million for the nine months ended September 30, 2018 compared to net income of $10.0 million for the same period in 2017. Medley Management Inc.'s net loss per share was $0.49 for the nine months ended September 30, 2018 compared to net income per share of $0.18 for the same period in 2017.
Pre-Tax Core Net Income was $7.2 million for the nine months ended September 30, 2018 compared to $15.1 million for the same period in 2017. Core Net Income Per Share was $0.16 for the nine months ended September 30, 2018, compared to $0.28 for the same period in 2017. Core EBITDA was $15.9 million for the nine months ended September 30, 2018 compared to $23.7 million for the same period in 2017.
Conference Call and Webcast Information
We will host an earnings conference call and audio webcast at 11:00 a.m. (Eastern Time) on Wednesday, November 14, 2018 to discuss our third quarter 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:
Erin Clark
Teneo Strategy
646-214-8355
| Key Performance Indicators: | |||||||||||||||
| | |||||||||||||||
| | For the Three Months Ended | | For the Nine Months Ended | ||||||||||||
| | 2018 | | 2017 | | 2018 | | 2017 | ||||||||
| | (Amounts in thousands, except AUM, share and per share amounts) | ||||||||||||||
| Consolidated Financial Data: | | | | | | | | ||||||||
| Pre-Tax Income (Loss) | $ | 2,868 | | | $ | 5,202 | | | $ | (8,847) | | | $ | 16,188 | |
| Net (loss) income attributable to Medley Management | $ | (1,448) | | | $ | 2,633 | | | $ | (6,570) | | | $ | 9,986 | |
| Net (loss) income per Class A common stock | $ | (0.15) | | | $ | 0.03 | | | $ | (0.49) | | | $ | 0.18 | |
| Net (Loss) Income Margin (1) | (10.1) | % | | 15.9 | % | | (15.0) | % | | 21.2 | % | ||||
| Weighted average shares - Basic and Diluted | 5,591,123 | | | 5,342,939 | | | 5,539,804 | | | 5,578,003 | | ||||
| | | | | | | | | ||||||||
| Non-GAAP Data: | | | | | | | | ||||||||
| Pre-Tax Core Net Income (2) | $ | 2,684 | | | $ | 4,651 | | | $ | 7,212 | | | $ | 15,065 | |
| Core Net Income (2) | $ | 1,889 | | | $ | 3,851 | | | $ | 5,163 | | | $ | 13,171 | |
| Core EBITDA (3) | $ | 5,582 | | | $ | 7,592 | | | $ | 15,941 | | | $ Werbung Mehr Nachrichten zur Medley Capital Aktie kostenlos abonnieren
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