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Medley Management Inc. Reports Third Quarter 2019 Results
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PR Newswire
NEW YORK, Nov. 14, 2019
NEW YORK, Nov. 14, 2019 /PRNewswire/ -- Medley Management Inc. (NYSE: MDLY) today reported its financial results for its third quarter ended September 30, 2019.
Highlights
- Fee earning assets under management were $2.3 billion as of September 30, 2019
- Total assets under management were $4.3 billion as of September 30, 2019
- Total revenues were $11.5 million for the three months ended September 30, 2019 and $38.2 million for the nine months ended September 30, 2019
- U.S. GAAP net loss per share attributable to Medley Management Inc. was $0.09 for Q3 2019
- Core Net Loss Per Share was $0.02 for Q3 2019
- The board of directors did not declare a dividend for this quarter
Results of Operations for the Three Months Ended September 30, 2019
Total revenues were $11.5 million for the three months ended September 30, 2019 compared to $14.4 million for the same period in 2018. 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, which was mainly driven by a reduction in leverage and decline in portfolio valuations.
Total expenses from operations were $12.5 million for each of the three months ended September 30, 2019 and 2018. Compensation and benefits increased by $0.8 million to $7.1 million for the three months ended September 30, 2019 as compared to the same period in 2018. This increase was offset by a decrease in professional fees and employee recruiting related expenses. Included in total expenses are costs associated with our pending merger of $2.1 million for each of the three months ended September 30, 2019 and 2018.
Total other income (expenses), net were $(0.9) million for the three months ended September 30, 2019 compared to $1.0 million for the same period in 2018. This unfavorable variance was due primarily to a $1.9 million unrealized gain on our investment in shares of MCC during the three months ended September 30, 2019 as compared to a $2.7 million unrealized gain recorded during the same period in 2018, as well as, an $0.8 million reduction in dividend income from our investment in shares of MCC during the three months ended September 30, 2019 as compared to the same period in 2018. Such unrealized gains were allocated to redeemable 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 $3.3 million for the three months ended September 30, 2019 compared to a net loss $1.4 million for the same period in 2018. Medley Management Inc.'s net loss per share was $0.09 for the three months ended September 30, 2019 compared to net loss per share of $0.15 for the same period in 2018.
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Pre-Tax Core Net Loss was $0.9 million for the three months ended September 30, 2019 compared to Pre-Tax Core Net Income of $2.7 million for the same period in 2018. Core Net Loss Per Share was $0.02 for the three months ended September 30, 2019, compared to Core Net Income Per Share of $0.06 for the same period in 2018. Core EBITDA was $2.1 million for the three months ended September 30, 2019 compared to $5.6 million for the same period in 2018.
Results of Operations for the Nine Months Ended September 30, 2019
Total revenues were $38.2 million for the nine months ended September 30, 2019 compared to $43.9 million for the same period in 2018. This 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, which was mainly driven by a reduction in leverage and decline in portfolio valuations, offset in part by an increase in investment income.
Total expenses from operations were $34.8 million for the nine months ended September 30, 2019 compared to $37.0 million for the same period in 2018. This decrease was due primarily to a decrease in professional fees and expenses associated with our consolidated fund, STRF. Included in total expenses are costs associated with our pending merger of $3.5 million and $3.9 million for the nine months ended September 30, 2019 and 2018, respectively.
Total other income (expenses), net were $(8.3) million for the nine months ended September 30, 2019 compared to $(15.8) million for the same period in 2018. This favorable variance was due primarily to unrealized losses of $0.5 million from our investment in shares of MCC compared to $10.9 million in the comparable period in 2018. All of the $0.5 million in unrealized losses during the nine months ended September 30, 2019 and $7.3 million of the $10.9 million in unrealized losses during the same period in 2018 were allocated to redeemable 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 $4.8 million for the nine months ended September 30, 2019 compared to a net loss of $6.6 million for the same period in 2018. Medley Management Inc.'s net loss per share was $0.13 for the nine months ended September 30, 2019 compared to net loss per share of $0.49 for the same period in 2018.
Pre-Tax Core Net Income was $0.7 million for the nine months ended September 30, 2019 compared to Pre-Tax Core Net Income of $7.2 million for the same period in 2018. Core Net Income Per Share was $0.01 for the nine months ended September 30, 2019, compared to Core Net Income Per Share of $0.16 for the same period in 2018. Core EBITDA was $9.8 million for the nine months ended September 30, 2019 compared to $15.9 million for the same period in 2018.
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 Nine Months Ended | ||||||||||||
| | 2019 | | 2018 | | 2019 | | 2018 | ||||||||
| | (dollars in thousands, except AUM, share and per share amounts) | ||||||||||||||
| Consolidated Financial Data: | | | | | | | | ||||||||
| Pre-Tax (Loss) Income | $ | (1,881) | | | $ | 2,868 | | | $ | (4,989) | | | $ | (8,847) | |
| Net loss attributable to Medley Management Inc. and | $ | (3,312) | | | $ | (1,448) | | | $ | (4,848) | | | $ | (6,570) | |
| Net loss per Class A common stock | $ | (0.09) | | | $ | (0.15) | | | $ | (0.13) | | | $ | (0.49) | |
| Net Income Margin (1) | (28.7) | % | | (10.1) | % | | (12.7) | % | | (15.0) | % | ||||
| Weighted average shares - Basic and Diluted | 5,899,328 | | | 5,591,123 | | | 5,834,489 | | | 5,539,804 | | ||||
| | | | | | | | | ||||||||
| Non-GAAP Data: | | | | | | | | ||||||||
| Pre-Tax Core Net (Loss) Income (2) | $ | (926) | | | $ | 2,684 | | | $ | 656 | | | $ | 7,212 | |
| Core Net (Loss) Income (2) | $ | (987) | | | $ | 1,889 | | | $ | 378 | | | $ | 5,163 | |
| Core EBITDA (3) | $ | 2,123 | | | $ | 5,582 | | | $ | 9,830 | | | $ | 15,941 | |
| Core Net (Loss) Income Per Share (4) | $ | (0.02) Werbung Mehr Nachrichten zur Medley Capital Aktie kostenlos abonnieren
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