Federated Investors Inc., a Pittsburgh-based money management firm, reported Thursday earnings per share (EPS) of $0.45 for the quarter ended Dec. 31, 2010, compared with $0.42 for the prior quarter and $0.51 for the same quarter last year. Net income was $46.4 million for Q4 2010 compared to $43.1 million for the prior quarter and $51.9 million for the same quarter in 2009.
Revenue increased by $3.1 million, or 1%, over the previous quarter. However, revenue decreased by $19.5 million, or 7%, when compared with the same quarter in 2010. According to the company, the decrease in revenue primarily reflects a decrease resulting from lower average money market assets. This decrease was partially offset by the impact of increased average fixed income and equity assets.
Federated also recorded a non-cash impairment charge of $3.2 million or $0.02 per diluted share after tax related to intangible assets associated with a prior-year acquisition.
For the full year ended Dec. 31, 2010, Federated reported EPS of $1.73 compared to $1.92 for 2009. For 2010, net income was $179.1 million compared to $197.3 million for 2009.
Federated's total managed assets were $358.2 billion at Dec. 31, 2010, up $16.9 billion, or 5%, from $341.3 billion reported at Sept. 30, 2010, and down $31.1 billion, or 8%, from $389.3 billion at Dec. 31, 2009. Average managed assets for the fourth quarter were $345.7 billion, up $7.1 billion, or 2%, from $338.6 billion reported for the third quarter, and down $42.4 billion, or 11%, from $388.1 billion reported for fourth quarter of 2009.
