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WisdomTree sees another quarter of record revenues

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Exchange-traded product and fund provider WisdomTree Investments has reported net income of USD10.6 million or USD0.08 per diluted EPS in the third quarter.


Pre-tax income was USD20.3 million in the third quarter, an increase of 35.4 per cent from the third quarter of 2013 and 0.6 per cent from the second quarter of 2014.
 
Included in the quarter was a loss of USD1.5 million, or USD0.01 per diluted EPS, associated with the company's European listed ETP business, which was acquired in April 2014. The company also lowered its US income tax rate to approximately 38 per cent from 45 per cent.
 
WisdomTree chief executive and president Jonathan Steinberg says: "WisdomTree reported another quarter of record revenues and strong financial results. Despite the challenging market, net inflow levels increased from the second quarter to USD748 million.
 
"The growing scale and positive momentum of our business is driving powerful cash generation. In addition, we are lowering our tax rate which will increase our earnings going forward, further propelling WisdomTree to a position of financial strength. As a result, we believe the time is right to institute a new component of our capital management programme."
 
The company's board of directors declared a quarterly cash dividend of USD0.08 per share of the company's common stock. The dividend will be paid on 26 November to stockholders of record as of the close of business on 12 November 2014.
 
The board also authorised the company to purchase up to USD100 million of its common stock over three years, including purchases to offset future equity grants made under the company's equity plans. Purchases under this programme will be made in open market or privately negotiated transactions.
 
"We have structured a capital management plan which reflects WisdomTree's strength, strategy and commitment to our shareholders. With USD164 million in cash and investments, we are confident we can continue to profitably grow the business and reinvest aggressively for future growth while continuing to generate surplus cash," says Steinberg.

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