Evercore Partners Inc. (EVR, Financial) filed Quarterly Report for the period ended 2011-03-31.
Evercore Partners Inc. has a market cap of $717.6 million; its shares were traded at around $34.3 with a P/E ratio of 35.8 and P/S ratio of 1.8. The dividend yield of Evercore Partners Inc. stocks is 2.1%.
Total Operating Expenses were $89.4 million for the three months ended March 31, 2011 as compared to $70.9 million for the three months ended March 31, 2010, a 26% increase. Employee Compensation and Benefits Expense, as a component of Operating Expenses, was $63.3 million for the three months ended March 31, 2011, an increase of $13.4 million, or 27%, versus expense of $50.0 million for the three months ended March 31, 2010. The increase was primarily due to compensation costs resulting from the expansion of our new and existing businesses, some of which were not in operation during the prior year period. Non-compensation expenses as a component of Operating Expenses were $26.0 million for the three months ended March 31, 2011, an increase of $5.1 million, or 25% over non-compensation operating expenses of $20.9 million for the three months ended March 31, 2010. Non-compensation operating expenses increased compared to the three months ended March 31, 2010 primarily as a result of the addition of new businesses, including Atalanta Sosnoff.
Total Other Expenses of $7.3 million for the three months ended March 31, 2011 related to compensation costs associated with unvested LP Units and certain other awards of $6.7 million and amortization of intangibles of $0.6 million. Total Other Expenses of $6.3 million for the three months ended March 31, 2010 related to costs associated with unvested LP Units and certain other awards of $5.7 million and amortization of intangibles of $0.6 million.
The provision for income taxes for the three months ended March 31, 2011 was $4.3 million, which reflected an effective tax rate of 37%. The provision was impacted by the vesting of LP Units and certain other awards, as well as the noncontrolling interest associated with LP Units. The provision for income taxes for the three months ended March 31, 2010 was $4.7 million, which reflected an effective tax rate of 44%. This provision was impacted by the non-deductible compensation expense associated with the vesting of LP Units and certain other awards, as well as losses in certain foreign jurisdictions for which no income tax benefits are anticipated.
Income (loss) from equity method investments was $0.4 million for the three months ended March 31, 2011, as compared to ($0.2) million for the three months ended March 31, 2010. The increase was primarily due to our investment in G5, which the Company made in the fourth quarter of 2010.
Noncontrolling interest was $3.7 million for the three months ended March 31, 2011 compared to $3.9 million for the three months ended March 31, 2010.
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Evercore Partners Inc. has a market cap of $717.6 million; its shares were traded at around $34.3 with a P/E ratio of 35.8 and P/S ratio of 1.8. The dividend yield of Evercore Partners Inc. stocks is 2.1%.
Highlight of Business Operations:
Net revenues were $107.8 million for the three months ended March 31, 2011; an increase of $19.8 million, or 23%, versus net revenues of $88.0 million for the three months ended March 31, 2010. Investment Banking Revenue and Investment Management Revenue increased 9% and 133%, respectively, compared to the three months ended March 31, 2010. See the segment discussion below for further information. Other revenue for the three months ended March 31, 2011 was lower than for the three months ended March 31, 2010 as a result of lower gains on our Marketable Securities portfolios. Net revenues include interest expense on our Senior Notes.Total Operating Expenses were $89.4 million for the three months ended March 31, 2011 as compared to $70.9 million for the three months ended March 31, 2010, a 26% increase. Employee Compensation and Benefits Expense, as a component of Operating Expenses, was $63.3 million for the three months ended March 31, 2011, an increase of $13.4 million, or 27%, versus expense of $50.0 million for the three months ended March 31, 2010. The increase was primarily due to compensation costs resulting from the expansion of our new and existing businesses, some of which were not in operation during the prior year period. Non-compensation expenses as a component of Operating Expenses were $26.0 million for the three months ended March 31, 2011, an increase of $5.1 million, or 25% over non-compensation operating expenses of $20.9 million for the three months ended March 31, 2010. Non-compensation operating expenses increased compared to the three months ended March 31, 2010 primarily as a result of the addition of new businesses, including Atalanta Sosnoff.
Total Other Expenses of $7.3 million for the three months ended March 31, 2011 related to compensation costs associated with unvested LP Units and certain other awards of $6.7 million and amortization of intangibles of $0.6 million. Total Other Expenses of $6.3 million for the three months ended March 31, 2010 related to costs associated with unvested LP Units and certain other awards of $5.7 million and amortization of intangibles of $0.6 million.
The provision for income taxes for the three months ended March 31, 2011 was $4.3 million, which reflected an effective tax rate of 37%. The provision was impacted by the vesting of LP Units and certain other awards, as well as the noncontrolling interest associated with LP Units. The provision for income taxes for the three months ended March 31, 2010 was $4.7 million, which reflected an effective tax rate of 44%. This provision was impacted by the non-deductible compensation expense associated with the vesting of LP Units and certain other awards, as well as losses in certain foreign jurisdictions for which no income tax benefits are anticipated.
Income (loss) from equity method investments was $0.4 million for the three months ended March 31, 2011, as compared to ($0.2) million for the three months ended March 31, 2010. The increase was primarily due to our investment in G5, which the Company made in the fourth quarter of 2010.
Noncontrolling interest was $3.7 million for the three months ended March 31, 2011 compared to $3.9 million for the three months ended March 31, 2010.
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