DUFF & PHELPS CORP (DUF, Financial) filed Quarterly Report for the period ended 2012-06-30.
Duff & Phelps Corp has a market cap of $602.5 million; its shares were traded at around $13.96 with a P/E ratio of 15.1 and P/S ratio of 1.5. The dividend yield of Duff & Phelps Corp stocks is 2.5%. Duff & Phelps Corp had an annual average earning growth of 52.1% over the past 5 years.
Operating income from the Alternative Asset Advisory segment decreased $917 or 27.8% to $2,385 for the three months ended June 30, 2012, compared to $3,302 for the three months ended June 30, 2011. Segment operating income margin was 19.2% for the three months ended June 30, 2012, compared to 22.9% for the three months ended June 30, 2011. Segment operating income decreased primarily as a result of lower revenues, partially offset by lower direct compensation costs from a decrease in accrued incentive compensation.
The provision for income taxes was $8,439 or 38.6% of income before income taxes for the six months ended June 30, 2012, compared to $5,620 or 31.6% of income before income taxes for the six months ended June 30, 2011. The U.S. statutory income tax rate of 35% plus state and local statutory rates were decreased to the effective tax rate due to the fact that D&P Acquisitions, LLC and many of its subsidiaries operate as limited liability companies or other flow-through entities which are not subject to federal income tax. This operating structure results in a rate benefit because a portion of the Company's earnings are not subject to corporate level taxes. This favorable impact is partially offset by an increase due to state and local taxes, the effect of permanent differences and foreign taxes. The increase in the effective tax rate between periods primarily resulted from the increase in Duff & Phelps Corporations ownership of D&P Acquisitions, LLC.
Financial Advisory segment operating income increased $4,235 or 21.9% to $23,604 for the six months ended June 30, 2012, compared to $19,369 for the six months ended June 30, 2011. Segment operating income margin, defined as segment operating income expressed as a percentage of segment revenues, was 18.7% for the six months ended June 30, 2012, compared to 16.2% for the six months ended June 30, 2011. Segment operating income increased primarily as a result of higher revenues and a lower percentage of allocated costs from a decrease in average Financial Advisory headcount as a percentage of total average headcount, partially offset by higher direct compensation costs from an increase in aggregate Financial Advisory headcount.
Operating income from the Alternative Asset Advisory segment increased $7 or 0.1% to $6,531 for the six months ended June 30, 2012, compared to $6,524 for the six months ended June 30, 2011. Segment operating income margin was 23.9% for the six months ended June 30, 2012, compared to 23.4% for the six months ended June 30, 2011. Segment operating income was essentially flat; modestly lower revenues were offset by modest lower costs.
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Duff & Phelps Corp has a market cap of $602.5 million; its shares were traded at around $13.96 with a P/E ratio of 15.1 and P/S ratio of 1.5. The dividend yield of Duff & Phelps Corp stocks is 2.5%. Duff & Phelps Corp had an annual average earning growth of 52.1% over the past 5 years.
Highlight of Business Operations:
Financial Advisory segment operating income increased $3,511 or 35.9% to $13,298 for the three months ended June 30, 2012, compared to $9,787 for the three months ended June 30, 2011. Segment operating income margin, defined as segment operating income expressed as a percentage of segment revenues, was 20.0% for the three months ended June 30, 2012, compared to 16.1% for the three months ended June 30, 2011. Segment operating income increased primarily as a result of higher revenues, partially offset by higher direct compensation costs from an increase in aggregate Financial Advisory headcount.Operating income from the Alternative Asset Advisory segment decreased $917 or 27.8% to $2,385 for the three months ended June 30, 2012, compared to $3,302 for the three months ended June 30, 2011. Segment operating income margin was 19.2% for the three months ended June 30, 2012, compared to 22.9% for the three months ended June 30, 2011. Segment operating income decreased primarily as a result of lower revenues, partially offset by lower direct compensation costs from a decrease in accrued incentive compensation.
The provision for income taxes was $8,439 or 38.6% of income before income taxes for the six months ended June 30, 2012, compared to $5,620 or 31.6% of income before income taxes for the six months ended June 30, 2011. The U.S. statutory income tax rate of 35% plus state and local statutory rates were decreased to the effective tax rate due to the fact that D&P Acquisitions, LLC and many of its subsidiaries operate as limited liability companies or other flow-through entities which are not subject to federal income tax. This operating structure results in a rate benefit because a portion of the Company's earnings are not subject to corporate level taxes. This favorable impact is partially offset by an increase due to state and local taxes, the effect of permanent differences and foreign taxes. The increase in the effective tax rate between periods primarily resulted from the increase in Duff & Phelps Corporations ownership of D&P Acquisitions, LLC.
Financial Advisory segment operating income increased $4,235 or 21.9% to $23,604 for the six months ended June 30, 2012, compared to $19,369 for the six months ended June 30, 2011. Segment operating income margin, defined as segment operating income expressed as a percentage of segment revenues, was 18.7% for the six months ended June 30, 2012, compared to 16.2% for the six months ended June 30, 2011. Segment operating income increased primarily as a result of higher revenues and a lower percentage of allocated costs from a decrease in average Financial Advisory headcount as a percentage of total average headcount, partially offset by higher direct compensation costs from an increase in aggregate Financial Advisory headcount.
Operating income from the Alternative Asset Advisory segment increased $7 or 0.1% to $6,531 for the six months ended June 30, 2012, compared to $6,524 for the six months ended June 30, 2011. Segment operating income margin was 23.9% for the six months ended June 30, 2012, compared to 23.4% for the six months ended June 30, 2011. Segment operating income was essentially flat; modestly lower revenues were offset by modest lower costs.
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