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Cohen & Steers Inc. Reports Operating Results (10-Q)

August 09, 2012 | About:
10qk

10qk

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Cohen & Steers Inc. (CNS) filed Quarterly Report for the period ended 2012-06-30.

Cohen & Steers, Inc. has a market cap of $1.49 billion; its shares were traded at around $34.76 with a P/E ratio of 25.3 and P/S ratio of 6.3. The dividend yield of Cohen & Steers, Inc. stocks is 2.1%. Cohen & Steers, Inc. had an annual average earning growth of 16.8% over the past 5 years.

Highlight of Business Operations:

In the three months ended June 30, 2012, total investment advisory and administration revenue from open-end mutual funds increased 14% to $23.5 million from $20.6 million in the three months ended June 30, 2011. The increase in open-end mutual fund revenue was attributable to higher average assets under management resulting from net inflows of $1.5 billion and market appreciation of $423 million during the prior twelve month period. Average assets under management for open-end mutual funds in the three months ended June 30, 2012 were $11.5 billion compared with $9.8 billion in the three months ended June 30, 2011.

funds decreased 1% to $14.0 million from $14.1 million in the three months ended June 30, 2011. The decrease in closed-end mutual fund revenue was attributable to lower average assets under management resulting primarily from market depreciation during the prior twelve month period. Average assets under management for closed-end mutual funds in the three months ended June 30, 2012 were $6.6 billion compared with $6.8 billion in the three months ended June 30, 2011.

Total revenue increased 13% to $131.2 million in the six months ended June 30, 2012 from $116.2 million in the six months ended June 30, 2011. This increase was primarily attributable to higher investment advisory and administration fees resulting from higher average assets under management. Average assets under management in the six months ended June 30, 2012 were $43.3 billion compared with $38.5 billion in the six months ended June 30, 2011.

Cash and cash equivalents decreased by $7.0 million, excluding the effect of foreign exchange rate changes, in the six months ended June 30, 2012. Net cash used in operating activities was $16.5 million in the six months ended June 30, 2012. Net cash of $1.6 million was provided by investing activities, primarily from proceeds from sales of investments, available-for-sale in the amount of $17.1 million, partially offset by purchases of $13.9 million of investments, available-for-sale and purchases of $1.6 million of property and equipment. Net cash of $7.9 million was provided by financing activities, primarily from contributions from redeemable noncontrolling interest of $30.1 million and excess tax benefits associated with the delivery of restricted stock units of $2.8 million, partially offset by dividends paid to stockholders of $15.7 million, repurchases of common stock of $8.4 million to satisfy employee withholding tax obligations on the delivery of restricted stock units, and redemptions of redeemable noncontrolling interest of $1.1 million.

Cash and cash equivalents increased by $2.8 million, excluding the effect of foreign exchange rate changes, in the six months ended June 30, 2011. Net cash provided by operating activities was $23.8 million in the six months ended June 30, 2011. Net cash of $3.3 million was used in investing activities, primarily for purchases of $16.0 million of investments, available-for-sale and purchases of $1.2 million of property and equipment, partially offset by proceeds from sales of investments, available-for-sale in the amount of $13.9 million. Net cash of $17.7 million was used in financing activities, primarily for dividends paid to stockholders of $13.0 million and repurchases of common stock of $6.5 million to satisfy employee withholding tax obligations on the delivery of restricted stock units, partially offset by excess tax benefits associated with the delivery of restricted stock units of $1.5 million.

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