Evercore Partners Inc. (EVR, Financial) filed Quarterly Report for the period ended 2010-03-31.
Evercore Partners Inc. has a market cap of $616 million; its shares were traded at around $36.6 with a P/E ratio of 34.6 and P/S ratio of 1.8. The dividend yield of Evercore Partners Inc. stocks is 1.7%.EVR is in the portfolios of Chuck Royce of Royce& Associates.
Total Operating Expenses were $70.9 million for the three months ended March 31, 2010 as compared to $47.5 million for the three months ended March 31, 2009, a 49% increase. Employee Compensation and Benefits Expense, as a component of Operating Expenses, was $50.0 million for the three months ended March 31, 2010, an increase of $14.1 million, or 39%, versus expense of $35.9 million for the three months ended March 31, 2009. The increase was primarily due to the accrual of higher amounts of discretionary compensation, reflecting higher revenues and compensation costs resulting from our new businesses, including ETC, EAM and EIE, all of which were either not consolidated, or in operation, during the three months ended March 31, 2009. Non-compensation expenses as a component of Operating Expenses were $20.9 million for the three months ended March 31, 2010, an increase of $9.2 million, or 79% over non-compensation operating expenses of $11.7 million for the three months ended March 31, 2009. Non-compensation operating expenses increased compared to 2009 primarily as a result of increased Professional Fees, Travel and Related Expenses and Acquisition and Transition Costs, primarily driven by growth in the business and higher deal-related activity levels.
Total Other Expenses of $6.3 million for the three months ended March 31, 2010 relate to amortization costs associated with unvested LP Units and certain other awards of $5.7 million and amortization of intangibles of $0.6 million. Total Other Expenses of $0.8 million for the three months ended March 31, 2009 related to Acquisition and Transition Costs of $0.3 million incurred in connection with acquisitions that were in process and amortization of intangibles of $0.5 million.
Net Investment Banking Revenues were $76.5 million for the three months ended March 31, 2010 compared to $49.7 million for the three months ended March 31, 2009, which represented an increase of 54%, in contrast with the dollar value of North American and Global M&A completed transactions decreasing 31% and 26%, respectively. The increase in revenues over 2009 reflected the closing of several significant M&A and restructuring advisory transactions.
Operating Expenses were $55.9 million for the three months ended March 31, 2010, as compared to $37.5 million for the three months ended March 31, 2009, an increase of $18.4 million, or 49%. Employee Compensation and Benefits Expense, as a component of Operating Expenses, was $40.6 million for the three months ended March 31, 2010, as compared to $29.2 million for the three months ended March 31, 2009, an increase of $11.4 million, or 39%. The increase was primarily due to higher amounts of discretionary compensation accrued, reflecting higher revenues and compensation costs resulting from new businesses. Non-compensation expenses, as a component of Operating Expenses, were $15.3 million for the three months ended March 31, 2010, as compared to $8.3 million for the three months ended March 31, 2009, an increase of $7.0 million, or 85%. Non-compensation operating expenses increased from the prior year primarily driven by growth in the business and higher deal-related activity levels.
Other Expenses of $5.3 million for the three months ended March 31, 2010 included $4.9 million related to amortization costs associated with unvested LP Units and certain other awards and $0.5 million of intangible asset amortization. Other Expenses of $0.5 million for the three months ended March 31, 2009 related to the amortization of intangibles.
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Evercore Partners Inc. has a market cap of $616 million; its shares were traded at around $36.6 with a P/E ratio of 34.6 and P/S ratio of 1.8. The dividend yield of Evercore Partners Inc. stocks is 1.7%.EVR is in the portfolios of Chuck Royce of Royce& Associates.
Highlight of Business Operations:
Net revenues were $87.8 million for the three months ended March 31, 2010; an increase of $38.1 million, or 77%, versus net revenues of $49.7 million for the three months ended March 31, 2009. Net revenues include interest expense on our Senior Notes.Total Operating Expenses were $70.9 million for the three months ended March 31, 2010 as compared to $47.5 million for the three months ended March 31, 2009, a 49% increase. Employee Compensation and Benefits Expense, as a component of Operating Expenses, was $50.0 million for the three months ended March 31, 2010, an increase of $14.1 million, or 39%, versus expense of $35.9 million for the three months ended March 31, 2009. The increase was primarily due to the accrual of higher amounts of discretionary compensation, reflecting higher revenues and compensation costs resulting from our new businesses, including ETC, EAM and EIE, all of which were either not consolidated, or in operation, during the three months ended March 31, 2009. Non-compensation expenses as a component of Operating Expenses were $20.9 million for the three months ended March 31, 2010, an increase of $9.2 million, or 79% over non-compensation operating expenses of $11.7 million for the three months ended March 31, 2009. Non-compensation operating expenses increased compared to 2009 primarily as a result of increased Professional Fees, Travel and Related Expenses and Acquisition and Transition Costs, primarily driven by growth in the business and higher deal-related activity levels.
Total Other Expenses of $6.3 million for the three months ended March 31, 2010 relate to amortization costs associated with unvested LP Units and certain other awards of $5.7 million and amortization of intangibles of $0.6 million. Total Other Expenses of $0.8 million for the three months ended March 31, 2009 related to Acquisition and Transition Costs of $0.3 million incurred in connection with acquisitions that were in process and amortization of intangibles of $0.5 million.
Net Investment Banking Revenues were $76.5 million for the three months ended March 31, 2010 compared to $49.7 million for the three months ended March 31, 2009, which represented an increase of 54%, in contrast with the dollar value of North American and Global M&A completed transactions decreasing 31% and 26%, respectively. The increase in revenues over 2009 reflected the closing of several significant M&A and restructuring advisory transactions.
Operating Expenses were $55.9 million for the three months ended March 31, 2010, as compared to $37.5 million for the three months ended March 31, 2009, an increase of $18.4 million, or 49%. Employee Compensation and Benefits Expense, as a component of Operating Expenses, was $40.6 million for the three months ended March 31, 2010, as compared to $29.2 million for the three months ended March 31, 2009, an increase of $11.4 million, or 39%. The increase was primarily due to higher amounts of discretionary compensation accrued, reflecting higher revenues and compensation costs resulting from new businesses. Non-compensation expenses, as a component of Operating Expenses, were $15.3 million for the three months ended March 31, 2010, as compared to $8.3 million for the three months ended March 31, 2009, an increase of $7.0 million, or 85%. Non-compensation operating expenses increased from the prior year primarily driven by growth in the business and higher deal-related activity levels.
Other Expenses of $5.3 million for the three months ended March 31, 2010 included $4.9 million related to amortization costs associated with unvested LP Units and certain other awards and $0.5 million of intangible asset amortization. Other Expenses of $0.5 million for the three months ended March 31, 2009 related to the amortization of intangibles.
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