Q: Comments on earnings?? Thanks!
5i Research Answer:
Revenue declined 36% to $107.9M from $167.7M. Opeating income rose to $25.6M from $14.3M, on higher fees as the fee-earnings asset business gained $6B in assets. Per share cash flow fell to 43c from 68c. The CFO announced plans to retire. Cash flow was below estimates of 53c. We would consider the results 'so so'. The stock's low valuation is its main attraction, but momentum is fairly negative. We think investors can wait.