Pzena Investment Management, Inc. Reports Results for the Third Quarter of 2015

  • 2015 revenue was $30.8 million for the third quarter.

  • 2015 GAAP operating income was $16.2 million for the third quarter.
  • 2015 GAAP diluted earnings per share was $0.13 for the third quarter. For the same period, non-GAAP diluted earnings per share was $0.12.
  • Declared a quarterly dividend of $0.03 per share.

NEW YORK, Oct. 20, 2015 (GLOBE NEWSWIRE) — Pzena Investment Management, Inc. (NYSE:PZN) reported the following U.S. Generally Accepted Accounting Principles (GAAP) and non-GAAP basic and diluted net income and earnings per share for the three and nine months ended September 30, 2015 and 2014 (in thousands, except per-share amounts):

 

  GAAP Basis   Non-GAAP Basis
  For the Three Months Ended   For the Three Months Ended
  September 30,   September 30,
  2015   2014   2015   2014
  (unaudited)
               
Basic Net Income $ 1,922     $ 2,059     $ 1,799     $ 1,737  
Basic Earnings Per Share $ 0.13     $ 0.16     $ 0.12     $ 0.13  
               
Diluted Net Income1 $ 8,932     $ 9,503     $ 1,799     $ 1,737  
Diluted Earnings Per Share1 $ 0.13     $ 0.14     $ 0.12     $ 0.13  
               
  GAAP Basis   Non-GAAP Basis
  For the Nine Months Ended   For the Nine Months Ended
  September 30,   September 30,
  2015   2014   2015   2014
  (unaudited)
               
Basic Net Income $ 5,466     $ 5,631     $ 5,356     $ 4,890  
Basic Earnings Per Share $ 0.40     $ 0.45     $ 0.39     $ 0.39  
               
Diluted Net Income $ 25,391     $ 26,193     $ 26,208     $ 25,452  
Diluted Earnings Per Share $ 0.37     $ 0.39     $ 0.38     $ 0.37  
               
  1  During the three months ended September 30, 2015 and 2014, the calculation of non-GAAP diluted
  earnings per share resulted in an increase in earnings per share. Therefore, diluted net income and
  diluted earnings per share are assumed to be equal to basic net income and basic earnings per share.
 

The results for the three and nine months ended September 30, 2015 and 2014 include adjustments related to the Company’s deferred tax asset, valuation allowance and the associated liability to its selling and converting shareholders. Results for 2015 also include adjustments related to certain non-recurring charges recognized in operating expenses related to our new corporate headquarters during the first and second quarters of 2015. Management believes that these accounting adjustments add a measure of non-operational complexity which obscures the underlying performance of the business. In evaluating the financial condition and results of operations, management also reviews non-GAAP measures of earnings, which exclude these items. Excluding these adjustments, non-GAAP diluted net income and non-GAAP diluted earnings per share were $1.8 million and $0.12, respectively, for the three months ended September 30, 2015, and $1.7 million and $0.13, respectively, for the three months ended September 30, 2014. Non-GAAP diluted net income and non-GAAP diluted earnings per share were $26.2 million and $0.38, respectively, for the nine months ended September 30, 2015, and $25.5 million and $0.37, respectively, for the nine months ended September 30, 2014. GAAP and non-GAAP net income for diluted earnings per share generally assume all operating company membership units are converted into Company stock at the beginning of the reporting period, and the resulting change to Company GAAP and non-GAAP net income associated with its increased interest in the operating company is taxed at the Company’s effective tax rate, exclusive of the adjustments noted above and other adjustments. When this conversion results in an increase in earnings per share or a decrease in loss per share, diluted net income and diluted earnings per share are assumed to be equal to basic net income and basic earnings per share for the reporting period.

Management uses the non-GAAP measures to assess the strength of the underlying operations of the business. It believes the non-GAAP measures provide information to better analyze the Company’s operations between periods and over time. Investors should consider the non-GAAP measures in addition to, and not as a substitute for, financial measures prepared in accordance with GAAP.

Assets Under Management (unaudited)                    
($ billions)                    
    For the Three Months Ended   For the Twelve Months Ended
    September 30,   June 30,   September 30,   September 30,   September 30,
    2015   2015   2014   2015   2014
                     
Institutional Accounts                    
Assets                    
Beginning of Period   $ 15.9     $ 15.9     $ 15.1     $ 14.3     $ 13.8  
Inflows   1.5     0.3     0.4     4.4     2.0  
Outflows   (0.6 )   (0.6 )   (0.8 )   (2.5 )   (3.3 )
Net Flows   0.9     (0.3 )   (0.4 )   1.9     (1.3 )
Market Appreciation/(Depreciation)   (1.9 )   0.3     (0.4 )   (1.3 )   1.8  
End of Period   $ 14.9     $ 15.9     $ 14.3     $ 14.9     $ 14.3  
                     
Retail Accounts                    
Assets                    
Beginning of Period Assets   $ 12.1     $ 12.0     $ 11.9     $ 12.1     $ 8.5  
Inflows   0.2     0.3     0.8     1.2     3.4  
Outflows   (0.3 )   (0.6 )   (0.5 )   (1.9 )   (1.3 )
Net Flows   (0.1 )   (0.3 )   0.3     (0.7 )   2.1  
Market Appreciation/(Depreciation)   (1.4 )   0.4     (0.1 )   (0.8 )   1.5  
End of Period   $ 10.6     $ 12.1     $ 12.1     $ 10.6     $ 12.1  
                     
Total                    
Assets                    
Beginning of Period   $ 28.0     $ 27.9     $ 27.0     $ 26.4     $ 22.3  
Inflows   1.7     0.6     1.2     5.6     5.4  
Outflows   (0.9 )   (1.2 )   (1.3 )   (4.4 )   (4.6 )
Net Flows   0.8     (0.6 )   (0.1 )   1.2     0.8  
Market Appreciation/(Depreciation)   (3.3 )   0.7     (0.5 )   (2.1 )   3.3  
End of Period   $ 25.5     $ 28.0     $ 26.4     $ 25.5     $ 26.4  
                                         

Financial Discussion

Revenue (unaudited)          
($ thousands)          
  For the Three Months Ended
  September 30,   June 30,   September 30,
  2015   2015   2014
           
Institutional Accounts $ 23,233     $ 21,492     $ 21,431  
Retail Accounts 7,539     8,018     8,174  
Total $ 30,772     $ 29,510     $ 29,605  
           
           
      For the Nine Months Ended
      September 30,   September 30,
      2015   2014
           
Institutional Accounts     $ 65,694     $ 62,233  
Retail Accounts     23,241     21,718  
Total     $ 88,935     $ 83,951  
                   

Revenue was $30.8 million for the third quarter of 2015, an increase of 4.3% from $29.5 million for the second quarter of 2015, and of 3.9% from $29.6 million for the third quarter of 2014. 

Included in these amounts were performance fees recognized of $3.2 million for the third quarter of 2015, compared to $0.3 million for the second quarter of 2015, and $2.1 million for the third quarter of 2014. In general, performance fees are calculated on an annualized basis over the contract’s measurement period, which, for the majority of our performance fee arrangements, extends to three years.

Average assets under management for the third quarter of 2015 were $27.1 billion, a decrease of 4.2% from $28.3 billion for the second quarter of 2015 and an increase of 1.1% from $26.8 billion for the third quarter of 2014. The decrease from the second quarter of 2015 primary reflects market depreciation partially offset by net inflows.

The weighted average fee rate was 0.454% for the third quarter of 2015, increasing from 0.418% for the second quarter of 2015, and from 0.442% for the third quarter of 2014. 

The weighted average fee rate for institutional accounts was 0.596% for the third quarter of 2015, increasing from 0.535% for the second quarter of 2015, and from 0.582% for the third quarter of 2014. The increase from last quarter primarily reflects the increase in performance fees recognized during the third quarter of 2015. The increase from the third quarter of 2014 primarily reflects the increase in performance fees, partially offset by a shift in mix toward our expanded value strategies which generally carry lower fee rates.

The weighted average fee rate for retail accounts was 0.262% for the third quarter of 2015, relatively flat from 0.263% for the second quarter of 2015, and decreasing from 0.271% for the third quarter of 2014. The decrease from the third quarter of 2014 primarily reflects a shift in mix toward our expanded value strategies, which generally carry lower fee rates.

Total operating expenses were $14.5 million for the third quarter of 2015, decreasing from $16.3 million for the second quarter of 2015 and increasing from $13.0 million for the third quarter of 2014. The decrease in operating expenses from the second quarter of 2015 was primarily due to one-time and non-recurring charges associated with the move to our new headquarters during the second quarter of 2015. The increase from the third quarter of 2014 is driven by increases in compensation and headcount, and expenses associated with our mutual funds. Details of operating expenses and a reconciliation of GAAP to non-GAAP operating expenses are shown below:

Operating Expenses (unaudited)            
($ thousands)            
    For the Three Months Ended
    September 30,   June 30,   September 30,
    2015   2015   2014
             
Compensation and Benefits Expense   $ 11,645     $ 11,800     $ 10,622  
General and Administrative Expense   2,896     4,490     2,351  
GAAP Operating Expenses   14,541     16,290     12,973  
One-Time Adjustments       (1,488 )    
Non-GAAP Operating Expenses   $ 14,541     $ 14,802     $ 12,973  
             
        For the Nine Months Ended
        September 30,   September 30,
        2015   2014
             
Compensation and Benefits Expense       $ 35,515     $ 30,571  
General and Administrative Expense       10,989     7,176  
GAAP Operating Expenses       46,504     37,747  
One-Time Adjustments       (1,834 )    
Non-GAAP Operating Expenses       $ 44,670     $ 37,747  
                     

As of September 30, 2015, employee headcount was 88, down from 89 at June 30, 2015 and up from 79 at September 30, 2014. 

The operating margin was 52.7% on a GAAP basis for the third quarter of 2015, compared to 44.8% for the second quarter of 2015, and 56.2% for the third quarter of 2014. Excluding the non-recurring charges associated with the move to our new headquarters during the second quarter of 2015, the operating margin was 49.8% on a non-GAAP basis for the second quarter of 2015.

Other (expense)/ income was an expense of approximately $5.0 million for the third quarter of 2015, income of $0.2 million for the second quarter of 2015, and an expense of $2.3 million for the third quarter of 2014. Other (expense)/ income includes the (losses)/ gains and other investment income recognized by the Company on its direct investments, as well as those recognized by the external investors on their investments in investment partnerships that the Company consolidates. A portion of (losses)/ gains and other investment income associated with the investments of outside interests are offset in net income attributable to non-controlling interests. For the third quarter of 2015, other (expense)/ income also includes an expense of $0.7 million reflecting an increase in the Company’s liability to its selling and converting shareholders resulting from an increase in expected future tax benefits described in income tax expense/ (benefit) below. Changes in the liability to selling and converting shareholders associated with changes in the realizability of the deferred tax asset generated expenses of $0.7 million and $1.8 million in the second quarter of 2015 and the third quarter of 2014, respectively. Details of other (expense)/ income, as well as a reconciliation of the related GAAP and non-GAAP measures, are shown below:

Other (Expense)/ Income (unaudited)            
($ thousands)            
    For the Three Months Ended
    September 30,   June 30,   September 30,
    2015   2015   2014
             
Net Interest and Dividend Income   $ 187     $ 308     $ 88  
(Losses)/ Gains and Other Investment Income   (4,398 )   460     (434 )
Change in Liability to Selling and Converting Shareholders¹   (697 )   (672 )   (1,824 )
Other (Expense)/ Income   (119 )   65     (179 )
GAAP Other (Expense)/ Income   (5,027 )   161     (2,349 )
Change in Liability to Selling and Converting Shareholders¹   697     672     1,824  
Outside Interests of Investment Partnerships²   2,605     (370 )   149  
Non-GAAP Other (Expense)/ Income, Net of Outside Interests   $ (1,725 )   $ 463     $ (376 )
             
        For the Nine Months Ended
        September 30,   September 30,
        2015   2014
             
Net Interest and Dividend Income       $ 615     $ 268  
(Losses)/ Gains and Other Investment Income       (3,923 )   80  
Change in Liability to Selling and Converting Shareholders¹       (1,614 )   (3,947 )
Other Expense       (233 )   (205 )
GAAP Other Expense       (5,155 )   (3,804 )
Change in Liability to Selling and Converting Shareholders¹       1,614     3,947  
Outside Interests of Investment Partnerships²       2,295     19  
Non-GAAP Other (Expense)/ Income, Net of Outside Interests       $ (1,246 )   $ 162  
             
             
1  Reflects the change in the liability to the Company’s selling and converting shareholders associated with
the deferred tax asset generated by the Company’s initial public offering and subsequent unit conversions.
2  Represents the non-controlling interest allocation of the loss/ (income) of the Company’s consolidated
investment partnerships to its external investors.
 

The Company recognized income tax expense of $0.7 million for the third quarter of 2015 and $0.6 million for the second quarter of 2015, and an income tax benefit of $0.2 million for the third quarter of 2014. Income taxes for the third quarter of 2015 included a $0.8 million income tax benefit associated with a decrease to the valuation allowance recorded against the Company’s deferred tax asset related to the basis step ups created by operating company unit exchanges. This adjustment generated $0.8 million and $2.4 million in income tax benefits in the second quarter of 2015 and third quarter of 2014, respectively. Details of the income tax expense, as well as a reconciliation of the related GAAP and non-GAAP measures, are shown below: 

Income Tax Expense/ (Benefit) (unaudited)        
($ thousands)            
    For the Three Months Ended
    September 30,   June 30,   September 30,
    2015   2015   2014
             
Non-GAAP Corporate Income Tax Expense   $ 956     $ 925     $ 1,225  
Non-GAAP Unincorporated and Other Business Tax Expenses   612     575     701  
Non-GAAP Income Tax Expense   1,568     1,500     1,926  
Change in Valuation Allowance1   (820 )   (790 )   (2,439 )
Less: Effects of One-Time Adjustments2       (144 )    
Net Adjustment to Deferred Tax Asset3           293  
GAAP Income Tax Expense/ (Benefit)   $ 748     $ 566     $ (220 )
             
        For the Nine Months Ended
        September 30,   September 30,
        2015   2014
             
Non-GAAP Corporate Income Tax Expense       $ 2,767     $ 3,559  
Non-GAAP Unincorporated and Other Business Tax Expenses       1,718     2,318  
Non-GAAP Income Tax Expense       4,485     5,877  
Change in Valuation Allowance1       (1,907 )   (5,583 )
Less: Effects of One-Time Adjustments2       (176 )    
Net Adjustment to Deferred Tax Asset3           895  
GAAP Income Tax Expense       $ 2,402     $ 1,189  
             
1  Reflects the change in the valuation allowance assessed against the deferred tax asset established
as part of the Company’s initial public offering and subsequent unit conversions.
2  Reflects the tax effect of non-recurring lease expenses on Corporate Income Tax Expense and Unincorporated and Other
Business Tax Expenses for the second quarter of 2015 of $108 thousand and $36 thousand, respectively, and $25 thousand
and $7 thousand for the first quarter of 2015, respectively, which are excluded from Non-GAAP results.
3  Reflects the net impact of the changes in the Company’s deferred tax asset and valuation allowance
assessed against the deferred tax asset associated with the changes in expected future tax benefits.
 

Details of the net income attributable to non-controlling interests of the Company’s operating company and consolidated subsidiaries, as well as a reconciliation of the related GAAP and non-GAAP measures, are shown below:

Non-Controlling Interests (unaudited)            
($ thousands)            
         
    For the Three Months Ended
    September 30,   June 30,   September 30,
    2015   2015   2014
             
Operating Company Allocation   $ 11,139     $ 10,523     $ 12,593  
Add Back: Effects of One-Time Adjustments1       1,197      
Non-GAAP Operating Company Allocation   11,139     11,720     12,593  
Outside Interests of Investment Partnerships2   (2,605 )   370     (149 )
Less: Effects of One-Time Adjustments1       (1,197 )    
GAAP Net Income Attributable to Non-Controlling Interests   $ 8,534     $ 10,893     $ 12,444  
             
        For the Nine Months Ended
        September 30,   September 30,
        2015   2014
             
Operating Company Allocation       $ 31,703     $ 35,599  
Add Back: Effects of One-Time Adjustments1       1,475      
Non-GAAP Operating Company Allocation       33,178     35,599  
Outside Interests of Investment Partnerships2       (2,295 )   (19 )
Less: Effects of One-Time Adjustments1       (1,475 )    
GAAP Net Income Attributable to Non-Controlling Interests       $ 29,408     $ 35,580  
             
             
1  Reflects the effects of non-recurring lease expenses on non-controlling interests.
2  Represents the non-controlling interest allocation of the (loss)/ income of the Company’s consolidated
investment partnerships to its external investors.
 

On October 13, 2015, the Company’s Board of Directors approved a quarterly dividend of $0.03 per share of its Class A common stock to be declared on October 20, 2015. The following dates apply to the dividend:

Record Date:        November 12, 2015

Payment Date:      November 25, 2015

During the last twelve months, inclusive of the dividend noted above, the Company declared total dividends of $0.41 per share of its Class A common stock.

Third Quarter 2015 Earnings Call Information

Pzena Investment Management, Inc. (NYSE:PZN) will hold a conference call to discuss the Company’s financial results and outlook at 10:00 a.m. ET, Wednesday, October 21, 2015. The call will be open to the public.

Webcast Instructions: To gain access to the webcast, which will be “listen-only,” go to the Events page in the Investor Relations area of the Company’s website, www.pzena.com.

Teleconference Instructions: To gain access to the conference call via telephone, U.S./Canada callers should dial 866-271-6130; international callers should dial 617-213-8894. The conference ID number is 52931344.

Replay: The conference call will be available for replay through November 7, 2015, on the web using the information given above.

About Pzena Investment Management

Pzena Investment Management, LLC, the firm’s operating company, is a value-oriented investment management firm. Founded in 1995, Pzena Investment Management has built a diverse, global client base. More firm and stock information is posted at www.pzena.com.

Forward-Looking Statements

This press release may contain, in addition to historical information, forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements are based on the Company’s current assumptions, expectations and projections about future events. Words like “believe,” “anticipate,” “intend,” “estimate,” “expect,” “project,” and similar expressions are used to identify forward-looking statements, although not all forward-looking statements contain these words. These forward-looking statements are necessarily estimates reflecting the best judgment of the Company’s management and involve a number of risks, uncertainties and assumptions that could cause actual results to differ materially from those expressed or implied by the forward-looking statements.

Among the factors that could cause actual results to differ from those expressed or implied by a forward-looking statement are those described in the sections entitled “Risk Factors” and “Management’s Discussion and Analysis of Financial Condition and Results of Operations” in the Company’s Annual Report on Form 10-K, as filed with the SEC on March 13, 2015 and in the Company’s Quarterly Reports on Form 10-Q as filed with the SEC. In light of these risks, uncertainties, assumptions, and factors, actual results could differ materially from those expressed or implied in the forward-looking statements.

You are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date stated, or if no date is stated, as of the date of this release.

The Company is not under any obligation and does not intend to make publicly available any update or other revisions to any forward-looking statements to reflect circumstances existing after the date of this release or to reflect the occurrence of future events even if experience or future events make it clear that any expected results expressed or implied by those forward-looking statements will not be realized.

 PZENA INVESTMENT MANAGEMENT, INC.
           
 CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION
 (in thousands)
           
       As of
      September 30,   December 31,
      2015   2014
      (unaudited)    
 ASSETS        
  Cash and Cash Equivalents   $ 33,643     $ 39,109  
  Restricted Cash   3,659     2,810  
  Due from Broker   556     94  
  Advisory Fees Receivable   24,571     22,939  
  Investments   28,369     27,945  
  Prepaid Expenses and Other Assets   1,800     1,599  
  Deferred Tax Asset, Net of Valuation Allowance        
  of $53,029 and $44,239, respectively   17,139     14,618  
  Property and Equipment, Net of Accumulated        
  Depreciation of $993 and $3,072, respectively   8,013     2,772  
  TOTAL ASSETS   $ 117,750     $ 111,886  
           
 LIABILITIES AND EQUITY        
  Liabilities:        
  Accounts Payable and Accrued Expenses   $ 19,629     $ 5,974  
  Due to Broker   794     698  
  Securities Sold Short, at Fair Value   2,337     1,572  
  Liability to Selling and Converting Shareholders   19,778     15,358  
  Deferred Compensation Liability   2,096     2,211  
  Lease Liability   247     354  
  Other Liabilities   548     686  
  TOTAL LIABILITIES   45,429     26,853  
           
  Equity:        
  Total Pzena Investment Management, Inc.’s Equity   16,484     18,401  
  Non-Controlling Interests   55,837     66,632  
  TOTAL EQUITY   72,321     85,033  
  TOTAL LIABILITIES AND EQUITY   $ 117,750     $ 111,886  
                   

 

 PZENA INVESTMENT MANAGEMENT, INC.  
                     
 UNAUDITED CONSOLIDATED STATEMENTS OF OPERATIONS  
 (in thousands, except share and per-share amounts)  
                     
                     
      For the Three Months Ended   For the Nine Months Ended  
      September 30,   September 30,  
      2015   2014   2015   2014  
                     
 REVENUE   $ 30,772     $ 29,605     $ 88,935     $ 83,951    
                     
 EXPENSES                  
Compensation and Benefits Expense   11,645     10,622     35,515     30,571    
General and Administrative Expense   2,896     2,351     10,989     7,176    
  TOTAL OPERATING EXPENSES   14,541     12,973     46,504     37,747    
Operating Income   16,231     16,632     42,431     46,204    
                     
Other Expense   (5,027 )   (2,349 )   (5,155 )   (3,804 )  
                     
Income Before Taxes   11,204     14,283     37,276     42,400    
                     
Income Tax Expense/ (Benefit)   748     (220 )   2,402     1,189    
Consolidated Net Income   10,456     14,503     34,874     41,211    
                     
Less: Net Income Attributable to Non-Controlling Interests   8,534     12,444     29,408     35,580    
                     
Net Income Attributable to Pzena Investment Management, Inc.   $ 1,922     $ 2,059     $ 5,466     $ 5,631    
                     
Earnings per Share – Basic and Diluted Attributable to                  
Pzena Investment Management, Inc. Common Stockholders:                  
                     
Net Income for Basic Earnings per Share   $ 1,922     $ 2,059     $ 5,466     $ 5,631    
Basic Earnings per Share   $ 0.13     $ 0.16     $ 0.40     $ 0.45    
Basic Weighted Average Shares Outstanding   14,585,650     12,965,606     13,591,432     12,443,687    
                     
Net Income for Diluted Earnings per Share   $ 8,932     $ 9,503     $ 25,391     $ 26,193    
Diluted Earnings per Share   $ 0.13     $ 0.14     $ 0.37     $ 0.39    
Diluted Weighted Average Shares Outstanding   68,036,216     67,632,072     68,136,888     67,879,923    
                           

   PZENA INVESTMENT MANAGEMENT, INC.  
                     
   UNAUDITED NON-GAAP CONSOLIDATED STATEMENTS OF OPERATIONS  
   (in thousands, except share and per-share amounts)  
                     
                     
      Non-GAAP Basis   Non-GAAP Basis  
      For the Three Months Ended   For the Nine Months Ended  
      September 30,   September 30,  
      2015   2014   2015   2014  
                     
 REVENUE   $ 30,772     $ 29,605     88,935     $ 83,951    
                     
 EXPENSES                  
Compensation and Benefits Expense   11,645     10,622     35,515     30,571    
General and Administrative Expense   2,896     2,351     9,155     7,176    
  TOTAL OPERATING EXPENSES   14,541     12,973     44,670     37,747    
Operating Income   16,231     16,632     44,265     46,204    
                     
Other (Expense)/ Income, Net of Outside Interests   (1,725 )   (376 )   (1,246 )   162    
                     
Income Before Taxes and Operating Company Allocation   14,506     16,256     43,019     46,366    
                     
Unincorporated and Other Business Tax Expenses   612     701     1,718     2,318    
Allocable Income   13,894     15,555     41,301     44,048    
                     
Operating Company Allocation   11,139     12,593     33,178     35,599    
Income Before Corporate Income Taxes   2,755     2,962     8,123     8,449    
                     
Corporate Income Tax Expense   956     1,225     2,767     3,559    
Non-GAAP Net Income   $ 1,799     $ 1,737     $ 5,356     $ 4,890    
Effect of One-Time Adjustments           (183 )      
Tax Receivable Agreement Income, Net of Taxes   123     322     293     741    
GAAP Net Income   $ 1,922     $ 2,059     $ 5,466     $ 5,631    
                     
Earnings Per Share – Basic and Diluted Attributable to                  
Pzena Investment Management, Inc. Common Stockholders:                  
                     
  Net Income for Basic Earnings per Share   $ 1,799     $ 1,737     $ 5,356     $ 4,890    
  Basic Earnings per Share   $ 0.12     $ 0.13     $ 0.39     $ 0.39    
  Basic Weighted Average Shares Outstanding   14,585,650     12,965,606     13,591,432     12,443,687    
                     
  Net Income for Diluted Earnings per Share   $ 1,799     $ 1,737     $ 26,208     $ 25,452    
  Diluted Earnings per Share   $ 0.12     $ 0.13     $ 0.38     $ 0.37    
  Diluted Weighted Average Shares Outstanding   14,585,650     12,965,606     68,136,888     67,879,923    
                             

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CONTACT: Contact: Gary Bachman, 212-355-1600 or bachman@pzena.com

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