Rochester Business Journal

Manning & Napier Inc. Wednesday reported quarterly economic income of $36.7 million, up 1.3 percent from the same period in 2011, while revenues declined 5 percent year-over-year.

The Perinton money management firm released its second-quarter results after the markets closed.

“(The results are) in line with what we expected, and they show that we’re a healthy organization,” CEO Patrick Cunningham said late Wednesday afternoon.

Manning & Napier’s pretax economic income for the period ended June 30 compares to $36.2 million in the second quarter of 2011.

The company’s after-tax economic net income was $22.7 million, or 25 cents per adjusted share, up 1.3 percent from $22.4 million a year ago, prior to Manning & Napier becoming a publicly traded company in the fourth quarter of 2011.

Per-share earnings were 3 cents less than Wall Street estimates of 28 cents a share.

Manning & Napier had a net loss attributable to shareholders of $1.8 million, or 14 cents a share, based on generally accepted accounting principles. It reported net income of $2.9 million, or a gain of 21 cents a share, in the first quarter.

GAAP reporting includes special charges that have nothing to do with cash flow, revenues, payroll and other operating costs, Cunningham said.

Second-quarter revenue of $81.5 million was down from $85.8 million in the second quarter of 2011 and 4 percent from $85 million in the first quarter.

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