Waddell & Reed Financial Q3 Profit, Revenues Rise - Quick Facts

(RTTNews) - Waddell & Reed Financial, Inc. (WDR) Tuesday said third-quarter net income increased to $74.6 million or $0.89 per share from $68.42 million or $0.80 per share during the third quarter of 2013.

The latest results included an intangible asset impairment charge of $0.06 per share related to a subadvisory agreement to manage certain mutual funds. Excluding this charge and the related tax benefit, net income would have been $79.6 million, or $0.941 per diluted share.

Operating revenues climbed 18 percent to $409.6 million from $347.09 million in the prior year.

Hank Herrmann, Chairman and CEO, said, "Headwinds our company has endured these last few months have led to disappointing outflows and detracted from an otherwise solid quarter. Our operating revenues rose and by keeping expenses in check, our operating margin expanded, after adjusting for the impairment charge."