DENVER — Mutual funds manager Janus Capital Group Inc. said today its fourth-quarter profit fell because of a $31.9 million loss stemming from discontinued operations.
For the quarter ended Dec. 31, Janus said net income totaled $29.7 million, or 17 cents a share, compared with net income of $37.7 million, or 19 cents a share, in the fourth quarter of 2006.
Janus reported a $31.9 million loss from its discontinued printing business. Excluding that, net income from continuing operations totaled $61.6 million, or 36 cents a share. Revenue rose to $311.5 million from $241.6 in the previous quarter.
Analysts surveyed by Thomson Financial had predicted earnings per share of 32 cents on revenue of $303.06 million.
The average assets under management rose to $207.6 billion up from $165.1 billion in the year-ago quarter.
“We had a strong quarter, ending a very strong year,” Chief Executive Officer Gary Black told analysts during a conference call.
For the year, Janus reported net income of $126.3 million, or 71 cents a share, which included a $75.7 million loss from discontinued operations. In 2006, net income was $133.6 million, or 66 cents a share, which included a $5.3 million loss from discontinued operations.
Revenue totaled $1.12 billion in 2006, up from $935.8 million in the previous year.
Assets under management averaged $190.4 billion for the year, compared with $156.7 billion in 2006.
Shares of Janus rose 5.8 percent to $26.96 in early trading.
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