Westwood(US:WHG)2021-04-28 21:14Revenue Performance - Advisory segment net fee revenues from external sources for Q1 2021 were $12,409,000, an increase of 11.7% from $11,102,000 in Q1 2020[35] - Trust segment net fee revenues from external sources for Q1 2021 were $6,065,000, an increase of 1.9% from $5,951,000 in Q1 2020[35] - Total consolidated revenues for Q1 2021 were $18,319,000, up 3.9% from $16,669,000 in Q1 2020[35] - Fee revenues for the three months ended March 31, 2021, were $4.9 million, a decrease of 14.0% compared to $5.7 million for the same period in 2020[59] - The company earned no fees from affiliated funds for the three months ended March 31, 2021, compared to $0.5 million for the same period in 2020[62] Net Income and Earnings - The company recorded a net income of $4,101,000 for Q1 2021, compared to $1,102,000 for Q1 2020, representing a significant increase[48] - Basic and diluted earnings per share for Q1 2021 were both $0.52, compared to $0.13 for Q1 2020[48] Assets and Investments - Segment assets for the Advisory segment as of March 31, 2021, were $207,193,000, while Trust segment assets were $54,143,000[35] - The fair value of total investments carried at fair value as of March 31, 2021, was $77,861,000, compared to $73,069,000 as of December 31, 2020[40] - The company recorded an unrealized gain of $0.4 million on its investment in Charis for Q1 2021, following fair value increases from market transactions[38] - The company made a strategic investment of $5.4 million in InvestCloud in 2018, which resulted in a realized gain of approximately $8.3 million in Q1 2021[36][37] - Goodwill for the Trust segment was recorded at $16,401,000 as of March 31, 2021, with no impairments noted during the quarter[35][49] - As of March 31, 2021, total Assets Under Management (AUM) reached $14,493 million, with Wealth Management at $3,342 million and Institutional at $7,569 million[59] Shareholder Actions - During the three months ended March 31, 2021, the company repurchased 92,491 shares at an average price of $15.19 per share, totaling $1.4 million[55] - The company declared a quarterly cash dividend of $0.10 per share on April 28, 2021, payable on July 1, 2021[63] Office and Lease Information - The company sublet approximately 10,000 square feet of office space in Dallas for a monthly rent of $20,000 through the fourth quarter of 2025[51] - The company terminated its Toronto office lease in February 2021, originally set to expire in October 2021[51] Impairments and Risk Disclosures - No intangible asset impairments were recorded during the three months ended March 31, 2021, or 2020[50] - There have been no significant changes in market risk disclosures from the previous annual report[64] - The company has not consolidated the Common Trust Funds or Private Funds under the Variable Interest Entity method as of March 31, 2021[59]