Medley Management Inc. (MDLY) has reported a 319.15 percent jump in profit for the quarter ended Mar. 31, 2017. The company has earned $0.39 million, or $0.06 a share in the quarter, compared with $0.09 million, or $0.01 a share for the same period last year. On the other hand, adjusted core net income for the quarter stood at $4.59 million, or $0.10 a share compared with $5.96 million or $0.13 a share, a year ago.
Revenue during the quarter dropped 20.35 percent to $14 million from $17.57 million in the previous year period. Total expenses were 54.17 percent of quarterly revenues, down from 78.40 percent for the same period last year. This has led to an improvement of 2424 basis points in operating margin to 45.83 percent.
Operating income for the quarter was $6.42 million, compared with $3.80 million in the previous year period.
However, the adjusted core EBITDA for the quarter stood at $7.92 million compared with $9.07 million in the prior year period. At the same time, adjusted EBITDA margin improved 499 basis points in the quarter to 56.59 percent from 51.60 percent in the last year period.
"In the first quarter of 2017 our AUM increased to $5.5B. We continue to expand our product offerings and have added new talent to further diversify our alternative asset management platform," said Brook Taube, chief executive officer of Medley.
Debt moves up
Medley Management Inc. has witnessed an increase in total debt over the last one year. It stood at $125.22 million as on Mar. 31, 2017, up 24.12 percent or $24.33 million from $100.88 million on Mar. 31, 2016. Short-term debt stood at $125.22 million as on Mar. 31, 2017. Total debt was 90.43 percent of total assets as on Mar. 31, 2017, compared with 90.07 percent on Mar. 31, 2016. Interest coverage ratio deteriorated to 1.76 for the quarter from 1.79 for the same period last year.
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