Medley Management Inc. (MDLY) has reported a 19.12 percent fall in profit for the quarter ended Sep. 30, 2016. The company has earned $0.22 million in the quarter, compared with $0.27 million for the same period last year.
Revenue during the quarter surged 247.63 percent to $18.88 million from $5.43 million in the previous year period. Total expenses were 82.38 percent of quarterly revenues, up from 71.44 percent for the same period last year. That has resulted in a contraction of 1094 basis points in operating margin to 17.62 percent.
Operating income for the quarter was $3.33 million, compared with $1.55 million in the previous year period.
"Our third quarter was another consistent quarter of earnings for Medley. Since June 30th, we have continued to diversify our alternative asset management platform, adding two new products and senior investment professionals. In July, we launched our CLO opportunity fund and last week, we were declared effective on Sierra Total Return Fund, our first interval fund," said Brook Taube, chief executive officer of Medley.
Debt comes down significantly
Medley Management Inc. has recorded a decline in total debt over the last one year. It stood at $101.59 million as on Sep. 30, 2016, down 57.09 percent or $135.15 million from $236.74 million on Sep. 30, 2015. Short-term debt stood at $101.59 million as on Sep. 30, 2016. Total debt was 87.09 percent of total assets as on Sep. 30, 2016, compared with 23.58 percent on Sep. 30, 2015. Interest coverage ratio improved to 1.38 for the quarter from 0.72 for the same period last year.
Disclaimer: Please note that this is an auto-generated article. IRIS does not guarantee the accuracy, adequacy or completeness of any information and is not responsible for any errors or omissions or for the results obtained from the use of such information. IRIS especially states that it has no financial liability whatsoever to any user on account of the use of information provided on its website. For queries contact: editor@irisindia.net
