Janus reported third quarter net income of $12.2 million, or 7 cents a share, down from $29.5 million, or 25 cents a share in the third quarter of 2006, MarketWatch reports. Janus took a charge in the quarter for selling its unprofitable printing business, Rapid Solutions Group, which lost $38.6 million during the quarter.
Excluding that, Janus would have posted net income of $50.8 million, or 29 cents a share, which would have been a 72% increase in profits.
Inflows to Janus’ long-term funds were $2.9 billion, nearly double the $1.5. billion they took in during the previous quarter. Flows were also strong at the Intech unit, although not as high as the company had expected. They took in $2.2 billion, up 70% from the $1.3 billion they reaped in the second quarter of this year.
“We had a fairly strong quarter in most respects,” said Janus Chief Executive Officer Gary Black. “Intech flows were disappointing, reflecting some challenging short-term performance.”
Overall, he added, Janus has seen strong flows for the past 12 months, and investors are returning to growth funds. Added to this is Janus’ strong relationship with advisers.
“Given our strong performance and distribution build-out, we feel that Janus is well-positioned to take advantage of market conditions,” Black said.