Federated Investors reported an increase in fourth-quarter earnings but said the results were preliminary because of ongoing settlements with regulators that are likely to hurt profits.

The Pittsburgh-based mutual fund giant saw fourth quarter net income rise 16% to $48 million, or 44 cents a share, compared to $42.8 million, or 38 cents a share, a year ago. For 2004, the company posted net income of $195.3 million, a 4% rise from $188.1 million a year earlier. Preliminary EPS from continuing operations for 2004 rose to $1.77, a 5% jump from $1.68 in 2003.

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