Diamond Hill Investment Group, Inc. Reports 2010 Financial Results
Diamond Hill Investment Group, Inc. (Nasdaq: DHIL) today reported results for the year ended December 31, 2010. The company plans to file its 2010 Form 10-K on Friday, February 25, 2011 and we urge investors to read and consider the information in that filing. Whenever possible, we will post information on a Friday afternoon so that investors have a maximum amount of time to digest the information.
Revenue increased 30% to $56.7 million for the year compared to 2009. Net operating income for the year was $18.5 million, an increase of 53% from 2009. Net income for the year was $12.4 million, or $4.48 per diluted share, compared to $11.4 million, or $4.40 per diluted share, in 2009. The increase in net income is primarily due to a $6.4 million increase in net operating income driven by a 37% increase in assets under management from 2009 to 2010, offset by a $4.2 million decrease in the corporate investment return in 2010 compared to 2009. Excluding the corporate investment return, net operating income after tax increased 48% to $11.6 million for the year compared to $7.9 million in 2009. Assets under management ended the year at $8.6 billion as compared to $6.3 billion at the end of 2009.
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