Business Context and Reporting Period
Company: Cohen & Steers, Inc.
Filing Type: Form 8-K (Current Report)
Date of Report: October 20, 2010
Reporting Period: Third quarter ended September 30, 2010 (and nine months ended September 30, 2010).
This filing serves to announce the issuance of a press release regarding the Company's earnings and business results for the quarter ended September 30, 2010. The press release is attached as Exhibit 99.1 and is furnished but not filed.
Key Financial Metrics
The filing text does not provide specific numerical values for revenue, profit, cash flow, margins, debt, or liquidity. It references the attached press release (Exhibit 99.1) for these details.
The filing highlights the disclosure of the following non-GAAP metrics in the press release:
- Earnings per share (EPS) attributable to common shareholders for the three and nine months ended September 30, 2010, adjusted to exclude gains on the sale of previously impaired securities.
- EPS attributable to common shareholders for the nine months ended September 30, 2009, adjusted to exclude other-than-temporary impairment charges on available-for-sale securities.
Material Changes and Comparisons
The filing does not explicitly state material changes in financial condition versus prior periods within the text of the 8-K itself. It notes that the Company provides reconciliations of non-GAAP measures to GAAP measures in the attached press release to enhance understanding of operating performance.
Management Commentary and Risks
Management Commentary: Management believes the disclosed non-GAAP earnings per share information enhances the understanding of the Company's operating performance because the excluded charges (gains on sale of impaired securities and impairment charges) relate to non-core elements of the business.
Disclaimer: Management states that this non-GAAP information is supplemental in nature and should not be considered a substitute for financial information prepared in accordance with GAAP.
Risks and Contingencies: The filing text does not explicitly detail new risks or contingencies beyond the reference to historical impairment charges and gains on sales of impaired securities.
Investor Verification Checklist
- Review Exhibit 99.1 (Press Release) for specific GAAP and non-GAAP financial figures, as they are not included in the 8-K text.
- Verify the reconciliation of non-GAAP EPS to GAAP EPS provided in the press release.
- Confirm the specific amounts of gains on the sale of previously impaired securities and other-than-temporary impairment charges excluded from the non-GAAP calculations.
- Assess the impact of these non-core items on the Company's reported operating performance for the quarter and year-to-date.