For the fourth quarter, operating revenues were $713.4m, up 6% from $671.4m in the prior year quarter.
Legg Mason has declared a quarterly cash dividend on its common stock in the amount of $0.08 per share, double the dividend paid a year ago.
Net income for fiscal year 2011 was $253.9m or $1.63 per diluted share, compared to net income of $204.4m, or $1.32 per diluted share for fiscal year 2010.
Total operating revenues for fiscal year 2011 were $2.8bn, up 6% from $2.6bn for fiscal year 2010.
Assets Under Management were $677.6bn, up 1% from $671.8bn as of 31 December 2010 and down 1% from $684.5bn at fiscal year-end 2010.
Legg Mason chairman and CEO Mark Fetting said Legg Mason generated solid full fiscal-year 2011 earnings that were up 24% from the prior-year period, and stronger revenues which reflect higher performance fees and an increased advisory fee yield. Operating margins also improved from the year ago period.
"We remain on track to hit our annual expense savings targets of $130m to $150m in the March fiscal-year 2012 quarter, as announced at this time last year. During the fiscal year, we repurchased 9% of our outstanding shares, and ended the period with approximately $1.4bn in cash," Fetting said.
