American asset management company Legg Mason has reported a net loss of $1.49 billion, or $10.55 per diluted share, for the third quarter of fiscal 2009 ended December 31, 2008, compared to a net income of $154.58 million, $1.07 per diluted share, for the third quarter of fiscal 2008.
Total operating revenues for the third quarter of fiscal 2009 were $719.99 million, a decrease of 39.3%, compared to $1.19 billion in the same quarter of fiscal 2008. Operating loss for the third quarter of fiscal 2009 was $1.07 billion, compared to an operating income of $341.99 million for the same quarter of fiscal 2008.
For the first nine months of fiscal 2009, the company reported a net loss of $1.62 million, compared to a net income of $523.06 million for the same period of fiscal 2008. Total operating revenues for the first nine months of fiscal 2009 were $2.74 billion, compared to $3.56 billion for the same period of fiscal 2008. Operating loss for the first nine months of fiscal 2009 was $623.84 million, compared to an operating income of $912.57 million for fiscal 2008.
Mark Fetting, chairman and CEO of Legg Mason, said: In the December quarter, we experienced erosion in our AUM base, as did most other asset managers, due to the severity of the global recession. There were other exceptional events, including the impact of our SIV reductions and an intangible write-down in our wealth management division which significantly hurt our bottom line. Overall, these are bitter results reflecting necessary actions to move us forward.
