NEW YORK, May 6 /PRNewswire-FirstCall/ -- National Financial Partners Corp. (NYSE: NFP - News), a network of independent financial advisors specializing in life insurance and wealth transfer, corporate and executive benefits, and financial planning and investment advisory services, today reported financial results for the first quarter ended March 31, 2008.Financial Highlights* 1Q 2008 1Q 2007 % Change (Dollars in millions, except per share data) Revenue $286.4 $244.2 17.3% Net income 10.0 8.5 17.6% Net income per diluted share 0.24 0.21 14.3% Cash earnings 25.0 20.8 20.2% Cash earnings per diluted share 0.61 0.53 15.1% "Same store" revenue growth 5.9% -12.7% Net "same store" revenue growth 5.2% -10.2% Acquired base earnings $12.0 $13.9 * This summary includes financial measures not calculated based on generally accepted accounting principles.
First quarter 2008 net income was $10.0 million, or $0.24 per diluted share. First quarter 2008 cash earnings was $25.0 million, or $0.61 per diluted share. (Cash earnings is a non-GAAP measure, which the Company defines as net income excluding amortization of intangibles, depreciation, and impairment of goodwill and intangible assets. A full reconciliation of net income to cash earnings is provided in the attached tables.) Net income and cash earnings grew as a result of revenue growth from existing firms, additional revenue from new firms and gains on sale of subsidiaries, offset in part by higher commissions and fees expense, operating expenses, net interest and other and income tax expense. More detailed financial information can be found in the Company's quarterly financial supplement, which is available on the Company's Web site at www.nfp.com.
Jessica Bibliowicz, Chairman, President and Chief Executive Officer, said, "We are pleased with the first quarter results. While improvement occurred across our business lines, revenue growth slowed in the latter portion of the first quarter as certain components of our business were impacted by broad economic and credit market conditions. We believe the scale and broad distribution reach of the NFP network and the alignment of principals and shareholders that is unique to our model will generate strong long-term growth. While short-term results may be volatile, we expect to achieve 'same store' revenue growth in the high single-digits over the long-term."
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