10/30/2003

Janus revenue higher

Dow Jones/AP News

DENVER — Janus Capital Group Inc., one of the mutual-fund managers being investigated for allowing improper trading, posted a third-quarter profit Wednesdsay, turning around a quarter that last year was weighed down by income-tax and restructuring charges.
The Denver-based company posted net income of $50.9 million, or 22 cents a share, for the latest quarter, compared with a loss of $131.2 million, or 59 cents a share, a year ago.
The 2002 quarter included a noncash deferred income-tax charge of $107.8 million and a $59.4 million restructuring charge. Revenue increased 1.5 percent to $256.6 million from $252.7 million a year earlier.
Janus said its latest results include a preliminary charge of $9 million to account for the costs of the investigation into “market timing” trading.
Market timing involves the rapid trading of mutual funds and has recently come under scrutiny by New York Attorney General Eliot Spitzer.