NEWPORT BEACH, Calif., April 20, 1999 (PRIMEZONE) -- PIMCO Advisors Holdings L.P. (NYSE: PA) today announced it expects to make a non-recurring provision of $0.16 to $0.18 per unit for the consolidation of Oppenheimer Capital's operations into a single new facility and for severance costs principally related to recent changes in Oppenheimer Capital senior management. The Company anticipates that the consolidation of Oppenheimer Capital's operations in a single location will improve operating efficiency. The provision is non-recurring and is therefore not expected to affect the levels of future income or distributions.
The Company also said it expects first quarter earnings to be in the range of $0.36 to $0.38 per unit before the provision for non-recurring costs as a result of lower than anticipated performance fees and higher than expected technology and other consulting fees. The estimated first quarter earnings for the Company reflect strong consolidated net inflows in excess of $4 billion despite net outflows in the Company's equity operations. The Company will announce first quarter earnings on April 28, 1999.
PIMCO Advisors is one of the largest investment management companies in the United States with more than $248 billion of assets under management. Its investment advisor subsidiaries, led by Pacific Investment Management and Oppenheimer Capital, are widely recognized for providing consistent performance and high quality service to more than 1,600 institutional clients worldwide, including one-third of the nation's largest 200 corporations. In addition, PIMCO Advisors manages a family of 53 stock and bond mutual funds available to both retail and institutional investors.
Except for the historical information and discussions contained herein, statements contained in this news release constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These statements involve a number of risks, uncertainties and other factors that could cause actual results to differ materially, including the performance of financial markets, the investment performance of PIMCO Advisors L.P.'s sponsored investment products and separately managed accounts, general economic conditions, future acquisitions, competitive conditions and government regulations, including changes in tax laws. PIMCO Advisors Holdings L.P. cautions readers to carefully consider such factors. Further, such forward-looking statements speak only on the date at which such statements are made. PIMCO Advisors Holdings L.P. undertakes no obligation to update any forward-looking statements to reflect events or circumstances after the date of such statements. -0-