Legg Mason, Inc. reported unaudited consolidated earnings results for the first quarter ended June 30, 2017. For the quarter, the company reported, total operating revenues of $793,842,000, operating income of $107,205,000, income before income tax provision of $91,792,000, net income attributable to the company of $50,920,000 or $0.52 per diluted share, operating revenues as adjusted of $606,106,000, operating income as adjusted of $136,489,000, compared total operating revenues of $700,165,000, operating income of $73,555,000, income before income tax provision of $60,651,000, net income attributable to the company of $33,452,000 or $0.31 per diluted share, operating revenues as adjusted of $560,987,000, operating income as adjusted of $63,535,000, for the same period a year ago. Cash used in operating activities, GAAP basis was $113,580,000 against $165,970,000 a year ago. Adjusted EBITDA was $159,937,000 against $110,610,000 a year ago.

For the quarter, the company reported impairment of intangible assets of $34,000,000.

For the year 2018, the company expects GAAP tax rate to be at the low end of a 30% to 35% range.