Exhibit 99.1
 Titanium Asset Management Corp.
 Reports Second Quarter 2009 Results
   
    
    Revenues of $4,944,000 for the second quarter of 2009, a 10% increase over the same
period last year.
    
    Performance fees generated in the quarter but not yet recognized of $580,000 (Q2 2008 
nil).
    
    Managed and fee paying assets up from $8,379.4 million to $8,475.3 million in the year
to date.
    
    Net loss of $1,195,000, or $0.06 per diluted common share, compared to a loss of
$1,492,000, or $0.07 per diluted common share, for the second quarter of 2008.
      Titanium Asset Management Corp.Nigel Wightman, Chairman and CEO
    
    +44 20 7822 1881 or + 44 7789 277849Seymour Pierce LtdJonathan Wright
    
    +44 20 7107 8000Penrose FinancialGay Collins/Elisha Vincent
    
    +44 20 7786 4882 or +44 7798 626282titanium@penrose.co.uk




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##### 



Titanium Asset Management Corp. Second Quarter 2009 Operating Results
 Three Months Ended June 30,
    
    
    Six Months Ended June 30,2009
    
    
    2008
    
    
    2009
    
    
    2008Fee income
    
    $
    4,944,000
    
    
    
    $
    4,486,000
    
    
    
    $
    9,840,000
    
    
    
    $
    6,706,000EBITDA(1)
    
    
    (1,033,000
    )
    
    
    
    391,000
    
    
    
    
    (2,027,000
    )
    
    
    
    718,000Net loss
    
    
    (1,195,000
    )
    
    
    
    (1,492,000
    )
    
    
    
    (2,736,000
    )
    
    
    
    (1,488,000
    )Earnings per share:Basic
    
    $
    (0.06
    )
    
    
    $
    (0.07
    )
    
    
    $
    (0.13
    )
    
    
    $
    (0.07
    )Diluted
    
    $
    (0.06
    )
    
    
    $
    (0.07
    )
    
    
    $
    (0.13
    )
    
    
    $
    (0.07
    )
 
 (1)
    
    See accompanying table for definition of EBITDA. Assets Under Management
  Managed
    
    
    DistributedAssets
    
    
    Assets(in millions)Balance at December 31, 2008
    
    $
    7,573.2
    
    
    
    $
    806.2Net assets won/lost
    
    
    (138.0
    )
    
    
    
    4.5Market effect
    
    
    179.7
    
    
    
    
    49.7Balance at June 30, 2009
    
    $
    7,614.9
    
    
    
    $
    860.4
      June 30, 2009
    
    
    December 31, 2008(in millions)
    
    % of total
    
    
    (in millions)
    
    % of totalU.S. fixed income
    
    $
    6,907.4
    
    
    
    90.7
    %
    
    
    $
    6,674.8
    
    
    
    88.2
    %U.S. equity
    
    
    685.4
    
    
    
    9.0
    %
    
    
    
    874.6
    
    
    
    11.5
    %International equity
    
    
    22.1
    
    
    
    0.3
    %
    
    
    
    23.8
    
    
    
    0.3
    %Balance at end of period
    
    $
    7,614.9
    
    
    
    100.0
    %
    
    
    $
    7,573.2
    
    
    
    100.0
    %
 2




---



##### 



June 30, 2009
    
    
    December 31, 2008(in millions)
    
    % of total
    
    
    (in millions)
    
    % of totalInstitutional  Retirement plans
    
    $
    3,350.1
    
    
    
    44.0
    %
    
    
    $
    3,633.3
    
    
    
    48.0
    %Institutional  Other
    
    
    2,563.6
    
    
    
    33.7
    %
    
    
    
    2,197.3
    
    
    
    29.0
    %Retail  Broker/dealer accounts
    
    
    939.6
    
    
    
    12.3
    %
    
    
    
    948.6
    
    
    
    12.5
    %Retail  Other
    
    
    761.6
    
    
    
    10.0
    %
    
    
    
    794.0
    
    
    
    10.5
    %Balance at end of period
    
    $
    7,614.9
    
    
    
    100.0
    %
    
    
    $
    7,573.2
    
    
    
    100.0
    %
 Operating Results
    Forward-looking Statements
   www.sec.gov www.ti-am.com
 3




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##### 



Titanium Asset Management Corp.
Condensed Consolidated Balance Sheets
 June 30,
    
    
    December 31,2009
    
    
    2008(unaudited)AssetsCurrent assetsCash and cash equivalents
    
    $
    11,296,000
    
    
    
    $
    18,753,000Securities available for sale
    
    
    8,574,000
    
    
    
    
    10,683,000Accounts receivable
    
    
    3,568,000
    
    
    
    
    4,041,000Other current assets
    
    
    1,798,000
    
    
    
    
    1,420,000Total current assets
    
    
    25,236,000
    
    
    
    
    34,897,000Securities available for sale
    
    
    
    
    
    
    
    672,000Property and equipment, net
    
    
    504,000
    
    
    
    
    456,000Goodwill
    
    
    34,410,000
    
    
    
    
    32,757,000Intangible assets, net
    
    
    28,488,000
    
    
    
    
    32,206,000Deferred income taxes
    
    
    5,680,000
    
    
    
    
    4,202,000Total assets
    
    $
    94,318,000
    
    
    
    $
    105,190,000Liabilities and Stockholders EquityCurrent liabilitiesAccounts payable
    
    $
    321,000
    
    
    
    $
    663,000Acquisition payments due
    
    
    954,000
    
    
    
    
    8,145,000Other current liabilities
    
    
    1,757,000
    
    
    
    
    1,789,000Total current liabilities
    
    
    3,032,000
    
    
    
    
    10,597,000Acquisition payments due
    
    
    960,000
    
    
    
    
    1,889,000Total liabilities
    
    
    3,992,000
    
    
    
    
    12,486,000Commitments and contingenciesStockholders equityCommon stock, $0.0001 par value; 54,000,000 shares
authorized; 20,509,502 and 20,464,002 shares issued
and outstanding at June 30, 2009 and December 31,
2008, respectively
    
    
    2,000
    
    
    
    
    2,000Restricted common stock, $0.0001 par value; 720,000
shares authorized; 612,716 issued and outstanding at
June 30, 2009 and December 31, 2008
    
    
    
    
    
    
    
    Preferred stock, $0.0001 par value; 1,000,000 shares
authorized; none issued
    
    
    
    
    
    
    
    Additional paid-in capital
    
    
    99,667,000
    
    
    
    
    99,462,000Accumulated deficit
    
    
    (9,333,000
    )
    
    
    
    (6,597,000
    )Other comprehensive income loss
    
    
    (10,000
    )
    
    
    
    (163,000
    )Total stockholders equity
    
    
    90,326,000
    
    
    
    
    92,704,000Total liabilities and stockholders equity
    
    $
    94,318,000
    
    
    
    $
    105,190,000
 4




---



##### 



Titanium Asset Management Corp.
Condensed Consolidated Statement of Operations
(unaudited)
 Three Months Ended June 30,
    
    
    Six Months Ended June 30,2009
    
    
    2008
    
    
    2009
    
    
    2008Fee income
    
    $
    4,944,000
    
    
    
    $
    4,486,000
    
    
    
    $
    9,840,000
    
    
    
    $
    6,706,000Operating expenses:Administrative
    
    
    6,109,000
    
    
    
    
    4,095,000
    
    
    
    
    12,126,000
    
    
    
    
    5,988,000Amortization of intangible assets
    
    
    1,096,000
    
    
    
    
    1,193,000
    
    
    
    
    2,039,000
    
    
    
    
    2,002,000Impairment of intangible assets
    
    
    
    
    
    
    
    1,792,000
    
    
    
    
    
    
    
    
    
    1,792,000Total operating expenses
    
    
    7,205,000
    
    
    
    
    7,080,000
    
    
    
    
    14,165,000
    
    
    
    
    9,782,000Operating loss
    
    
    (2,261,000
    )
    
    
    
    (2,594,000
    )
    
    
    
    (4,325,000
    )
    
    
    
    (3,076,000
    )Other incomeInterest income
    
    
    114,000
    
    
    
    
    372,000
    
    
    
    
    234,000
    
    
    
    
    868,000Interest expense
    
    
    (15,000
    )
    
    
    
    
    
    
    
    
    (29,000
    )
    
    
    
    Gain (loss) on investments
    
    
    193,000
    
    
    
    
    
    
    
    
    
    (188,000
    )
    
    
    
    Loss before taxes
    
    
    (1,969,000
    )
    
    
    
    (2,222,000
    )
    
    
    
    (4,308,000
    )
    
    
    
    (2,208,000
    )Income tax benefit
    
    
    (774,000
    )
    
    
    
    (730,000
    )
    
    
    
    (1,572,000
    )
    
    
    
    (720,000
    )Net loss
    
    $
    (1,195,000
    )
    
    
    $
    (1,492,000
    )
    
    
    $
    (2,736,000
    )
    
    
    $
    (1,488,000
    )Earnings (loss) per shareBasic
    
    $
    (0.06
    )
    
    
    $
    (0.07
    )
    
    
    $
    (0.13
    )
    
    
    $
    (0.07
    )Diluted
    
    $
    (0.06
    )
    
    
    $
    (0.07
    )
    
    
    $
    (0.13
    )
    
    
    $
    (0.07
    )Weighted average number of common
shares outstanding:Basic
    
    
    20,546,490
    
    
    
    
    20,451,502
    
    
    
    
    20,546,490
    
    
    
    
    20,451,502Diluted
    
    
    20,546,490
    
    
    
    
    20,451,502
    
    
    
    
    20,546,490
    
    
    
    
    20,451,502
 5




---



##### 



Titanium Asset Management Corp.
Condensed Consolidated Statement of Cash Flows
(unaudited)
 Six Months Ended June 30,2009
    
    
    2008Cash flows from operating activitiesNet loss
    
    $
    (2,736,000
    )
    
    
    $
    (1,488,000
    )Adjustments to reconcile net loss to net cash provided by
(used in) operating activities:Depreciation and amortization
    
    
    2,093,000
    
    
    
    
    2,002,000Impairment of intangible assets
    
    
    
    
    
    
    
    1,792,000Noncash share compensation
    
    
    205,000
    
    
    
    
    Accretion of acquisition payments
    
    
    25,000
    
    
    
    
    Loss on investments
    
    
    188,000
    
    
    
    
    Deferred income taxes
    
    
    (1,572,000
    )
    
    
    
    (751,000
    )Changes in assets and liabilities:Decrease in accounts receivable
    
    
    562,000
    
    
    
    
    244,000Decrease (increase) in other current assets
    
    
    170,000
    
    
    
    
    (346,000
    )Decrease in accounts payable
    
    
    (348,000
    )
    
    
    
    (59,000
    )Decrease in other current liabilities
    
    
    (25,000
    )
    
    
    
    (916,000
    )Net cash provided by (used in) operating activities
    
    
    (1,438,000
    )
    
    
    
    478,000Cash flows from investing activitiesPurchases of property and equipment
    
    
    (121,000
    )
    
    
    
    (72,000
    )Cash and cash equivalents released from trust
    
    
    
    
    
    
    
    55,587,000Purchases of securities available for sale
    
    
    (8,437,000
    )
    
    
    
    Sales and redemptions of securities available for sale
    
    
    10,690,000
    
    
    
    
    Cash paid for acquisition of subsidiaries, net of cash acquired
    
    
    (6,000
    )
    
    
    
    (31,226,000
    )Net cash provided by investing activities
    
    
    2,126,000
    
    
    
    
    24,289,000Cash flows from financing activitiesPayment of deferred acquisition obligations
    
    
    (8,145,000
    )
    
    
    
    Redemption of common stock
    
    
    
    
    
    
    
    (12,017,000
    )Net cash used in financing activities
    
    
    (8,145,000
    )
    
    
    
    (12,017,000
    )Net increase (decrease) in cash and cash equivalents
    
    
    (7,457,000
    )
    
    
    
    12,750,000Cash and cash equivalents:Beginning
    
    
    18,753,000
    
    
    
    
    19,388,000Ending
    
    $
    11,296,000
    
    
    
    $
    32,138,000Supplemental disclosure of cash flow informationIncome taxes refunded (paid)
    
    $
    36,000
    
    
    
    $
    (598,000
    )Supplemental disclosure of non-cash investing and financing
activitiesPaid-in capital attributed to common stock repurchase rights not executed
    
    $
    
    
    
    
    $
    55,587,000Payments due in connection with acquisitions
    
    $
    
    
    
    
    $
    1,903,000
 6




---



##### 



Titanium Asset Management Corp.
Reconciliation of EBITDA
(unaudited)
 Three Months Ended June 30,
    
    
    Six Months Ended June 30,2009
    
    
    2008
    
    
    2009
    
    
    2008Net loss
    
    $
    (1,195,000
    )
    
    
    $
    (1,492,000
    )
    
    
    $
    (2,736,000
    )
    
    
    $
    (1,488,000
    )Amortization of intangible assets
    
    
    1,096,000
    
    
    
    
    1,193,000
    
    
    
    
    2,039,000
    
    
    
    
    2,002,000Impairment of intangible assets
    
    
    
    
    
    
    
    1,792,000
    
    
    
    
    
    
    
    
    
    1,792,000Depreciation expense
    
    
    25,000
    
    
    
    
    
    
    
    
    
    54,000
    
    
    
    
    Share compensation expense
    
    
    107,000
    
    
    
    
    
    
    
    
    
    205,000
    
    
    
    
    Interest income
    
    
    (114,000
    )
    
    
    
    (372,000
    )
    
    
    
    (234,000
    )
    
    
    
    (868,000
    )Interest expense
    
    
    15,000
    
    
    
    
    
    
    
    
    
    29,000
    
    
    
    
    Investment gains (losses)
    
    
    (193,000
    )
    
    
    
    
    
    
    
    
    188,000
    
    
    
    
    Income tax benefit
    
    
    (774,000
    )
    
    
    
    (730,000
    )
    
    
    
    (1,572,000
    )
    
    
    
    (720,000
    )EBITDA(1)
    
    $
    (1,033,000
    )
    
    
    $
    391,000
    
    
    
    $
    (2,027,000
    )
    
    
    $
    718,000
 
 Notes:(1)
    
    EBITDA is defined as net loss before non-cash charges for amortization and impairment
of intangible assets, depreciation, and share compensation expense, interest income and
expense, investment gains and losses, and income taxes. This supplemental non-GAAP
liquidity measure is provided in addition to, but not as a substitute for, cash flows from
operations. As a measure of liquidity, we believe EBITDA is useful as an indicator of our
ability to service debt, make new investments, and meet working capital requirements.
EBITDA, as we calculate it, may not be consistent with computations of EBITDA by other
companies. We believe that many investors use this information when analyzing the
financial position of companies in the investment management industry. 7