TORONTO, ONTARIO--(Marketwire - Dec. 6, 2012) - Integrated Asset Management Corp. ("IAM") (TSX:IAM) today announced audited financial results for the fiscal year ended September 30, 2012. Net loss was $1.7 million or $0.06 per share in the current year versus net income and comprehensive income of $4.4 million or $0.15 per share in the prior year. EBITDA decreased from $5.5 million in 2011 to $0.2 million in fiscal 2012 due primarily to net performance fees which were $4.3 million lower. EBITDA was also adversely affected by lower management fees resulting from lower AUM.
| |
Review of the Quarter |
Review of the Year |
| |
Ended September 30 |
Ended September 30 |
| |
|
|
| |
3 Months Ended |
3 Months Ended |
Year Ended |
Year Ended |
| |
September 30, 2012 |
September 30, 2011 |
September 30, 2012 |
September 30, 2011 |
| |
(thousands except per |
(thousands except per |
(thousands except per |
(thousands except per |
| HIGHLIGHTS |
share amounts) |
share amounts) |
share amounts) |
share amounts) |
| Assets and Committed |
|
|
|
|
|
|
|
|
| Capital Under |
|
|
|
|
|
|
|
|
| Management ("AUM") |
$ |
1,942,400 |
$ |
2,305,900 |
$ |
1,942,400 |
$ |
2,305,900 |
| Revenues before the |
|
|
|
|
|
|
|
|
| undernoted |
$ |
3,251 |
$ |
3,957 |
$ |
14,525 |
$ |
16,361 |
| Performance fees |
$ |
- |
$ |
562 |
$ |
1,888 |
$ |
8,936 |
| Investment gain (loss) |
$ |
50 |
$ |
(437) |
$ |
391 |
$ |
3,060 |
| Total revenues |
$ |
3,301 |
$ |
4,082 |
$ |
16,804 |
$ |
28,357 |
| Net performance fees(1) |
$ |
- |
$ |
419 |
$ |
1,416 |
$ |
5,755 |
| EBITDA(1) |
$ |
(253) |
$ |
204 |
$ |
184 |
$ |
5,485 |
| |
| Income (loss) before |
|
|
|
|
|
|
|
|
| income taxes |
$ |
(686) |
$ |
(541) |
$ |
(1,222) |
$ |
7,105 |
| Net income (loss) |
|
|
|
|
|
|
|
|
| attributable to common |
|
|
|
|
|
|
|
|
| shareholders of the |
|
|
|
|
|
|
|
|
| Corporation |
$ |
(455) |
$ |
(574) |
$ |
(1,742) |
$ |
4,355 |
| Earnings (loss) per share |
$ |
(0.02) |
$ |
(0.02) |
$ |
(0.06) |
$ |
0.15 |
| |
| (1) Net performance fees and EBITDA are non-GAAP earnings measures used by the Corporation. EBITDA is calculated as earnings before the deduction of non-controlling interest, interest expense, income taxes, depreciation and amortization, stock- based compensation and investment income (loss). |
AUM decreased by approximately $360 million during fiscal 2012 to $1.9 billion; principally the result of the end of a segregated fund managed by Real Estate Asset Management and also the distribution to investors of the principal received on loans in Private Corporate Debt's funds.
Performance fees of $1.9 million were realized in fiscal 2012, of which $1.8 million were in Real Estate Asset Management and $0.1 million in Retail Alternative Investments. In fiscal 2011, performance fees of $8.9 million were realized, of which $5.7 million were in Real Estate Asset Management and $3.2 million in Retail Alternative Investments.
Victor Koloshuk, Chairman and Chief Executive Officer of IAM said "Fiscal 2012 was disappointing with the profitability of all divisions being below expectations and with the decline in AUM. However, the performance of our portfolio managers on behalf of all our clients has been excellent and this bodes well for our new funds which are now being launched".
For detailed financial statements for the year, including Management's Discussion and Analysis and the Corporation's Annual Information Form, please refer to IAM's website or SEDAR at www.sedar.com after December 12, 2012.
IAM is one of Canada's leading alternative asset management companies with approximately $1.9 billion in assets and committed capital under management in real estate, private corporate debt, private equity, managed futures and retail alternative investments as of December 6, 2012.
This press release may contain forward-looking statements with respect to IAM and its products and services, including its business operations and strategy and financial performance and condition. Although management believes that the expectations reflected in any such forward-looking statements are reasonable, such statements involve risks and uncertainties. Actual results may differ materially from those expressed or implied by such forward-looking statements. Factors that could cause actual results to differ materially from expectations include, among other things, general economic and market factors, including interest rates, business competition, changes in government regulations or in tax laws, and other factors discussed in materials filed with applicable securities regulatory authorities from time to time.