Integrated Asset Management Corp.
TSX VENTURE : IAM

Integrated Asset Management Corp.

February 23, 2007 16:30 ET

Integrated Asset Management Corp. Announces Results for the First Quarter of Fiscal 2007

TORONTO, ONTARIO--(CCNMatthews - Feb. 23, 2007) - Integrated Asset Management Corp. ("IAM") (TSX VENTURE:IAM) today announced unaudited financial results for the quarter ended December 31, 2006.



Review of the 3-Month Period Ended
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December 31, 2006 December 31, 2005
(thousands except per (thousands except per
HIGHLIGHTS share amounts) share amounts)
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Assets and Committed
Capital Under Management
("AUM") $3,039,000 $2,864,100
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Total Revenues $10,269 $11,746
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Total Performance Fees
Included in Total Revenues $3,885 $6,698
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EBITDA (1) $2,639 $3,463
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Income before income taxes
and minority interest $2,091 $2,065
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Net Income $953 $639
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Earnings Per Share $0.04 $0.03
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(1) Earnings before interest, taxes, depreciation and amortization
("EBITDA") is a non-GAAP earnings measure used by the Corporation.


IAM experienced AUM growth of 6%, adding approximately $174.9 million of new assets since December 31, 2005. AUM were comprised of $2.2 billion at the Asset Management operations and $0.8 billion at the Hedge Funds operations at December 31, 2006.

Total revenues in the three months ended December 31, 2006 were $10.3 million compared to $11.7 million in the quarter ended December 31, 2005 as a result of lower performance fees realized during the quarter. Management fees, administration and redemption fees increased 14% to $5.4 million in the three months ended December 31, 2006 from $4.8 million in the previous year's comparable quarter due to deployment of committed capital in the real estate management and private corporate debt operations.

EBITDA was $2.6 million compared to the prior year's quarter EBITDA of $3.5 million as a result of lower performance fees realized during the year.

Income before income taxes and minority interest for the three months ended December 31, 2006 remained unchanged at $2.1 million compared to the prior year's first quarter.

Net income was $1.0 million or $0.04 per share in the current quarter versus net income of $0.6 million or $0.03 per share in the prior year's quarter.

IAM earns performance fees when investment returns outperform a designated benchmark. These benchmarks are contract specific and only apply to certain investment products. Performance fees of the Asset Management operations are realized sporadically as they tend to be recognized generally towards the end of the life of the pool of assets being managed, which at times can be up to ten years. Performance fees at the Hedge Funds operations are generally recognized on an annual basis or semi-annual basis.

For detailed financial statements for the year, including Management's Discussion and Analysis, please refer to IAM's website at www.iamgroup.ca/corp_investornews.asp or SEDAR at www.sedar.com after February 25, 2007.

IAM is Canada's leading alternative asset management company with approximately $3 billion in assets and committed capital under management in private debt, private equity, managed futures, real estate and hedge funds.

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.

The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this release.

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