Integrated Asset Management Corp.

Integrated Asset Management Corp.

February 09, 2010 09:20 ET

Integrated Asset Management Corp. Announces Results for the First Quarter of Fiscal 2010

TORONTO, ONTARIO--(Marketwire - Feb. 9, 2010) - Integrated Asset Management Corp. ("IAM") (TSX:IAM) today announced unaudited financial results for the quarter ended December 31, 2009.

Review of the 3-Month Period Ended

December 31, 2009
(thousands except per share amounts)
December 31, 2008
(thousands except per share amounts)
Assets and Committed Capital Under Management ("AUM") (1)

Revenues before performance fees (1)

Performance fees $4,653 $172
Total revenues (1) $8,214 $4,048
Net performance fees (2) $3,155 $167
EBITDA (1) (2) $3,191 $242
Income (loss) from continuing operations before income taxes and non-controlling interest (1)

Net income (loss) and comprehensive income

Earnings per share $0.06 $0.02

(1) Excludes discontinued operations (Darton) which were sold effective December 1, 2008.
(2) Net Performance Fees and Earnings before interest, taxes, depreciation and amortization ("EBITDA") are non-GAAP earnings measures used by IAM.

AUM decreased by approximately $25 million during the three months ended December 31, 2009 from $2,013 million as at September 30, 2009.

Total revenues in the three months ended December 31, 2009 were $8.2 million compared to $4.0 million in the quarter ended December 31, 2008 reflecting an increase in performance fees realized. Virtually all of the performance fees realized in the quarter were from the Real Estate Asset Management operations with the remainder from the Corporation's Retail Alternative Investments (BluMont Capital) operations.

EBITDA from continuing operations for the three months ended December 31, 2009 increased to $3.2 million from $0.2 million in the prior year's comparable quarter due primarily to the higher net performance fees realized by the Corporation in the current quarter.

Net income and comprehensive income was $1.6 million or $0.06 per share in the current quarter versus $0.4 million or $0.02 per share in the prior year's comparable quarter.

IAM ended the quarter with a strong working capital position. Cash and marketable investments were $7.6 million and IAM has no debt.

IAM earns performance fees when investment returns outperform a designated benchmark. These benchmarks are contract specific, variable and only apply to certain investment products.

For detailed financial statements for the year, including Management's Discussion and Analysis, please refer to IAM's website at or SEDAR at after February 11, 2010.

IAM is one of Canada's leading alternative asset management company with approximately $2.0 billion in assets and committed capital under management in real estate, private corporate debt, private equity, managed futures and retail alternative investments.

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