Integrated Asset Management Corp.

Integrated Asset Management Corp.

February 10, 2011 09:21 ET

Integrated Asset Management Corp. Announces Results for the First Quarter of Fiscal 2011

TORONTO, ONTARIO--(Marketwire - Feb. 10, 2011) - Integrated Asset Management Corp. ("IAM") (TSX:IAM) today announced unaudited financial results for the quarter ended December 31, 2010.

Review of the 3-Month Period Ended

December 31, 2010 (thousands except per share amounts) December 31, 2009 (thousands except per share amounts)
Assets and Committed Capital Under Management ("AUM") $ 2,312,000 $ 1,988,000
Revenues before performance fees $ 4,513 $ 3,561
Performance fees $ 2,991 $ 4,653
Total revenues $ 7,504 $ 8,214
Net performance fees (1) $ 1,733 $ 3,155
EBITDA (1) $ 1,737 $ 3,191
Income before income taxes and non-controlling interest $ 1,553 $ 2,897
Net income and comprehensive income $ 1,444 $ 1,587
Earnings per share $ 0.05 $ 0.06
(1) Net Performance Fees and Earnings Before Interest, Taxes, Depreciation and Amortization ("EBITDA") are non-GAAP earnings measures used by IAM.

AUM increased by approximately $296 million during the three months ended December 31, 2010 from $2,016 million as at September 30, 2010. This increase in AUM is principally due to Private Corporate Debt closing a new fund (IPD 3) in October 2010 with total commitments of $275 million.

Victor Koloshuk, Chairman and Chief Executive Officer of IAM said "our first quarter results confirm the continuing progress that the Corporation making, particularly at BluMont Capital".

Revenues before performance fees were $4.5 million in the latest quarter, up from $3.6 million in the comparable quarter of fiscal 2010. Management fees in Retail Alternative Investments increased as a result of the impact of the acquisition of Northern Rivers in February 2010 and increased AUM in the Exemplar Portfolio funds.

Performance fees totaling $3.0 million were earned in the quarter by Retail Alternative Investments and the managed futures operations. In the prior year's quarter, performance fees totaled $4.7 million, comprising $4.3 million from Real Estate Asset Management and $0.4 million from Retail Alternative Investments.

EBITDA for the three months ended December 31, 2010 decreased to $1.7 million from $3.2 million in the prior year's comparable quarter due primarily to the lower net performance fees realized by the Corporation in the current quarter.

Net income and comprehensive income was $1.4 million or $0.05 per share in the current quarter versus $1.6 million or $0.06 per share in the prior year's comparable quarter.

For detailed financial statements for the quarter, including Management's Discussion and Analysis, please refer to IAM's website at or SEDAR at after February 11, 2011.

IAM is one of Canada's leading alternative asset management company with approximately $2.3 billion in assets and committed capital under management in real estate, private corporate debt, private equity, managed futures, global bonds and retail alternative investments.  

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