Integrated Asset Management Corp.
TSX : IAM

Integrated Asset Management Corp.

February 09, 2012 09:05 ET

Integrated Asset Management Corp. Announces Results for the First Quarter of Fiscal 2012

TORONTO, ONTARIO--(Marketwire - Feb. 9, 2012) - Integrated Asset Management Corp. ("IAM") (TSX:IAM) today announced unaudited financial results for the quarter ended December 31, 2011.

Review of the 3-Month Period Ended


HIGHLIGHTS
December 31, 2011
(thousands except per share amounts)
December 31, 2010
(thousands except per share amounts)
December 31, 2009
(thousands except per share amounts)
Assets and Committed Capital Under Management ("AUM") $
2,252,000
$
2,312,000
$
1,988,000
Revenues before performance fees $
4,182
$
4,520
$
3,561
Performance fees $ 20 $ 2,991 $ 4,653
Total revenues $ 4,202 $ 7,511 $ 8,214
Net performance fees (1) $ 19 $ 1,733 $ 3,155
EBITDA (1) $ (92 ) $ 1,744 $ 3,191
Income (loss) before income taxes and non-controlling interest $
(156
) $
1,560
$
2,897
Net income (loss) and comprehensive income $
(391
) $
1,449
$
1,587
Earnings per share $ (0.01 ) $ 0.05 $ 0.06
(1) Net Performance Fees and Earnings Before Interest, Taxes, Depreciation and Amortization ("EBITDA") are non-IFRS earnings measures used by IAM.

AUM decreased by approximately $54 million during the three months ended December 31, 2011 from $2,306 million as at September 30, 2011. The principal reason for the decline is the distribution to investors of the principal repayments received on loans in Private Corporate Debt's funds.

Revenues before performance fees were $4.2 million in the latest quarter, down $0.3 from $4.5 million in the comparable quarter of fiscal 2011. The prior year's quarter includes revenues of $0.5 million from the resource asset management activities which were discontinued in that quarter. Management fees in Real Estate Asset Management and Retail Alternative Investments were in aggregate approximately $0.3 million higher in the latest quarter.

EBITDA for the three months ended December 31, 2010 decreased to negative ($0.1) million from $1.7 million in the prior year's comparable quarter due to net performance fees being nominal in the current quarter and $1.7 million in the prior quarter.

Net loss and comprehensive income was $0.4 million or $0.01 per share in the current quarter versus net income of $1.4 million or $0.05 per share in the prior year's comparable quarter.

Victor Koloshuk, Chairman and Chief Executive Officer, said "while we did experience a small decline in AUM during the quarter, plans are well advanced to start the marketing of three institutional funds in the next quarter, with the potential for a significant increase in AUM".

For detailed financial statements for the quarter, including Management's Discussion and Analysis, please refer to IAM's website at www.iamgroup.ca or SEDAR at www.sedar.com after February 11, 2012.

IAM is one of Canada's leading alternative asset management companies 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.

Contact Information