Integrated Asset Management Corp.

Integrated Asset Management Corp.

February 08, 2013 16:01 ET

Integrated Asset Management Corp. Announces Results for the First Quarter of Fiscal 2013

TORONTO, ONTARIO--(Marketwire - Feb. 8, 2013) - Integrated Asset Management Corp. ("IAM") (TSX:IAM) today announced unaudited financial results for the quarter ended December 31, 2012.

Review of the 3 month Period Ended

December 31, 2012
(thousands except per
share amounts)
December 31, 2011
(thousands except per
share amounts)
Assets and Committed Capital Under Management ("AUM") $
Revenues before the undernoted $ 3,324 $ 3,900
Performance fees $ 218 $ 20
Investment gain $ 154 $ 282
Total revenues $ 3,696 $ 4,202
Net performance fees(1) $ 145 $ 19
EBITDA(1) $ 1 $ (92 )
Loss before income taxes $ (206 ) $ (318 )
Net income (loss) attributable to common shareholders of the Corporation $ 140 $ (391 )
Earnings (loss) per share $ 0.00 $ (0.01 )
(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 declined by approximately $56 million during the quarter ended December 31, 2012 to $1.9 billion. The principal reason for the decrease of approximately $370 million from December 31, 2011 to December 31, 2012 was the end of a segregated fund, effective February 2012, which was managed by Real Estate Asset Management.

Management fees, administration and redemption fees decreased from $3.8 million in the first quarter of fiscal 2012 to $3.3 million in fiscal 2013. About $0.4 million of this decline in management fees in the quarter is due to lower AUM in the Corporation's Real Estate Asset Management and Retail Alternative Investments divisions.

Victor Koloshuk, Chairman and Chief Executive Officer of IAM said "We are actively marketing new funds for Private Corporate Debt and Real Estate Asset Management. We expect these funds to close in fiscal 2013 and that these new commitments will be important in our rebound from a sub-par 2012."

For detailed financial statements for the year ended September 30, 2012 and for the first quarter, including Management's Discussion and Analysis and the Corporation's Annual Information Form, please refer to IAM's website or SEDAR at 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 February 8, 2013.

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.

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