TORONTO, ONTARIO--(Marketwire - Dec. 9, 2011) - Integrated Asset Management Corp. ("IAM") (TSX:IAM) today announced audited financial results for the fiscal year ended September 30, 2011. Net income and comprehensive income was $4.3 million or $0.15 per share in the current year versus net income and comprehensive income of $1.0 million or $0.04 per share in the prior year. EBITDA was $5.5 million compared to the prior year's EBITDA of $4.4 million as a result of higher net performance fees of $2.5 million offset partly by lower commitment fee revenue and higher operating costs of startup businesses.
Investment gains in the current year totaled $3.1 million, virtually all of which is due to the sale of a real estate investment which was acquired and has been managed by the Corporation since 2003. Investment gains (including the gain on the sale of the real estate) are included in revenues and net income but are not included in the calculation of EBITDA.
| Review of the Quarter | Review of the Year | |||||||||||
| Ended September 30, 2011 | Ended September 30, 2011 | |||||||||||
| 2011 | 2010 | 2011 | 2010 | |||||||||
| (thousands | (thousands | (thousands | (thousands | |||||||||
| except per share | except per share | except per share | except per share | |||||||||
| HIGHLIGHTS | amounts) | amounts) | amounts) | amounts) | ||||||||
| Assets and Committed | ||||||||||||
| Capital Under | $ | 2,305,900 | $ | 2,016,000 | $ | 2,305,900 | $ | 2,016,000 | ||||
| Management ("AUM") | ||||||||||||
| Revenues before performance fees |
$ | 3,507 |
|
|
$ |
5,599 |
$ |
19,396 |
|
$ |
16,791 |
|
| Performance fees | 562 | 13 | 8,936 | 4,769 | ||||||||
| Total revenues | $ | 4,069 | $ | 5,612 | $ | 28,332 | $ | 21,560 | ||||
| Net performance fees (1) | $ | 419 | $ | 13 | $ | 5,755 | $ | 3,264 | ||||
| EBITDA (1) | $ | 189 | $ | 812 | $ | 5,459 | $ | 4,359 | ||||
| Income (loss) before income taxes and non-controlling interest (1) | $ |
(628 |
) |
|
$ |
498 |
$ |
7,007 |
|
$ |
2,916 |
|
| Net income (loss) and comprehensive income | $ |
(586 |
) |
|
$ |
220 |
$ |
4,334 |
|
$ |
1,035 |
|
| Earnings (loss) per share | $ | (0.02 | ) | $ | 0.01 | $ | 0.15 | $ | 0.04 | |||
| (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 increased by approximately $290 million in fiscal 2011 to $2.3 billion. Both Private Corporate Debt and Real Estate Asset Management closed new funds during fiscal 2011.
Performance fees of $8.9 million were realized in fiscal 2011, of which $5.7 million were in Real Estate Asset Management and $3.2 million in Retail Alternative Investments. In fiscal 2010, performance fees of $4.8 million were realized, the majority of which were in Real Estate Asset Management.
Victor Koloshuk, Chairman and Chief Executive Officer of IAM said "Fiscal 2011 was a good year for IAM. We had some clear wins in raising new capital in difficult times when many managers were unsuccessful in raising commitments. We expect 2012 will be challenging given the current economic and investment climate in Canada and worldwide".
For detailed financial statements for the year, including Management's Discussion and Analysis and the Corporation's Annual Information Form, please refer to IAM's website or SEDAR at www.sedar.com after December 14, 2011.
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, global bonds, managed futures and retail alternative investments as of December 6, 2011.
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.
Contact Information:
Stephen Johnson
CFO
416 933 8278
sjohnson@iamgroup.ca