Integrated Asset Management Corp.
TSX : IAM

Integrated Asset Management Corp.

December 09, 2014 07:30 ET

Integrated Asset Management Corp. Announces Results for Fiscal 2014

TORONTO, ONTARIO--(Marketwired - Dec. 9, 2014) - Integrated Asset Management Corp. ("IAM") (TSX:IAM) today announced audited financial results for the fiscal year ended September 30, 2014. Net income was $7.3 million or $0.27 per share in the current year versus net loss of $0.5 million or $0.02 per share in the prior year. EBITDA increased from $1.3 million in fiscal 2013 to $2.4 million in fiscal 2014. The financial results for fiscal 2014 reflect the net gain of $6.7 million on the sale of BluMont Capital Corporation ("BluMont Capital") in December 2013.

Review of the Quarter Review of the Year



HIGHLIGHTS
3 Months Ended
September 30, 2014
(thousands except
per share amounts)
3 Months Ended
September 30, 2013
(thousands except
per share amounts)
Year Ended
September 30, 2014
(thousands except
per share amounts)
Year Ended
September 30, 2013
(thousands except
per share amounts)
Assets and Committed Capital Under Management ("AUM") $ 1,874,000 $ 1,935,200 $ 1,874,000 $ 1,935,200
Revenues before the undernoted $ 2,758 $ 2,954 $ 10,158 $ 11,777
Performance fees $ 52 $ - $ 3,635 $ 8
Investment gain (loss) $ 496 $ (160 ) $ 612 $ 335
Total revenues $ 3,305 $ 2,794 $ 14,405 $ 12,120
Net performance fees(1) $ 52 $ - $ 2,739 $ 8
EBITDA(1) $ (83 ) $ 277 $ 2,352 $ 1,271
Net income (loss) from continuing operations $ 68 $ (333 ) $ 1,336 $ 472
Net gain on sale of discontinued operations $
6,684
Net loss from discontinued operations $ (398 ) $ (172 ) $ (1,083 )
Net income (loss) attributed to common shareholders of the Corporation $ 68 $ (644 ) $ 7,348 $ (524 )
Earnings per share
Continuing operations $ 0.00 $ (0.01 ) $ 0.03 $ 0.02
Discontinued operations $ (0.01 ) $ 0.24 $ (0.04 )
Total $ 0.00 $ (0.02 ) $ 0.27 $ (0.02 )
(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).

The financial statements of the Corporation for fiscal years 2014 and 2013 include the operating results of BluMont Capital to the date of sale in December 2013, but they are separated and classified as "discontinued operations"; the remaining operations of IAM are classified as "continuing operations". In the table above, revenues and EBITDA exclude the revenues and EBITDA of BluMont Capital.

In aggregate, AUM of $1.9 billion at September 30, 2014 was similar to that of the prior year end. AUM in IAM Private Debt decreased approximately $150 million in fiscal 2014 due to the distribution to investors of routine principal repayments received on loans in the private debt funds and also due to some early prepayments of loans. AUM in IAM Real Estate increased approximately $90 million in fiscal 2014 due to the closing of a new fund raising $135 million of commitments. This increase was partially offset by the monetization of a fund in the fiscal year and the distribution of the proceeds to the institutional investors. This monetization resulted in the realization of a performance fee of approximately $3.6 million from the Corporation.

John Robertson, Chief Executive Officer said, "Our two core businesses, IAM Private Debt and IAM Real Estate, are profitable and enjoy stable, predictable cash flows. It is our intention to expand these businesses further, both by raising new core funds and by launching new products. We are also actively seeking acquisitions of complementary, related businesses. We are well positioned to fund growth and acquisitions."

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 12, 2014.

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 debt, managed futures and private equity as of December 4, 2014.

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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