TORONTO, ONTARIO--(Marketwire - May 11, 2011) - Integrated Asset Management Corp. ("IAM") (TSX:IAM) today announced unaudited financial results for the quarter ended March 31, 2011.
| HIGHLIGHTS | 3 Months Ended March 31, 2011 (thousands except per share amounts) | 3 Months Ended March 31, 2010 (thousands except per share amounts) | 6 Months Ended March 31, 2011 (thousands except per share amounts) | 6 Months Ended March 31, 2010 (thousands except per share amounts) |
| Assets and Committed Capital Under Management ("AUM") | $2,309,000 | $2,045,000 | $2,309,000 | $2,045,000 |
| Revenues before performance fees | $4,051 | $3,599 | $8,564 | $7,160 |
| Performance fees | $2 | $88 | $2,992 | $4,741 |
| Total revenues | $4,053 | $3,687 | $11,556 | $11,901 |
| Net performance fees (1) | $2 | $88 | $1,735 | $3,244 |
| EBITDA (1) | $170 | $(68) | $1,907 | $3,123 |
| Income (loss) before income taxes and non-controlling interest | $(180) | $(411) | $1,372 | $2,485 |
| Net income (loss) and comprehensive income | $(279) | $(493) | $1,165 | $1,093 |
| Income (loss) per share | $(0.01) | $(0.02) | $0.04 | $0.04 |
| (1) Net Performance Fees and Earnings (loss) before interest, taxes, depreciation and amortization ("EBITDA") are non-GAAP earnings measures used by IAM. |
AUM increased by approximately $293 million during the six months ended March 31, 2011 from $2,016 million as at September 30, 2010. This increase in AUM is principally due to Private Corporate Debt closing a new fund (IPD3) in October 2010 with total commitments of $275 million.
The AUM of $2.3 billion as at March 31, 2011 does not reflect the closing of a new real estate fund, GPM (12), with commitments of $174 million and the divestiture of properties in a mature fund, GPM (8), both of which occurred in May 2011.
Total revenues in the three months ended March 31, 2011 increased to $4.1 million from $3.7 million in the prior year's quarter. Management fees in Retail Alternative Investments (BluMont Capital) increased as a result of higher AUM in the Exemplar Portfolio funds. No material performance fees were realized in these quarters.
EBITDA for the three months ended March 31, 2011 was $0.2 million, up from negative $0.1 million in the prior year's comparable quarter.
Net loss was $0.3 million or negative $0.01 per share in the current quarter versus a net loss of $0.5 million or negative $0.02 per share in the prior year's comparable quarter.
Total revenues in the six months ended March 31, 2011 were $11.6 million and included performance fees of $3.0 million. Net income for this six-month period was $1.2 million or $0.04 per share.
Victor Koloshuk, Chairman and Chief Executive Officer of IAM said "although I am not happy with the second quarter results, I am very pleased with the progress made by each of the divisions and the declining losses in those quarters when no performance fees are realized. GPM has raised a new $174 million fund, a record high; Private Corporate Debt is marketing a new infrastructure fund; BluMont Capital's sales of Exemplar Portfolio funds have been improving and fund performances have been exceptional; and finally, Managed Futures' AUM have increased over 70% in the 6 months ended March 31, 2011 albeit from a small base".
In May 2011, the Corporation sold a single real estate investment which was not part of the Corporation's business activities. As a result of the disposition, the Corporation will realize an after-tax gain of approximately $2 million or $0.07 per share, subject to closing adjustments, in the financial statements for the quarter ending June 30, 2011. Also in May 2011, the Corporation completed the divestiture of substantially all the properties in GPM (8) and realized a performance fee of approximately $5 million before associated expenses and taxes. These fees and expenses will be reflected in the results for the quarter ending June 30, 2011.
For detailed financial statements for the year, including Management's Discussion and Analysis, please refer to IAM's website at www.iamgroup.ca or SEDAR at www.sedar.com after May 13, 2011.
IAM is one of Canada's leading alternative asset management companies with approximately $2.4 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:
Stephen Johnson
CFO
416 933 8278
sjohnson@iamgroup.ca