Integrated Asset Management Corp.

Integrated Asset Management Corp.

August 04, 2006 09:17 ET

Integrated Asset Management Corp. Announces Results for the Third Quarter of Fiscal 2006

TORONTO, ONTARIO--(CCNMatthews - Aug. 4, 2006) - Integrated Asset Management Corp. ("IAM") (TSX VENTURE:IAM) today announced unaudited financial results for the quarter ended June 30, 2006.

Review of the 3-Month Period Ended

June 30, 2006 June 30, 2005
(thousands except (thousands except
HIGHLIGHTS per share amounts) per share amounts)
Assets and Committed Capital
Under Management ("AUM") $2,952,300 $2,761,000
Total Revenues $6,964 $18,396
Total Performance Fees
Included in Total Revenues $1,313 $13,745
Operating Income(i) $749 $8,121
Net Income $476 $3,701
Earnings Per Share $0.02 $0.17

(i) Operating Income is a non-GAAP (generally accepted accounting
principle) earnings measure. This measure is income before income
taxes and the deduction of stock-based compensation expense.

IAM experienced AUM growth of 7% adding approximately $191.3 million of new assets since June 30, 2005. AUM were comprised of $2.2 billion at the Asset Management operations and $0.8 billion at the Hedge Funds operations at June 30, 2006.

Total revenues in the three months ended June 30, 2006 were $7.0 million compared to $18.4 million in the quarter ended June 30, 2005. This is a result of decreased performance fees realized during the current quarter. However, there was 27% growth in the predictable revenues of management fees, administration and redemption fees.

Operating income was $0.7 million compared to the prior year's quarter operating income of $8.1 million. Net income was $0.5 million in the current quarter versus net income of $3.7 million in the prior year's quarter.

IAM earns performance fees when investment returns outperform a designated benchmark. These benchmarks are contract specific and only apply to certain investment products. Performance fees of the Asset Management operations are realized sporadically as they tend to be recognized generally towards the end of the life of the pool of assets being managed, which at times can be up to twelve years. Performance fees at the Hedge Funds operations are generally recognized on an annual basis or semi-annual basis.

For detailed financial statements for the quarter, including Management's Discussion and Analysis, please refer to IAM's website at or SEDAR at during the week of August 7, 2006.

IAM was founded 8 years ago with 4 employees. Today we have 280 employees with approximately $3 billion in assets and committed capital under management.

Our strategy is to seek out the very best alternative asset managers. We both acquire and build teams of experienced, highly successful investment professionals. Our product line is broad, today encompassing private equity, private debt, real estate, managed futures and hedge funds. It will expand. Additional strategies and managers that might be added to the group are continually being evaluated.

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.

The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this release.

Contact Information