Integrated Asset Management Corp.
TSX : IAM

Integrated Asset Management Corp.

August 10, 2009 13:47 ET

Integrated Asset Management Corp. Announces Results for the Third Quarter of Fiscal 2009

TORONTO, ONTARIO--(Marketwire - Aug. 10, 2009) - Integrated Asset Management Corp. ("IAM") (TSX:IAM) today announced unaudited financial results for the quarter ended June 30, 2009.



Review of the 3-Month Period Ended

---------------------------------------------------------------------------
June 30, 2009 June 30, 2008
(thousands except (thousands except
per share per share
HIGHLIGHTS amounts) amounts)
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Assets and Committed Capital
Under Management ("AUM")(1) $2,052,000 $2,521,000
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Revenues before Performance
Fees(1) $4,188 $4,572
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Performance Fees $4 $5,676
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Total Revenues(1) $4,192 $10,248
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Net Performance Fees(2) $4 $3,666
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EBITDA(1)(2) $195 $3,908
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Income (loss) from continuing
operations before income taxes
and non-controlling interest(1) $(144) $3,703
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Net income (loss) and
comprehensive income $(125) $1,785
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Earnings (loss) per share $0.00 $0.06
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(1) Excludes discontinued operations (Darton) which were sold effective
December 1, 2008.

(2) Earnings before interest, taxes, depreciation and amortization
("EBITDA") and Net Performance Fees are non-GAAP earnings measure
used by IAM.


AUM decreased by approximately $469 million from the previous year and decreased by approximately $278 million from September 30, 2008. The decrease is primarily the result of market depreciation and net redemptions in Retail Alternative Investments which has been negatively affected by the unprecedented events in the global financial markets in the second half of 2008 and first quarter of 2009. AUM decreased approximately $40 million in the current quarter.

Total revenues in the three months ended June 30, 2009 were $4.2 million compared to $10.2 million in the quarter ended June 30, 2008. There were no material performance fees in the current quarter whereas there were $5.7 million in performance fees in the comparable quarter in fiscal 2008 primarily from Real Estate Asset Management.

EBITDA from continuing operations for the three months ended June 30, 2009 was $0.2 million, a reduction of $3.7 million from $3.9 million EBITDA in the prior year's comparable quarter. The prior year's quarter included net performance fees (performance fees after deducting related expenses) of $3.7 million that were realized by the Corporation compared to nominal net performance fees realized in the current year's quarter. The last quarter's report to shareholders indicated that we expected quarterly earnings to improve over the coming quarters and a modest improvement is reported this quarter.

IAM reported a loss from continuing operations before income taxes and non-controlling interest of $0.1 million in the current quarter versus income of $3.7 million for the three months ended June 30, 2008.

Net loss was $0.1 million or $0.00 per share in the current quarter versus net income of $1.8 million or $0.06 per share in the prior year's comparable quarter.

IAM ended the quarter with a strong working capital position. Cash and marketable securities were $7.1 million and IAM has no debt.

IAM earns performance fees when investment returns outperform a designated benchmark. These benchmarks are contract specific, variable and apply only to certain investment products.

For detailed financial statements for the quarter, including Management's Discussion and Analysis, please refer to IAM's website at www.iamgroup.ca or SEDAR at www.sedar.com after August 10, 2009.

IAM is Canada's leading alternative asset management company with approximately $2.1 billion in assets and committed capital under management in real estate, private corporate debt, private equity, managed futures and retail alternative investments.

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