TORONTO, ONTARIO--(Marketwire - Aug. 8, 2012) - Integrated Asset Management Corp. ("IAM") (TSX:IAM) today announced the unaudited financial results for the quarter ended June 30, 2012 and that its Board of Directors has approved payment of the annual dividend in the amount of $0.05 per common share.
IAM is very pleased to announce that John Crocker has agreed to join the Board of Directors effective today. John has an illustrious forty-year career in the pension and investment industries. He retired recently as President and Chief Executive Officer of the Hospital of Ontario Pension Plan (HOOPP), Canada's largest private trust with 265,000 members and $40 billion in assets.
HIGHLIGHTS |
3 Months Ended June 30, 2012 (thousands except per share amounts) | 3 Months Ended June 30, 2011 (thousands except per share amounts) | 9 Months Ended June 30, 2012 (thousands except per share amounts) | 6 Months Ended March 31, 2011 (thousands except per share amounts) | ||||||||||||
| Assets and Committed Capital Under Management ("AUM") | $ | 1,896,000 |
$ | 2,347,000 |
$ | 1,896,000 |
$ | 2,347,000 |
||||||||
| Revenues before the undernoted | $ | 3,426 | $ | 4,044 | $ | 11,261 | $ | 12,403 | ||||||||
| Performance fees | $ | 921 | $ | 5,381 | $ | 1,902 | $ | 8,374 | ||||||||
| Investment gain (loss) (1) | $ | (234 | ) | $ | 3,281 | $ | 341 | $ | 3,497 | |||||||
| Total revenues | $ | 4,113 | $ | 12,706 | $ | 13,504 | $ | 24,274 | ||||||||
| Net performance fees(2) | $ | 691 | $ | 3,601 | $ | 1,430 | $ | 5,336 | ||||||||
| EBITDA(2) | $ | 252 | $ | 3,362 | $ | 435 | $ | 5,283 | ||||||||
| Income (loss) before income taxes and non-controlling interest | $ | (358 |
) | $ | 6,261 |
$ | (302 |
) | $ | 7,646 |
||||||
| Income taxes | $ | (172 | ) | $ | (1,009 | ) | $ | (498 | ) | $ | (1,221 | ) | ||||
| Non-controlling share of loss (income)(3) | $ | 125 | $ | (1,498 | ) | $ | (489 | ) | $ | (1,496 | ) | |||||
| Net income (loss) and comprehensive income | $ | (653 | ) | $ | 3,754 | $ | (1,289 | ) | $ | 4,929 | ||||||
| Earnings per share | $ | (0.02 | ) | $ | 0.13 | $ | (0.05 | ) | $ | 0.17 | ||||||
| (1) | Most of the investment gain in fiscal 2011 is the gain on the sale of a real estate investment. |
| (2) | Net Performance Fees and Earnings Before Interest, Taxes, Depreciation and Amortization ("EBITDA") are non-IFRS earnings measures used by IAM. |
| (3) | 2012 includes investment gain on units of the Corporation's funds owned by unrelated third parties and a portion of performance fees payable to a former non-controlling shareholder of Real Estate Asset Management. |
AUM decreased by approximately $410 million during the nine months ended June 30, 2012 from $2,306 million as at September 30, 2011. The reasons for the decline are the end of a segregated fund agreement managed by Real Estate Asset Management effective February 2012 and the distribution to investors of the principal repayments received on loans in Private Corporate Debt's funds.
Management fees and other income were $3.4 million in the latest quarter, down $0.6 million from $4.0 million in the comparable quarter of fiscal 2011. About half of this decline is due to the end of the segregated account managed by Real Estate Asset Management in February 2012, referred to earlier, and a decline in management fees in Retail Alternative Investments.
Performance fees of approximately $0.9 million were recognized in the latest quarter, whereas performance fees of $5.4 million were earned in the prior year's quarter. Most of the performance fees in both quarters were from Real Estate Asset Management.
Investment loss of $0.2 million in the current quarter represents unrealized and realized gains on investments by IAM in funds managed by the Corporation, whereas investment gains were $3.3 million in the prior year's quarter because the Corporation sold its real estate investment.
EBITDA for the three months ended June 30, 2012 decreased to $0.3 million from $3.4 million in the prior year's comparable quarter due to the higher net performance fees in the prior quarter.
Net loss and comprehensive income was $0.7 million or $0.02 per share in the current quarter versus net income of $3.8 million or $0.13 per share in the prior year's quarter.
Loss before income taxes and non-controlling share of income was $0.4 million in the latest quarter. Income taxes of $0.2 million recognizes income taxes on profitable subsidiaries but does not include any potential benefit of tax losses incurred in the current quarter by the Corporation's other subsidiaries.
Victor Koloshuk, Chairman and Chief Executive Officer, said "management has taken steps to address continued operating losses in certain subsidiaries. We are also well advanced in the marketing of three institutional funds which should increase AUM significantly."
The Board of Directors of the Corporation has approved payment of a regular annual dividend on its outstanding shares of $0.05 per common share which will be paid on September 6, 2012 to shareholders of record on August 20, 2012.
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 13, 2012.
IAM is one of Canada's leading alternative asset management company with approximately $1.9 billion in assets and committed capital under management in real estate, private corporate debt, private equity, managed futures and retail alternative investments.
Contact Information:
Stephen Johnson
CFO
416 933 8278
sjohnson@iamgroup.ca
www.iamgroup.ca