Integrated Asset Management Corp.
TSX : IAM

Integrated Asset Management Corp.

August 07, 2013 07:30 ET

Integrated Asset Management Corp. Announces Results for the Third Quarter of Fiscal 2013

TORONTO, ONTARIO--(Marketwired - Aug. 7, 2013) - Integrated Asset Management Corp. ("IAM") (TSX:IAM) today announced unaudited financial results for the quarter ended June 30, 2013.



HIGHLIGHTS
3 Months Ended
June 30, 2013
(thousands except
per share amounts)
3 Months Ended
June 30, 2012
(thousands except
per share amounts)
9 Months Ended
June 30, 2013
(thousands except
per share amounts)
9 Months Ended
June 30, 2012
(thousands except
per share amounts)
Assets and Committed Capital Under Management ("AUM")
$1,759,000

$1,896,000

$1,759,000

$1,896,000
Revenues before the undernoted $4,935 $3,426 $11,588 $11,261
Performance fees $9 $921 $231 $1,902
Investment gain (loss) $85 $(234 ) $507 $341
Total revenues $5,029 $4,113 $12,326 $13,504
Net performance fees(1) $7 $691 $157 $1,431
EBITDA(1) $757 $252 $515 $435
Income (loss) before income taxes $482 $(358 ) $(61 ) $(537 )
Income taxes (recovery) $238 $171 $(189 ) $498
Net income (loss) attributed to common shareholders of the Corporation $241 $(653 ) $120 $(1,288 )
Earnings per share $0.01 $(0.02 ) $0.00 $(0.05 )
(1)Net Performance Fees and Earnings Before Interest, Taxes, Depreciation and Amortization ("EBITDA") are non-IFRS earnings measures used by IAM.

AUM were approximately $1.8 billion as at June 30, 2013. On July 30, 2013, IAM announced the first closing of Private Corporate Debt's new fund (IPD 4) with commitments to date of approximately $307 million. As a result, the Corporation's AUM increased to approximately $2.1 billion.

Marketing of IPD 4 continues with a second close anticipated in October 2013. IPD is also marketing a Long-Duration Fund and GPM has launched marketing of GPM (13). Considerable interest has been expressed by both existing clients and prospective new investors.

Management fees and other income were $4.9 million in the latest quarter, up $1.5 million from $3.4 million in the comparable quarter of fiscal 2012. The increase in management fees arose from the prepayment by a borrower of a loan managed by Private Corporate Debt which resulted in the Corporation receiving $1.7 million representing a number of years' management fees on this loan.

Nominal performance fees were realized in the third quarter of fiscal 2013, whereas $0.9 million were realized in the prior year's quarter; most of which were realized on Real Estate Asset Management.

EBITDA for the three months ended June 30, 2013 was $0.8 million, up from the prior year's comparable quarter of $0.3 million.

In May 2013, the Corporation announced its notice of intention to make a Normal Course Issuer Bid ("NCIB") for the purchase, for cancellation, of certain of its common shares. As at August 6, 2013, under the NCIB the Corporation has purchased 516,500 common shares at prevailing market prices or approximately 1.8% of the number of shares outstanding at the start of the NCIB.

Victor Koloshuk, Chairman and Chief Executive Officer, said "we are pleased with the progress made on the marketing of three institutional funds. We continue to explore strategic options for Retail Alternative Investments".

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 12, 2013.

IAM is one of Canada's leading alternative asset management companies 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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