TORONTO, ONTARIO--(Marketwired - Aug. 6, 2014) - Integrated Asset Management Corp. ("IAM") (TSX:IAM) today announced unaudited financial results for the quarter ended June 30, 2014 and that its Board of Directors has approved payment of the annual dividend in the amount of $0.06 per common share, an increase of 20%.
HIGHLIGHTS |
3 Months Ended June 30, 2014 (thousands except per share amounts) |
3 Months Ended June 30, 2013 (thousands except per share amounts) |
9 Months Ended June 30, 2014 (thousands except per share amounts) |
9 Months Ended June 30, 2013 (thousands except per share amounts) |
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| Assets and Committed Capital Under Management ("AUM") | $ | 1,906,000 |
$ | 1,759,000 |
$ | 1,906,000 |
$ | 1,759,000 |
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| Revenues before the undernoted | $ | 2,458 | $ | 3,983 | $ | 7,402 | $ | 8,824 | ||||
| Performance fees | $ | 3,583 | $ | 2 | $ | 3,583 | $ | 8 | ||||
| Investment gain (loss) | $ | (133 | ) | $ | 80 | $ | 115 | $ | 495 | |||
| Total revenues | $ | 5,908 | $ | 4,065 | $ | 11,100 | $ | 9,327 | ||||
| Net performance fees(1) | $ | 2,687 | $ | 2 | $ | 2,687 | $ | 8 | ||||
| EBITDA(1) | $ | 2,513 | $ | 812 | $ | 2,436 | $ | 995 | ||||
| Net income from continuing operations | $ | 1,509 |
$ | 369 |
$ | 1,283 |
$ | 813 |
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| Gain on sale of discontinued operations | $ | - | $ | - | $ | 6,684 | $ | - | ||||
| Loss from discontinued operations | $ | - | $ | (125 | ) | $ | (172 | ) | $ | (685 | ) | |
| Net income attributed to common shareholders of the Corporation | $ | 982 | $ | 241 | $ | 7,280 | $ | 120 | ||||
| Earnings per share | $ | 0.04 | $ | 0.01 | $ | 0.27 | $ | 0.00 | ||||
| (1) | Net Performance Fees and Earnings Before Interest, Taxes, Depreciation and Amortization ("EBITDA") are non-IFRS earnings measures used by IAM. |
The principal changes in AUM between June 30, 2013 and June 30, 2014 are the sale of BluMont Capital, which reduced AUM by approximately $276 million, the closing of a private debt fund which raised $387 million in commitments and the closing of a real estate fund during the prior quarter which raised $135 million.
The sale of BluMont Capital was completed in December 2013 and the gain on its sale and the historical results of its operations are shown under discontinued operations in the Corporation's financial statements.
Total revenues were $5.9 million in the latest quarter, up $1.8 million from $4.1 million in the comparable quarter of fiscal 2013. The increase is due to performance fees of $3.6 million realized in the latest quarter. In the comparable quarter of fiscal 2013, there was a prepayment of a loan managed by IAM Private Debt which resulted in the Corporation receiving $1.7 million representing a number of years' management fees from this loan.
EBITDA for the three months ended June 30, 2014 was $2.5 million compared with $0.8 million in the comparable quarter of fiscal 2013. Net performance fees in the current quarter were $2.7 million compared with nominal net performance fees in the prior year's quarter.
John Robertson, President and Chief Executive Officer, said "Our two core businesses, the Private Debt Group and the Real Estate Group, are growing and are solidly profitable with stable, predictable cash flows. Our plan is to grow these businesses. To that end, in October, 2013 we closed the fourth IAM Private Debt Fund, raising $387 million. In May, 2014, we announced the second and final close of our 13th IAM Real Estate Fund, with commitments of $135 million. We have received several commitments to IAM's first Long Duration Infrastructure Debt Fund and expect a first close near the end of the calendar year. The new capital raised translates into additional recurring revenue as the commitments are deployed."
The Board of Directors of the Corporation has approved payment of a regular annual dividend on its outstanding shares of $0.06 per common share which will be paid on September 5, 2014 to shareholders of record on August 18, 2014.
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 11, 2014.
IAM is one of Canada's leading alternative asset management companies with approximately $1.9 billion in assets and committed capital under management in real estate, private debt, managed futures and private equity.
Contact Information:
Stephen Johnson
CFO
416 933 8278
sjohnson@iamgroup.ca
www.iamgroup.ca