Integrated Asset Management Corp.
TSX : IAM

Integrated Asset Management Corp.

August 05, 2016 08:30 ET

Integrated Asset Management Corp. Announces Results for the Third Quarter of Fiscal 2016 and Declares Annual Dividend

TORONTO, ONTARIO--(Marketwired - Aug. 5, 2016) - Integrated Asset Management Corp. ("IAM") (TSX:IAM) today announced unaudited financial results for the quarter ended June 30, 2016 and that its Board of Directors has approved payment of the annual dividend in the amount of $0.06 per common share.



HIGHLIGHTS
3 Months Ended June 30, 2016 (thousands except per share amounts) 3 Months Ended June 30, 2015 (thousands except per share amounts) 9 Months Ended June 30, 2016 (thousands except per share amounts) 9 Months Ended June 30, 2015 (thousands except per share amounts)
Invested Capital $1,637,000 $1,541,000 $1,637,000 $1,541,000
Committed Capital to be Invested $728,000 $170,000 $728,000 $170,000
Total Assets Under Management ("AUM")
$2,365,000

$1,711,000

$2,365,000

$1,711,000
Revenues before the undernoted $3,085 $3,045 $8,454 $9,127
Performance fees $ - $108 $445 $849
Investment gain (loss) $(72 ) $(247 ) $(92 ) $741
Total revenues $3,013 $2,906 $8,807 $10,717
Net performance fees(1) $ - $81 $357 $728
EBITDA(1) $314 $463 $(225 ) $1,315
Net income (loss) from continuing operations
$206

$(116
)
$(62
)
$1,100
Net Gain from sale of discontinued operations $ - $ - $291 $ -
Net income (loss) attributed to common shareholders of the Corporation $209 $(178 ) $206 $1,038
Earnings per share
Continuing operations $0.01 $(0.01 ) $ (0.00 ) $0.04
Discontinued operations - - $0.01 -
Total $0.01 $(0.01 ) $0.01 $0.04
(1) Net Performance Fees and Earnings Before Interest, Taxes, Depreciation and Amortization, stock-based compensation and investment gains and losses ("EBITDA") are non-IFRS earnings measures used by IAM.

Net income for the quarter ended June 30, 2016 was $0.2 million or $(0.01) per share versus net loss in the quarter ended June 30, 2015 of $0.2 million or $(0.01) per share.

EBITDA for the three months ended June 30, 2016 was $0.3 million compared with $0.5 million in the same quarter of fiscal 2015.

AUM was approximately $2.4 billion at June 30, 2016, versus $1.7 billion for the quarter ended June 30, 2015. The increase is primarily a result of the Debt Group closing Fund V at $667 million in November 2015.

John Robertson, President and CEO, said "At the end of the third quarter we had approximately $728 million of committed capital to be invested in our Funds. We expect to add to this in the fourth quarter with the anticipated close of the first Infrastructure Debt Fund. As stated in our previous reports, we earn revenue only when committed capital is invested. As those investments are made, we will see an increase in fee revenue and a steadily growing stream of recurring management fees. This should result in increasing profitability as there will be little increase in overhead required to deploy and manage the additional revenue generating assets.

The deal flow in both the Debt Group and the Real Estate Group picked up significantly in the quarter, with both groups making a number of investments. As a result, the Real Estate fund is approaching being fully invested, and private debt Fund V is now 8% invested and committed. Further, the transaction pipeline in both businesses continues to be strong and we expect to complete additional investments in the fourth quarter."

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 8, 2016 to shareholders of record on August 18, 2016.

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, 2016.

IAM is one of Canada's leading alternative asset management companies with approximately $2.4 billion in assets and committed capital under management in real estate, private debt and managed futures as of August 4, 2016.

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