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Press release from Marketwire

Integrated Asset Management Corp. Announces Results for the Third Quarter of Fiscal 2011 and Declares Dividend

Friday, August 05, 2011

Integrated Asset Management Corp. Announces Results for the Third Quarter of Fiscal 2011 and Declares Dividend09:09 EDT Friday, August 05, 2011TORONTO, ONTARIO--(Marketwire - Aug. 5, 2011) - Integrated Asset Management Corp. ("IAM") (TSX:IAM) today announced unaudited financial results for the quarter ended June 30, 2011 and that its Board of Directors has also approved payment of the annual dividend in the amount of $0.05 per common share.HIGHLIGHTS3 Months Ended June 30, 2011 (thousands except per share amounts)3 Months Ended June 30, 2010 (thousands except per share amounts)9 Months Ended June 30, 2011 (thousands except per share amounts)9 Months Ended June 30, 2010 (thousands except per share amounts)Assets and Committed Capital Under Management ("AUM") $ 2,347,000 $ 1,997,000 $ 2,347,000 $ 1,997,000Revenues before performance fees$7,325$4,032$15,887$11,192Performance fees$5,381$15$8,374$4,756Total revenues$12,706$4,047$24,261$15,948Net performance fees (1)$3,601$8$5,336$3,251EBITDA (1)$3,363$424$5,269$3,547Income (loss) before income taxes and non-controlling interest$6,262$(65)$7,632$ 2,415Net income (loss) and comprehensive income$3,755$(276)$4,917$817Income (loss) per share$0.13$(0.01)$0.17$0.03(1) Net Performance Fees and Earnings before interest, taxes, depreciation and amortization ("EBITDA") are non-GAAP earnings measures used by IAM. Total revenues in the three months ended June 30, 2011 increased to $12.7 million from $4.0 million in the prior year's quarter. Total revenues in the latest quarter are comprised of management fees ($4.0 million), performance fees ($5.4 million) and investment gains ($3.3 million).Management fees were $4.0 million in the latest quarter, closely approximating the amount of $3.9 million in the prior year's quarter.Performance fees totaled $5.4 million in the latest quarter consisting of $5.2 million realized on the monetization of GPM (8) and $0.2 million realized in Retail Alternative Investments.Investment gains in the quarter totaled $3.3 million, virtually all of which is due to the sale by the Corporation of a real estate investment which was acquired and has been managed by the Corporation since 2003.Net income for the quarter ended June 30, 2011 was $3.8 million ($0.13 per share) versus net loss of $0.3 million ($0.01 per share) in the prior year's quarter.EBITDA for the three months ended June 30, 2011 was $3.4 million, up from $0.4 million in the prior year's comparable quarter due to higher net performance fees. Investment gains, including the investment gain on the sale of the real estate investment are not included in the calculation of EBITDA.Total revenues in the nine months ended June 30, 2011 were $24.3 million and included performance fees of $8.4 million and investment gains of $3.3 million. Net income for this nine-month period was $4.9 million or $0.17 per share. The impact on net income of the investment gain on the sale of the real estate is $2.2 million or $0.08 per share.AUM increased by approximately $350 million during the nine months ended June 30, 2011 from $2,016 million as at September 30, 2010. This increase in AUM is due to Private Corporate Debt closing a new fund (IPD3) in October 2010 with total commitments of $275 million and a net increase in AUM in Real Estate Asset Management from the closing of a new real estate fund, GPM (12), with commitments of $174 million, and the divestiture of properties in a mature fund, GPM (8), both of which occurred in May 2011.Victor Koloshuk, Chairman and Chief Executive Officer of IAM said "This was the best quarter in your company's history. As a result, the annual dividend was increased 25%. We are pleased with the results, particularly in the face of uncertain and volatile capital markets."The Board of Directors of the Corporation has approved payment of a regular dividend on its outstanding common shares of $0.05 per common share which will be payable on September 16, 2011 to shareholders of record on September 6, 2011.For detailed financial statements for the year, 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, 2011.IAM is one of Canada's leading alternative asset management companies with approximately $2.3 billion in assets and committed capital under management in real estate, private corporate debt, private equity, managed futures, global bonds and retail alternative investments.FOR FURTHER INFORMATION PLEASE CONTACT: Stephen JohnsonIntegrated Asset Management Corp.CFO416 933 8278sjohnson@iamgroup.cawww.iamgroup.ca