The Globe and Mail

Go to the Globe and Mail homepage

Jump to main navigationJump to main content

Globe Investor

News Sources

Take control of your investments with the latest investing news and analysis

Press release from Marketwire

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

Tuesday, May 07, 2013

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

16:26 EDT Tuesday, May 07, 2013

TORONTO, ONTARIO--(Marketwired - May 7, 2013) - Integrated Asset Management Corp. ("IAM") (TSX:IAM) today announced unaudited financial results for the quarter ended March 31, 2013.



HIGHLIGHTS
3 Months Ended March 31, 2013 (thousands except per share amounts) 3 Months Ended March 31, 2012 (thousands except per share amounts) 6 Months Ended March 31, 2013 (thousands except per share amounts) 6 Months Ended March 31, 2012 (thousands except per share amounts)
Assets and Committed Capital Under Management ("AUM") $
1,886,000
$
1,940,000
$
1,886,000
$
1,940,000
Revenues before the undernoted $ 3,328 $ 3,936 $ 6,652 $ 7,836
Performance fees $ 5 $ 961 $ 223 $ 981
Investment gain $ 269 $ 292 $ 423 $ 574
Total revenues $ 3,602 $ 5,189 $ 7,298 $ 9,391
Net performance fees(1) $ 5 $ 721 $ 150 $ 740
EBITDA(1) $ (244 ) $ 275 $ (242 ) $ 183
Income (loss) before income taxes $
(337
) $
138
$
(543
) $
(179
)
Income taxes (recovery) $ (78 ) $ 242 $ (426 ) $ 327
Net loss attributed to common shareholders of the Corporation $ (261 ) $ (245 ) $ (121 ) $ (636 )
Earnings per share $ (0.01 ) $ (0.01 ) $ (0.00 ) $ (0.02 )
(1)Net Performance Fees and Earnings Before Interest, Taxes, Depreciation and Amortization ("EBITDA") are non-IFRS earnings measures used by IAM.

AUM were unchanged in the quarter and were approximately $1.9 billion as at March 31, 2013.

Management fees and other income were $3.3 million in the latest quarter, down $0.6 million from $3.9 million in the comparable quarter of fiscal 2012. This decline is the result of the end of a segregated fund managed by Real Estate Asset Management in February 2012.

Nominal performance fees were realized in the second quarter of fiscal 2013, whereas $1.0 million were realized in the prior year's quarter; most of which were realized when the segregated fund managed by Real Estate Asset Management ended.

EBITDA for the three months ended June 30, 2012 decreased to negative ($0.2) million from $0.3 million in the prior year's comparable quarter due to the higher net performance fees in the prior quarter.

Over the past year, the Corporation reduced expenses in Retail Alternative Investments and sold its global bonds operations which were incurring losses. Excluding expenses relating to performance fees, expenses declined $0.8 million from $4.7 million in the second quarter of fiscal 2012 to $3.9 million in the latest quarter.

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."

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 May 10, 2013.

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 corporate debt, private equity, managed futures and retail alternative investments.

FOR FURTHER INFORMATION PLEASE CONTACT:

Contact Information:
Integrated Asset Management Corp.
Stephen Johnson
CFO
416 933 8278
sjohnson@iamgroup.ca
www.iamgroup.ca

Products
  • Globe Unlimited

    Digital all access pass across devices. subscribe

  • The Globe and Mail Newspaper

    Newspaper delivered to your doorstep. subscribe

  • Globe2Go

    The digital replica of our newspaper. subscribe

  • Globe eBooks

    A collection of articles by the Globe. subscribe

See all Globe Products

Advertise with us

GlobeLink.ca

Your number one partner for reaching Canada's Influential Achievers. learn more

The Globe at your Workplace
Our Company
Customer Service
Globe Recognition
Mobile Apps
NEWS APP
INVESTING APP
Other Sections