TORONTO, ONTARIO–(Marketwired – May 6, 2016) – Integrated Asset Management Corp. (“IAM”) (TSX:IAM) today announced unaudited financial results for the quarter ended March 31, 2016.
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HIGHLIGHTS |
3 Months Ended March 31, 2016 (thousands except per share amounts) |
3 Months Ended March 31, 2015 (thousands except per share amounts) |
6 Months Ended March 31, 2016 (thousands except per share amounts) |
6 Months Ended March 31, 2015 (thousands except per share amounts) |
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| Invested Capital | $ | 1,620,000 | $ | 1,476,000 | $ | 1,620,000 | $ | 1,476,000 | ||
| Committed Capital to be Invested | $ | 777,000 | $ | 288,000 | $ | 777,000 | $ | 288,000 | ||
| Total Assets Under Management (“AUM”) | $ | 2,397,000 | $ | 1,764,000 | $ | 2,397,000 | $ | 1,764,000 | ||
| Revenues before the undernoted | $ | 2,739 | $ | 3,426 | $ | 5,369 | $ | 6,028 | ||
| Performance fees | $ | – | $ | 211 | $ | 445 | $ | 741 | ||
| Investment gain (loss) | $ | (80 | ) | $ | 591 | $ | (20 | ) | $ | 988 |
| Total revenues | $ | 2,659 | $ | 4,048 | $ | 5,794 | $ | 7,811 | ||
| Net performance fees(1) | $ | – | $ | 145 | $ | 357 | $ | 647 | ||
| EBITDA(1) | $ | (189 | ) | $ | 161 | $ | (539 | ) | $ | 852 |
| Net income (loss) from continuing operations | $ | (148 | ) | $ | 466 | $ | (274 | ) | $ | 1,216 |
| Net Gain from sale of discontinued operations | $ | – | $ | – | $ | 291 | $ | – | ||
| Net income (loss) attributed to common shareholders of the Corporation | $ | (155 | ) | $ | 454 | $ | (3 | ) | $ | 1,216 |
| Earnings per share | ||||||||||
| Continuing operations | $ | (0.01 | ) | $ | 0.02 | $ | (0.01 | ) | $ | 0.05 |
| Discontinued operations | – | – | $ | 0.01 | – | |||||
| Total | $ | (0.01 | ) | $ | 0.02 | $ | (0.00 | ) | $ | 0.05 |
| (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. | ||||||||||
John Robertson, President and CEO, said, “At the end of the second quarter we had approximately $777 million of commitments of capital in our funds to be invested. We expect to add to this in the third quarter with the potential closing of the first Infrastructure Debt Fund. As stated in our previous reports, we earn revenue only when the 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.”
AUM was approximately $2.4 billion at March 31, 2016, versus $1.8 billion for the quarter ended March 31, 2015. The increase is a result of the Debt Group closing Fund V at $667 million in November 2015.
Net loss for the quarter ended March 31, 2016 was $0.2 million or $(0.01) per share versus net income of $0.5 million or $0.02 per share in the quarter ended March 31, 2015. Performance fees in the quarter were nil compared to net performance fees of $0.1 million for the same quarter ended March 31, 2015. Investment losses were $0.1 million in the quarter versus a gain of $0.6 million for the same quarter in 2015.
EBITDA (continuing operations as defined in the MD&A) in the latest quarter was $(0.2) million versus $0.2 million in the comparable quarter of the last fiscal year. Investment losses of $0.1 million, which are not reflected in the calculation of EBITDA, contributed negatively to net income in the quarter.
John Robertson, President and CEO, said, “The transaction flow in both the Debt Group and the Real Estate Group can be lumpy. We experienced a slow investing period in both of these businesses in this quarter. The transaction pipeline in both businesses however, is strong so we are optimistic that an increase in the number of investments in the third and fourth quarter will get us back on track by year end.”
The Corporation’s Normal Course Issuer Bid (“NCIB”), pursuant to which IAM may purchase its common shares for cancellation, expires on May 20, 2016. The Corporation intends to seek the approval of the Toronto Stock Exchange to renew the NCIB for another 12 month period.
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, 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 May 5, 2016.
Tom Felkai
CFO
416-933-8263
tfelkai@iamgroup.ca
www.iamgroup.ca