NexGen Financial Announces First Quarter 2012 Results
22 5월 2012 - 7:31PM
PR Newswire (Canada)
TORONTO, May 22, 2012 /CNW/ - NexGen Financial Corporation
("NexGen" or "the Company"), today announced its unaudited
financial results for the quarter ended March 31, 2012. Q1 2012
Highlights -- Assets under management1 ("AUM") increased 7% to
$948.6 million at March 31, 2012, from $886.5 million at March 31,
2011, compared to an industry increase of 0.1% over the same period
-- AUM increased $28.6 million during the first quarter of 2012,
driven by net sales of $14.1 million and market appreciation of
$14.5 million -- Management and administration fee revenues were
$3.4 million for the first quarter of 2012, a 17% increase from
$2.9 million for the first quarter of 2011 -- Operating EBITDA2
improved to $0.26 million ($0.06 per share) for the first quarter
of 2012, from negative $0.04 million (negative $0.01 per share) for
the first quarter of 2011 NexGen reported a net loss of $0.18
million ($0.04 per share) for the three months ended March 31,
2012, compared with a net loss of $1.46 million ($0.32 per share)
for the same period in the prior year. There was a one-time,
non-cash income tax expense of $1.13 million recognized in the
first quarter of 2011 resulting from a corporate reorganization.
Net loss before taxes for the three months ended March 31, 2012 was
$0.18 million when compared to a loss of $0.43 million for the same
period in the prior year. "Despite a challenging market backdrop we
continued to grow our asset base in the first quarter of 2012,
driven by $14.1 million in net sales and $14.5 million in market
value appreciation in our funds", said Laurie Munro, President
& CEO of NexGen. "We are focused on broadening our product
offering to provide investors with a wider range of options. We
will be shortly introducing a new Corporate Bond Fund which is
anticipated to be available in early June. The fund will be
sub-advised by Baker Gilmore, a well respected Montreal-based
Canadian fixed income manager." The Company's complete financial
results are available at ir.nexgenfinancial.ca and www.sedar.com.
Notes: 1. Assets under management or "AUM" refers to the market
value of net assets of the investment funds on which management
fees are calculated. Industry data as reported by the Investment
Funds Institute of Canada. 2. Operating EBITDA defined by NexGen as
earnings before interest, taxes, depreciation and amortization,
investment income and other non-cash expenses Non-GAAP financial
measures such as "Assets Under Management" or "AUM", and "Operating
EBITDA" do not have any standardized meaning prescribed by
International Financial Reporting Standards ("IFRS") and may not be
comparable to similar measures presented by other companies.
Readers are cautioned that these non-GAAP measures are not
alternatives to measures determined in accordance with IFRS and
should not, on their own, be construed as indicators of
performance, cash flows, or profitability. However, management of
NexGen believes that most shareholders, creditors and other
stakeholders prefer to include the use of these financial measures
in analyzing the Company's results. About NexGen Financial NexGen
Financial Corporation is a mutual fund company and was founded to
develop value added investment solutions for financial advisors and
their clients. The firm is focused on the creation of innovative
investment products and services that meet the needs of Canadians
seeking more tax efficient investment opportunities and greater
control over the tax treatment of their investments. Managed by
strong investment professionals, NexGen's unique Registered and
Tax-Managed Fund offerings are well positioned as attractive
investment opportunities for Canadians looking to alleviate the tax
costs associated with traditional investment solutions. Forward
Looking Statements This release may contain "forward-looking
statements" which reflect the current expectations of the Company.
These statements reflect management's current beliefs with respect
to future events and are based on information currently available
to management. Forward-looking statements involve significant known
and unknown risks, uncertainties and assumptions. Many factors
could cause actual results, performance or achievements to be
materially different from any future results, performance or
achievements that may be expressed or implied by such
forward-looking statements including, without limitation, those
listed under the heading "Risk Factors" in the Company's Management
Discussion and Analysis, which is available on the Company's
website and on SEDAR at www.sedar.com. Should one or more of these
risks or uncertainties materialize, or should assumptions
underlying the forward-looking statements prove incorrect, actual
results, performance or achievements could vary materially from
those expressed or implied by the forward-looking statements
contained in this release. Although the forward-looking statements
contained in this release are based upon what the Company believes
to be reasonable assumptions, the Company cannot assure investors
that actual results, performance or achievements will be consistent
with these forward-looking statements. These forward-looking
statements are made as of the date of this release and the Company
does not assume any obligation to update or revise them to reflect
new events or circumstances. Neither TSX Venture Exchange nor its
Regulation Services Provider (as that term is defined in policies
of the TSX Venture Exchange) accepts responsibility for the
adequacy of this release. NexGen Financial Corporation CONTACT:
Laurie Munro, President & CEONexGen Financial
Corporation416.775.3705lmunro@nexgenfinancial.ca Abe Goenka, CFO
& COONexGen Financial
Corporation416.775.3723agoenka@nexgenfinancial.ca
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