NexGen Financial Corporation Announces 2013 Year-End Results
26 3월 2014 - 5:17AM
Marketwired
NexGen Financial Corporation Announces 2013 Year-End Results
TORONTO, ONTARIO--(Marketwired - Mar 25, 2014) - NexGen
Financial Corporation ("NexGen" or "the Company"),
(TSX-VENTURE:NFX) is pleased to announce its financial results for
the three and twelve month periods ended December 31, 2013.
2013 Highlights
- New equity funds launched in 2013 contributed net sales of $96
million. These sales continued in 2014 with net sales of
approximately $32.3 million year to date.
- AUM1 has broadened with balanced and equity funds representing
51% of total AUM at year end from 34% at the end of the prior
year
- AUM1 decreased 14.7% to $877.2 million as of December 31, 2013,
from $1,028.1 million as of December 31, 2012
- Operating EBITDA2 decreased by $0.4 million to $1.5 million
($0.32 per share) for 2013, from $1.9 million ($0.42 per share) in
the prior year
NexGen reported a net loss for 2013 of $0.5 million ($0.11 loss
per share), compared with a net loss of $0.2 million ($0.04 loss
per share) in the prior year.
Q4 2013 Results
Management and administration fee revenues decreased 18% to $3.5
million in the fourth quarter of 2013, from $4.2 million in the
fourth quarter of 2012. Tax management fee revenue, which are based
on achieving performance and tax objectives and are earned in the
fourth quarter of each year, decreased by $395,146 when compared to
the prior year. Operating EBITDA decreased by $0.4 million to $0.6
million in the fourth quarter of 2013, from $1.0 million in the
fourth quarter of 2012. The decrease in the operating performance
resulted primarily from lower levels of AUM and lower realization
of tax management fee partially offset by lower operating
expenses.
Net income for the fourth quarter of 2013 was $0.1 million
($0.03 per share) as compared to $0.3 million ($0.07 per share) for
the same period in the prior year.
"We are excited about 2014 and the opportunities ahead. With our
improved product line-up and investment management capability and
our cost cutting, we are taking the steps required to position the
Company for future growth and a return to positive net sales." said
Abe Goenka, Interim Co-CEO of NexGen.
Notes:
- 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.
- 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 CorporationAbe GoenkaInterim
Co-CEO416.775.3723agoenka@nexgenfinancial.ca
(TSXV:NFX)
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