NexGen Financial Announces First Quarter 2014 Results
27 5월 2014 - 5:15AM
Marketwired
NexGen Financial Announces First Quarter 2014 Results
TORONTO, ONTARIO--(Marketwired - May 26, 2014) - NexGen
Financial Corporation ("NexGen" or "the Company") (TSX-VENTURE:NFX)
today announced its unaudited financial results for the quarter
ended March 31, 2014.
NexGen continues to
execute on its business plan by broadening our family of funds with
the planned June launch of two new equity strategies. The NexGen US
Growth Fund will be sub-advised by JPMorgan Asset Management Inc.,
and the NexGen Intrinsic Growth Fund, sub-advised by Galibier
Capital Management Ltd., of Toronto. While overall AUM1 has felt
the negative effects of the general rotation out of Fixed Income
funds, we continue to see growing awareness and acceptance in the
market place of our balanced and equity fund offerings.
"New funds have
contributed significantly to our AUM. NexGen launched 3 funds in
2013 which have now grown to a combined AUM of $167 million. We
have made signficant progress deepening our investment management
capabilities and are very pleased to welcome JPMorgan Asset
Management Inc. and Galibier Capital Management Ltd. as
sub-advisors to the NexGen Funds," said Jeff Young Co-CEO of
NexGen.
NexGen is pleased to
announce that Ms. Heather Hunter, one of Canada's most highly
regarded fund managers, has joined the Company's Board of
Directors. Ms Hunter has nearly 40 years of experience in the
investment management industry including leading roles at Invesco
Canada Ltd. and Ontario Teachers' Pension Plan Board. "Ms Hunter
brings a tremendous amount of industry experience which will be of
great benefit to our business" said Geoff Matus, Chair of the
NexGen Board of Directors.
Q1 2014
Highlights
- Equity and Balanced fund AUM increased by 34% to $493 million
as of March 31, 2014, from $368 million as of March 31, 2013
- Fixed Income fund AUM decreased by 41% to $390 million as of
March 31, 2014, from $660 million as of March 31, 2013
- AUM increased 0.6% during the quarter as a result of market
appreciation
- Net redemptions for the first quarter of 2014 were $25.7
million declining from $38.9 million in the fourth quarter of
2013
- Operating EBITDA2 decreased to a negative $0.06 million ($0.01
per share) for the first quarter of 2014, from a positive $0.30
million ($0.06 per share) for the first quarter of 2013
NexGen reported a
net loss of $0.37 million ($0.08 loss per share) for the three
months ended March 31, 2014, compared with a net loss of $0.19
million ($0.04 loss per share) for the same period in the prior
year.
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. |
|
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 CorporationAbe GoenkaInterim
Co-CEO416.775.3723agoenka@nexgenfinancial.ca
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