AGF Management Limited Announces Audited Consolidated Earnings Results for the Fourth Quarter and Year Ended November 30, 2012
January 30, 2013 at 08:02 am
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AGF Management Limited announced audited consolidated earnings results for the fourth quarter and year ended November 30, 2012. For the quarter, the company reported net income from continuing operations of $13.0 million, compared to $18.0 million during the same period in 2011. Revenue decreased to $125.0 million, compared to $138.2 million in the same period in 2011. As a result of lower revenue, EBITDA decreased 11.2% in the fourth quarter of 2012, over the respective 2011 period. Diluted earnings per share from continuing operations were $0.14 per share as compared to $0.19 per share for the same period in 2011. EBITDA was $50.0 million against $56.3 million a year ago. Net income attributable to equity owners of the company was $15.7 million or $0.17 per diluted share against net income attributable to equity owners of the company of $25.1 million or $0.26 per diluted share a year ago. Adjusted net income from continuing operations was $14.6 million or $0.16 per diluted share against $19.0 million or $0.20 per diluted share a year ago. Adjusted EBITDA from continuing operations was $49.2 million against $56.6 million a year ago.
For the year, the company's revenue from continuing operations decreased 12.9% to $510.2 million, compared to the same period in 2011, reflecting lower AUM levels. Diluted earnings per share from continuing operations for were $0.29 per share, compared to $0.80 per share in 2011. Adjusted EPS from continuing operations was $0.63 per share compared to $1.05 per share for the same period in 2011. EBITDA decreased to $189.0 million, compared to $238.0 million in 2011. Net income from continuing operations decreased to $27.7 million, compared to $76.6 million in 2011. Net income attributable to equity owners of the company was $52.3 million or $0.55 per diluted share against $103.6 million or $1.09 per diluted share a year ago. Return on equity was 2.5% as compared to 6.8% in 2011. The decrease was due to lower earnings in 2012, which were impacted by lower AUM levels, higher amortization on definite life intangibles and one-time adjustments outlined below. Adjusted EBITDA from continuing operations was $194.1 million against $249.2 million a year ago. Adjusted net income from continuing operations was $59.7 million against $100.1 million a year ago. Adjusted cash flow generated from continuing operating activities, before net change in non-cash balances related to operations, was $140.4 million compared to $184.9 million in the prior year. Net cash provided by continuing operating activities was $106.6 million against $144.6 million a year ago. Income before income taxes was $58.530 million against $114.681 million a year ago. Net cash used in operating activities was $107.666 million against $329.282 million a year ago. Purchase of property, equipment and computer software was $9.504 million against $3.650 million a year ago.
AGF Management Limited is a Canada-based diversified asset management company. The Company provides investment solutions to a range of clients, from individual investors and financial advisors to institutions, including pension plans, corporate plans, sovereign wealth funds, endowments, and foundations. The Company's subsidiaries provide investment management for mutual funds, factor-based exchange-traded funds (ETF), institutions and corporations, private wealth clients, and access to private markets through its three business lines: AGF Investments, AGF Private Wealth, and AGF Private Capital (Private Capital). Its wholly owned subsidiary, AGF CustomerFirst Inc. (AGFC), provides fund administration services to the AGF mutual funds. The Company also has an ownership interest in AGFWave Asset Management Inc. (AGFWave), which provides asset management services and products in China and South Korea.