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Fiera Capital reports its results for the fourth quarter of 2012

MONTREAL, Nov. 13, 2012 /CNW Telbec/ - Fiera Capital Corporation (TSX: FSZ) 
("Fiera Capital" or "the Firm"), a leading independent Canadian investment 
firm, today reported its financial results for the fourth quarter ended 
September 30, 2012 ("the fourth quarter"). 
Financial and Operating Highlights 
Following the closing of the Natcan transaction, Fiera has changed its fiscal 
year end from September 30 to December 31. As a result, fiscal 2012 is a 
fifteen month period ending December 31, 2012. 
For the three months ended September 30, 2012: 


    --  AUM increased by $1.3B to $55.2B from the previous quarter
        ended June 30, 2012 and by $26.2B compared to the quarter ended
        September 30, 2011.
    --  Revenue remained stable at $26.4 million compared to the
        quarter ended June 30, 2012 and increased by $10.3 million from
        the quarter ended September 30, 2011.
    --  EBITDA decreased by $1.0 million to $9.4 million from the
        quarter ended June 30, 2012 and was improved by $ 5.4 million
        from the quarter ended September 30, 2011.
    --  The Firm recorded a net earnings of $0.05 per share compared to
        a net loss of $(0.06) per share for the quarter ended June 30,
        2012 and net earnings per share of $0.03 for the quarter ended
        September 30, 2011.
    --  Adjusted net earnings for the period were $6.6 million or $0.12
        (basic and fully diluted) earnings per share.  The adjusted net
        earnings for the three-month period ended June 30, 2012 and
        September 30, 2011 were respectively $7.1 million or $0.13
        (basic and fully diluted) earnings per share and $2.8 million
        or $0.08 (basic and fully diluted) earnings per share.
    --  Subsequent to the end of the quarter, on October 4, 2012 Fiera
        Capital announced that it reached an agreement with Société
        Général Private Banking to acquire Canadian Wealth Management
        Group Inc. ("CWM"), the Calgary-based subsidiary of Société
        Général Private Banking.

"We continue to focus on growth by expanding our geographic and sectorial 
presence. Our recent agreement to acquire CWM, a private wealth manager, is 
in line with the Firm's plan to create a powerful platform for growth, 
significant revenue and earnings leverage. It solidifies Fiera Capital's 
position as one of Canada's fastest growing investment managers and adds to 
our presence in western Canada," said Jean-Guy Desjardins, Chairman CEO and 
CIO of Fiera Capital. "We see tremendous growth potential for the asset 
management and private wealth management businesses, particularly in the fast 
growing market of Alberta. By combining CWM with Fiera Capital Private Wealth, 
we are adding an experienced and talented team of professionals, with 
excellent knowledge of an important regional market.''

Fourth Quarter 2012 Financial and Operating Results

The following table provides selected financial information for the three 
month period ended September 30, 2012 compared to the quarter ended June 30, 
2012 and to the same period in 2011.

Financial Highlights (In thousands)
                                                      
                                            Three months ended
                    September 30, 2012 June 30, 2012 September 30, 2011
                                                                       

AUM (in millions)               55,221        53,915             29,020

Revenue                                                                


Base management              25,874        26,098             15,869 
fees 
Performance fees                525           159                203 
                            26,399        26,257             16,072 
Operating Expenses              16,991        15,833             12,077 
EBITDA                         9,408        10,424              3,995 
Net Earnings                   3,008       (3,463)              1,246
(Loss) 
                                                                    
PER SHARE                                                               
EBITDA                          0.17          0.18               0.11 
Net earnings                    0.05        (0.06)               0.03
  (Loss) 
Adjusted net                    0.12          0.13               0.08
  earnings((1)) 
 (1) Adjusted net earnings per share excludes non-recurring and
  non-cash items. 


    

September 2012 AUM Continuity schedule
                                                         
                    September 30, 2012 June 30, 2012   Q4  NET VARIANCE

Institutional                   30,573        29,645                928

Private Wealth                   1,098         1,101                (4)

Retail                          23,551        23,168                382

AUM - end of period             55,221        53,915              1,306

Financial and Operating Results

Revenues for the three-month period ended September 30, 2012 increased by 
$10.3 million or 64.3% to $26.4million compared to $16.1 million for the 
same period in the prior year. The increase in revenues is mainly due to the 
Natcan acquisition.

Operating expenses increased by $4.9 million or 41% to $17 million for the 
three-month period ended September 30, 2012, compared to $12.1 million for the 
same period in 2011. The increase resulted from an overall rise in SG&A 
expenses of $4.5 million combined with higher external manager expenses of 
$0.4million for the three months ended September 30, 2012 following the 
Natcan acquisition.

For the quarter ended September 30, 2012, the Firm earned $3.0 million or 
$0.05 (basic and fully diluted). For the three-month period ended September 
30, 2011, the Firm earned $1.2 million or $0.03 (both basic and fully 
diluted). The net earnings were negatively impacted by $3.2 million or $0.06 
per share of non-cash items and $0.4 million or $0.01 per share of 
non-recurring costs (net of income taxes) during the quarter. When added 
back to the firm's earnings of $3.0 million or 0.05 per share, the adjusted 
net earnings for the three-month period ended September 30, 2012 were $6.6 
million or $0.12 (basic and fully diluted) earnings per share.

Mr. Desjardins continued "Our recent growth initiatives, including the Natcan 
acquisition, the launch of our activities in the United States, as well as our 
entry into the institutional real estate market through Fiera Properties, are 
proceeding as planned. We continue to experience strong momentum in the 
Institutional sector, the Private Wealth sector's revenues are stabilized and 
the Retail sector is impacted positively by the benefits of the recent Natcan 
acquisition."

Dividend

The Board of Directors has declared a dividend of $0.08 per Class A 
Subordinate Voting share and Class B Special Voting share of Fiera, payable on 
December 21, 2012 to shareholders of record at the close of business on 
November 26, 2012. The dividend is an eligible dividend for income tax 
purposes.

Forward-Looking Statements

This document may contain certain forward-looking statements. These statements 
relate to future events or future performance, and reflect management's 
expectations or beliefs regarding future events, including business and 
economic conditions and Fiera Capital's growth, results of operations, 
performance and business prospects and opportunities. Such forward-looking 
statements reflect management's current beliefs and are based on information 
currently available to management. In some cases, forward-looking statements 
can be identified by terminology such as "may", "will", "should", "expect", 
"plan", "anticipate", "believe", "estimate", "predict", "potential", 
"continue", "target", "intend" or the negative of these terms, or other 
comparable terminology.

By their very nature, forward-looking statements involve inherent risks and 
uncertainties, both general and specific, and a number of factors could cause 
actual events or results to differ materially from the results discussed in 
the forward-looking statements. In evaluating these statements, readers should 
specifically consider various factors that may cause actual results to differ 
materially from any forward-looking statement.

These factors include, but are not limited to, market and general economic 
conditions, the nature of the financial services industry, and the risks and 
uncertainties detailed from time to time in Fiera Capital's interim and annual 
consolidated financial statements, and its Annual Report and Annual 
Information Form filed on www.sedar.com. These forward-looking statements are 
made as of the date of this document, and Fiera Capital assumes no obligation 
to update or revise them to reflect new events or circumstances.

About Fiera Capital Corporation

Fiera Capital is a leading publicly traded, independent investment firm. The 
Firm is one of only a handful of full service, multi-product investment firms 
in Canada, offering clients a proven top tier track record in equity and fixed 
income management as well as depth and expertise in asset allocation and 
alternative investments. www.fieracapital.com

Mélanie Tardif, CPA, CMA NATIONAL Public Relations 514 843-2060

Additional information relating to the Company, including the Company's  
annual information form, is on SEDAR atwww.sedar.com.

SOURCE: FIERA CAPITAL CORPORATION

To view this news release in HTML formatting, please use the following URL: 
http://www.newswire.ca/en/releases/archive/November2012/13/c7297.html

CO: FIERA CAPITAL CORPORATION
ST: Quebec
NI: FIN ERN 

-0- Nov/13/2012 12:30 GMT


 
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