Gluskin Sheff + Associates Inc. Announces Second Quarter Fiscal 2013 Results
TORONTO, Feb. 7, 2013 /CNW/ - Gluskin Sheff + Associates Inc. (the "Company")
announced today its results for the three and six months ended December 31,
for AUM and
amounts) 3 Months 3 Months 6 Months 6 Months
Ended Ended Ended Ended
2012 Dec 31, 2011 Dec 31, 2012 Dec 31, 2011
in millions) $ 5,725 $ 5,279 $ 5,725 $ 5,279
Fees $ 18,747 $ 18,373 $ 37,215 $ 37,675
Fees 32,441 1,060 33,537 1,341
Income 851 1,264 1,601 2,041
Total Revenue $ 52,039 $ 20,697 $ 72,353 $ 41,057
Base EBITDA $ 9,608 $ 8,207 $ 18,630 $ 17,247
Net Income $ 24,724 $ 4,697 $ 30,670 $ 10,155
Share $0.85 $0.16 $1.06 $0.35
Share $0.85 $0.16 $1.05 $0.35
The Company's revenues are derived from Base Management Fees, calculated as a
percentage of Assets Under Management ("AUM"), Performance Fees, which are
earned when the Company exceeds pre-specified rates of return, and Investment
and Other Income.
During the quarter, AUM increased by $85 million to $5.7 billion as at
December 31, 2012 from $5.6 billion as at September 30,2012 as positive
investment performance of $135 million was partially offset by net withdrawals
of $50 million. AUM increased by $446 million from $5.3 billion as at
December 31, 2011, to $5.7 billion as at December 31,2012. This increase in
AUM is attributable to positive investment performance of $510 million and net
withdrawals of $64 million.
For the three months ended December 31, 2012, Base Management Fees increased
to $18.7 million from $18.4 million for the three months ended December 31,
2011, an increase of 2.0% due primarily to the increase in average AUM to $5.7
billion from $5.3 billion.
Performance Fees for the three months ended December 31, 2012 were $32.4
million, compared to $1.1 million for the three months ended December 31, 2011.
Net Income was $24.7 million or $0.85 per common share, basic and diluted, for
the three months ended December 31, 2012, up from $4.7 million or $0.16 per
common share, basic and diluted, for the three months ended December 31, 2011.
"We are pleased with the strong returns we generated for our clients this past
quarter and throughout 2012, as well as with the great progress our Firm made
in improving the focus and efficiency of our operations over the course of the
year," commented Jeremy Freedman, President & Chief Executive Officer. "These
returns enabled us to declare our first mid-year special dividend in the
amount of $0.65 per share, in respect of Performance Fees earned over the six
months ended December 31, 2012."
The Company's full financial statements and Management's Discussion and
Analysis can be found on the Company's website at www.gluskinsheff.com and on
Founded in 1984, Gluskin Sheff + Associates Inc. is one of Canada's
pre-eminent wealth management firms serving high net worth private clients and
institutional investors. Gluskin Sheff offers equity and fixed income
investment portfolios in addition to being one of the largest managers of
alternative investments in Canada. The Company's Subordinate Voting Shares are
listed on the Toronto Stock Exchange under the symbol "GS". For more
information about the Company, please visit our website at
This press release may contain forward-looking statements relating to Gluskin
Sheff + Associates Inc.'s business and the environment in which it operates.
These statements are based on the Company's expectations, estimates, forecasts
and projections. They are not guarantees of future performance and involve
risks and uncertainties that are difficult to control or predict. These risks
and uncertainties are discussed in the Company's regulatory filings available
on the Company's website at www.gluskinsheff.com or at www.sedar.com. Actual
outcomes and results may differ materially from those expressed in these
forward-looking statements. Readers, therefore, should not place undue
reliance on any such forward-looking statements. Further, a forward-looking
statement speaks only as of the date on which such statement is made. The
Company undertakes no obligation to publicly update any such statement or to
reflect new information or the occurrence of future events or circumstances.
Included in this press release are certain financial terms (including Base
EBITDA and AUM) that the Company utilizes to assess the financial performance
of its business that are not measures recognized under International Financial
Reporting Standards (IFRS). These non-IFRS measures do not have any
standardized meanings prescribed by IFRS and should not be considered
alternatives to net income or any other measure of performance determined in
accordance with IFRS. Therefore, these non-IFRS measures are unlikely to be
comparable to similar measures presented by other issuers. For additional
information regarding the Company's use of non-IFRS measures, including the
calculation of these measures, please refer to the "Non-IFRS financial
measures" section of the Company's Management's Discussion and Analysis and
its financial statements available on the Company's website and on the SEDAR
website located at www.sedar.com.
David R. Morris Chief Financial Officer and Secretary 1.416.681.6036
SOURCE: Gluskin Sheff + Associates Inc.
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-0- Feb/07/2013 15:19 GMT
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