Gluskin Sheff + Associates Inc. Announces Second Quarter Fiscal 2013 Results

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, 
2012. 
Financial Highlights: 


                                                          

(unaudited, $
'000s except
for AUM and
per share
amounts)        3 Months       3 Months       6 Months       6 Months
                   Ended          Ended          Ended          Ended
                 Dec 31,
                    2012   Dec 31, 2011   Dec 31, 2012   Dec 31, 2011
                                                                     
                                                                     

Assets Under
Management ($
in millions)     $ 5,725        $ 5,279        $ 5,725        $ 5,279
                                                                     

Revenue:                                                             

  Base
  Management
  Fees          $ 18,747       $ 18,373       $ 37,215       $ 37,675

  Performance
  Fees            32,441          1,060         33,537          1,341

  Investment
  & Other
  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
                                                                     

Basic
Earnings per
Share              $0.85          $0.16          $1.06          $0.35
                                                                     

Diluted
Earnings per
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 
www.sedar.com.

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 
www.gluskinsheff.com.

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.

Non-IFRS Measures
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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CO: Gluskin Sheff + Associates Inc.
ST: Ontario
NI: FIN ERN 

-0- Feb/07/2013 15:19 GMT


 
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