CALGARY, May 7, 2013 /CNW/ - Aston Hill Financial Inc. ("Aston Hill" or the
"Company") (TSX:AHF) announces it has filed its unaudited interim Consolidated
Financial Statements for the period ended March 31, 2013 and related
Management Discussion and Analysis with Canadian securities regulatory
For the period ended March 31, 2013, Aston Hill's revenues were $7.3 million,
an increase of 18% from March 31, 2012 revenue of $6.2 million. The revenue
increase was due mainly to the continued growth and performance of the Aston
Hill mutual funds and additional overhead recoveries from the services
agreement with Argent Energy Trust. Aston Hill Assets under Management,
Administration and Advisory ("AUM") increased 15% year-over-year from $5.9
billion to $6.8 billion at March 31, 2013. The rise in AUM is mainly the
result of new mutual fund subscriptions, Argent acquisitions later in 2012 and
the continued increase in the IA Clarington sub-advised funds.
General and administrative expenses were $4.5 million for the first three
months of 2013 as compared to $4.7 million for the prior quarter. EBITDA for
the three months ended March 31, 2013 was $2.4 million before stock-based
compensation ($2.0 million after stock-based compensation) up from the prior
year amount of $2.1 million before stock-based compensation ($1.5 million
after stock-based compensation). The year-over-year EBITDA increase is a
result of revenue increases from the Company's investment management services
and products offset by increased compensation, office, marketing and product
development costs related to the growth of Aston Hill's mutual funds. The
first quarter EBITDA of $2.0 million represents a notable increase from the
fourth quarter of 2012 EBITDA of $371,000 due to increased revenues and net
gains on investments and decreases in G&A expenses and product development
Aston Hill Financial Inc. is a diversified asset management company with a
suite of retail mutual funds, closed end funds, private equity funds, hedge
funds and segregated institutional funds. The Company is also engaged in the
administration of Argent Energy Trust (TSX: AET.UN). Aston Hill Financial
has offices in Calgary, Toronto and Halifax.
The TSX has neither approved nor disapproved the information contained herein.
1. EBITDA: EBITDA is not a standardized earnings measure prescribed
by IFRS; however, management believes that most of its
shareholders, creditors, other stakeholders and investment
analysts prefer to use this performance measure in analyzing Aston
2. Forward-Looking Statements: This news release contains certain
"forward-looking statements" within the meaning of such statements
under applicable securities law. Forward-looking statements are
frequently characterized by words such as "plan", "continue",
"expect", "project", "intend", "believe", "anticipate",
"estimate", "may", "will", "potential", "proposed" and other
similar words, or statements that certain events or conditions
"may" or "will" occur. These statements are only predictions.
Various assumptions were used in drawing the conclusions or making
the projections contained in the forward-looking statements
throughout this news release. Forward-looking statements are
based on the opinions and estimates of management at the date the
statements are made, and are subject to a variety of risks and
uncertainties and other factors that could cause actual events or
results to differ materially from those projected in the
For a detailed description of the risks and uncertainties facing the Company
and its business and affairs, readers should refer to the Company's annual
financial statements and management discussion and analysis for the year ended
December 31, 2012, both of which are available at www.sedar.com. The Company
undertakes no obligation to update forward-looking statements if circumstances
or management's estimates or opinions should change, unless required by law.
The reader is cautioned not to place undue reliance on forward-looking
concerning this press release, please contact:
Eric Tremblay Chief Executive Officer Aston Hill Financial Inc. (403)
Larry Titley Vice President and CFO Aston Hill Financial Inc. (403) 770-4808
SOURCE: Aston Hill Financial Inc.
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CO: Aston Hill Asset Management Inc.
NI: FIN ERN
-0- May/07/2013 21:35 GMT
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