TORONTO, May 21, 2013 /CNW/ - NexGen Financial Corporation ("NexGen" or "the Company"), (TSX-V: NFX) today announced its unaudited financial results for the quarter ended March 31, 2013. Q1 2013 Highlights -- Assets under management(1) ("AUM") increased 8% to $1.03 billion at March 31, 2013, from $948.6 million at March 31, 2012 -- Launched NexGen US Dividend Funds in January 2013 generating approximately $10 million sales during the first quarter -- Management and administration fee revenues were $3.5 million for the first quarter of 2013, a 3.2% increase from $3.4 million for the first quarter of 2012 -- Operating EBITDA(2) improved to $0.30 million ($0.06 per share) for the first quarter of 2013, from $0.26 million ($0.06 per share) for the first quarter of 2012 NexGen reported a net loss of $0.19 million ($0.04 per share) for the three months ended March 31, 2013, compared with a net loss of $0.18 million ($0.04 per share) for the same period in the prior year. "We continue to improve the financial results having reported positive Free Cash Flow for the quarter. In addition, we are broadening our product suite to appeal to a wider range of investors", said Laurie Munro, President & CEO of NexGen. "NexGen's new US Dividend Plus Funds launched January 2(nd) and sub-advised by Ziegler Lotsoff of Chicago had assets of $10.6 million as of March 31(st) and has been well received to date by financial advisors" he added. The Company's complete financial results are available at ir.nexgenfinancial.ca and www.sedar.com. Notes: 1. Assets under management or "AUM" refers to the market value of net assets of the investment funds on which management fees are calculated. Industry data as reported by the Investment Funds Institute of Canada. 2. Operating EBITDA defined by NexGen as earnings before interest, taxes, depreciation and amortization, investment income and other non-cash expenses. 3. Free Cash Flow defined as Operating EBITDA less interest and deferred sales commissions paid. Non-GAAP financial measures such as "Assets Under Management" or "AUM", "Operating EBITDA", and "Free Cash Flow" do not have any standardized meaning prescribed by International Financial Reporting Standards ("IFRS") and may not be comparable to similar measures presented by other companies. Readers are cautioned that these non-GAAP measures are not alternatives to measures determined in accordance with IFRS and should not, on their own, be construed as indicators of performance, cash flows, or profitability. However, management of NexGen believes that most shareholders, creditors and other stakeholders prefer to include the use of these financial measures in analyzing the Company's results. About NexGen Financial NexGen Financial Corporation is a mutual fund company and was founded to develop value added investment solutions for financial advisors and their clients. The firm is focused on the creation of innovative investment products and services that meet the needs of Canadians seeking more tax efficient investment opportunities and greater control over the tax treatment of their investments. Managed by strong investment professionals, NexGen's unique Registered and Tax-Managed Fund offerings are well positioned as attractive investment opportunities for Canadians looking to alleviate the tax costs associated with traditional investment solutions. Forward Looking Statements This release may contain "forward-looking statements" which reflect the current expectations of the Company. These statements reflect management's current beliefs with respect to future events and are based on information currently available to management. Forward-looking statements involve significant known and unknown risks, uncertainties and assumptions. Many factors could cause actual results, performance or achievements to be materially different from any future results, performance or achievements that may be expressed or implied by such forward-looking statements including, without limitation, those listed under the heading "Risk Factors" in the Company's Management Discussion and Analysis, which is available on the Company's website and on SEDAR at www.sedar.com. Should one or more of these risks or uncertainties materialize, or should assumptions underlying the forward-looking statements prove incorrect, actual results, performance or achievements could vary materially from those expressed or implied by the forward-looking statements contained in this release. Although the forward-looking statements contained in this release are based upon what the Company believes to be reasonable assumptions, the Company cannot assure investors that actual results, performance or achievements will be consistent with these forward-looking statements. These forward-looking statements are made as of the date of this release and the Company does not assume any obligation to update or revise them to reflect new events or circumstances. Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy of this release. Laurie Munro, President & CEO NexGen Financial Corporation 416.775.3705 email@example.com Abe Goenka, CFO & COO NexGen Financial Corporation 416.775.3723 firstname.lastname@example.org SOURCE: NexGen Financial Corporation To view this news release in HTML formatting, please use the following URL: http://www.newswire.ca/en/releases/archive/May2013/21/c8804.html CO: NexGen Financial Corporation ST: Ontario NI: FIN ERN -0- May/21/2013 21:25 GMT
NexGen Financial Announces First Quarter 2013 Results
Press spacebar to pause and continue. Press esc to stop.