Stock Name: FSZ
Amount: CAD 0.08
Announcement Date: 13/03/2012
Record Date: 22/03/2012
Dividend Detail:
MONTREAL, March 13, 2012 /CNW Telbec/ - Fiera Sceptre Inc. (TSX: FSZ)
("Fiera" or "the Firm"), a leading independent Canadian investment
firm, today reported its financial results for the first quarter ended
December 31, 2011 ("the first quarter").
First Quarter Highlights
Total AUM decreased by $348 million or 1.2% to $28.9 billion as at
December 31, 2011 compared to AUM of $29.3 billion as at December 31,
2010.
Revenue for the three-month period ended December 31, 2011 was $16.1
million, a decrease of 13.1% or $2.4 million compared to $18.6 million
for the same period in 2010;
Operating expenses were $12.7 million for the three-month period ended
December 31, 2011, an increase of 9.1% or $1.1 million compared to
$11.7 million for the same period in 2010;
Adjusted earnings before interest, taxes, depreciation and amortization
(Adjusted EBITDA) (a non-IFRS measure of performance) were $2.6 million
for the three-month period ended December 31, 2011, a decrease of $2.8
million or 51.3% compared to the adjusted EBITDA of $5.4 million for
the same period in 2010 (Adjusted EBITDA eliminates the effect of
performance fees on EBITDA);
Non-recurring costs related to strategic initiatives were $0.9 million.
For the quarter ended December 31, 2011, net earnings were $0.8 million
compared to $2.8 million for the corresponding three month period of
last year. The net earnings were impacted by non-recurring costs
related to the aforementioned strategic initiatives of $0.9 million
($0.6 million net of income taxes) or a $0.02 (basic and fully diluted)
per share impact. Excluding these expenses, net earnings for the
current quarter would have been $1.5 million or $0.04 (basic and fully
diluted) earnings per share.
"While our investment teams generally continued to outperform markets in
2011, our earnings were impacted by several one-off expenses, including
expenses related to strategic initiatives for future growth," said
Jean-Guy Desjardins, Chairman, CEO and CIO. "The acquisition of NATCAN
Investment Management by Fiera takes our assets to over $54 billion,
adding to our existing strong base of earnings and enabling us to offer
new strategies and services to our clients.�� During the quarter, we
also announced that we are investing in Fiera Properties, a new joint
venture with Axia Investments Inc. The joint venture will offer unique
national real estate fund vehicles and segregated account management
services to investors. Finally, we opened our first office in the
United States in September; an initiative that we strongly believe will
lead to a growing presence in the U.S. market."
First Quarter 2012 Financial and Operating Results
The following table provides selected financial information for the
three-month period ended December 31, 2011 compared to the same periods
in 2010.
�� | �� | |||
�� | 3 months ended | |||
�� | December 31, 2011 ('000) | �� | December 31, 2010 ('000) | |
AUM (in millions) | 28,920 | �� | 29,268 | |
Revenue | �� | �� | �� | |
�� | Base management fees | 15,246 | �� | 16,678 |
�� | Performance fees | 885 | �� | 1,879 |
�� | 16,131 | �� | 18,557 | |
Operating Expenses | 12,719 | �� | 11,656 | |
EBITDA | 3,413 | �� | 6,900 | |
Adjusted EBITDA | 2,639 | �� | 5,420 | |
Net Earnings | 829 | �� | 2,815 | |
Adjusted EBITDA per share | 0.07 | �� | 0.15 | |
Earnings per share | 0.02 | �� | 0.08 | |
Earnings per share (excluding non-recurring items) | 0.04 | �� | 0.10 | |
Revenue for the three-month period ended December 31, 2011 decreased by
$2.4 million or 13.1% to $16.1 million compared to $18.6 million for
the comparable period in prior year. The shortfall in revenue is due
mainly to the decrease in AUM in the private wealth and retail sectors
and in the externally managed mandates.�� The negative variation was
offset by new net inflows from existing and new clients combined with a
market appreciation.�� The impact of these movements on revenue was $1.4
million combined with lower performance fees of $1.0 million.
Operating expenses were $12.7 million for the three-month period ended
December 31, 2011, a 9.1% increase compared to $11.7 million for the
same period in 2010. The increase was due primarily to increased SG&A
expense, including $1.2 million in increased compensation expense for
investment teams whose results significantly outperformed the market.
The increase was offset in part by a decline of $0.7 million for
external manager expenses for the three months ended December 31, 2011.
For the first quarter of 2012, earnings before interest, taxes,
depreciation and amortization ("EBITDA") decreased by 50.5% or $3.5
million to $3.4 million. Adjusted EBITDA, which eliminates the effect
of performance fees, was $2.6 million for the three-month period ended
December 31, 2011, a decrease of $2.8 million compared to $5.4 million
for the same period last year.
Non-recurring expenses for strategic initiatives including acquisitions
were $0.9 million.�� The expenses covered professional and other costs
for the recently announced acquisition of NATCAN Investment Management;
Fiera's share of expenses during the first quarter for the launch of a
joint venture partner, and for the opening of a new office in the
United States.
For the three-month period ended December 31, 2011, net earnings were
$0.8 million compared to $2.8 million for the same period in the prior
fiscal year. The net earnings were impacted by non-recurring costs
related to the aforementioned transaction of $0.9 million ($0.6 million
net of income taxes) or a $0.02 (basic and fully diluted) per share
impact. Excluding these expenses, net earnings for the current quarter
would have been $1.5 million or $0.04 (basic and fully diluted)
earnings per share.
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 April 23, 2012 to shareholders of record at the close of
business on March 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 Sceptre'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
Sceptre'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 Sceptre assumes no obligation to update or revise
them to reflect new events or circumstances.
About Fiera Sceptre
Fiera Sceptre 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.fierasceptre.ca
��
For further information:
M��lanie Tardif, CMA
NATIONAL Public Relations
514 843-2060
Additional information relating to the Company, including the Company's annual information form, is on SEDAR at��www.sedar.com.
No comments:
Post a Comment