Stock Name: TCN
Amount: CAD 0.06
Announcement Date: 14/11/2011
Record Date: 29/12/2011
Dividend Detail:
/NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR FOR DISTRIBUTION IN
THE UNITED STATES./
TORONTO, Nov. 14, 2011 /CNW/ - Tricon Capital Group Inc. (TSX: TCN)
("Tricon" or the "Company") today announced its results for the third
quarter ended September 30, 2011. Financial Statements and Management's
Discussion and Analysis are available on the Tricon website at
www.triconcapital.com and have been filed on SEDAR. Results are
prepared in accordance with International Financial Reporting Standards
("IFRS") and presented in Canadian dollars rounded to the nearest
thousand, unless otherwise noted.
Highlights:
Net Income for the quarter was $993,000, a $878,000 increase from Q3
2010. As a result, EPS for the quarter improved to $0.05 per share as
compared to $0.01 per share in Q3 2010.
Adjusted Base Revenues for the quarter increased by $264,000 to
$2,999,000 when compared to the corresponding period in 2010, while
Adjusted Base EBITDA decreased from $1,259,000 in Q3 2010 to
$1,089,000, primarily as a result of formation and legal costs
associated with the start-up of Canadian fund Tricon XII, which costs
have been reported as Investment Losses.
Adjusted EBITDA declined from $1,377,000 in Q3 2010 to $1,091,000 in Q3
2011, primarily as a result of the aforementioned Investment Losses and
the anticipated reduction in performance fees earned.
An expression of interest was received for a $100 million lead order for
US distressed fund Tricon XI from a large U.S. institutional investor,
with an initial close now anticipated in Q1 2012. Fundraising efforts
will continue with subsequent closings permitted for a period of one
year from the date of initial closing.
Assets Under Management ("AUM") have continued to grow throughout the
course of 2011 and were $961,548,000 at September 30, 2011 - an
increase of $34,114,000 from Q2 2011 and an increase of $108,912,000
since the end of 2010,
A quarterly dividend of 6 cents per share was declared on November 11,
2011 to shareholders of record on December 31, 2011 and will be payable
on January 13, 2012.
"We continue to execute the business plan laid out when we went public
in May 2010 and believe that our fundraising success will continue over
the next 12 - 18 months. We have built a deep pipeline of investment
opportunities for both our Canadian fund and our distressed U.S. fund
which we believe reflects Tricon's position as the capital provider of
choice for the residential development industry" said David Berman,
Chairman and Chief Executive Officer. "Aside from our fundraising
efforts, we are also surveying the market for strategic corporate
opportunities which will further drive shareholder value. Overall, we
believe that Tricon continues to have strong growth prospects going
forward and that we are well positioned to provide our shareholders
with an excellent balance of current yield and long-term growth."
Selected Financial Summary | | | | | |
| | | | | |
| | | | At Sept. 30 2011 | At December 31 2010 |
| | | | | |
Assets Under Management | | | | $961,548,000 | $852,636,000 |
| | | | | |
| | | | ||
| Three Months Ended Sept. 30 | | Nine Months Ended Sept 30 | ||
| 2011 | 2010 | | 2011 | 2010 |
| | | | | |
Adjusted Base Revenue | $2,999,000 | $2,735,000 | | $8,412,000 | $7,813,000 |
| | | | | |
Net Income (Loss) (1) | $993,000 | $115,000 | | $289,000 | ($8,975,000) |
| | | | | |
Adjusted Base EBITDA (2) | $1,089,000 | $1,259,000 | | $3,476,000 | $3,839,000 |
Adjusted EBITDA (2) | $1,091,000 | $1,377,000 | | $3,631,000 | $4,561,000 |
Adjusted Net Income (2) | $592,000 | $729,000 | | $1,931,000 | $2,128,000 |
| | | | | |
Net Income (Loss) - Per Share | $0.05 | $0.01 | | $0.02 | ($0.72) |
Adjusted Net Income - Per Share (2) | $0.03 | $0.04 | | $0.11 | $0.17 |
Shares Outstanding | 18,240,871 | 18,240,871 | | 18,240,871 | 12,442,149 |
| | | | | |
(1) | Net Income includes several Non-Recurring and Non-Cash items, including a significant LTIP accrual as mandated by IFRS. Please see MD&A for additional detail. |
(2) | Tricon measures the success of its business by employing several key performance indicators which are not recognized under IFRS, including AUM, Adjusted Base EBITDA, Adjusted EBITDA and Adjusted Net Income. These indicators should not be considered an alternative to IFRS financial measures such as Net Income. Non-IFRS financial measures do not have standardized definitions prescribed by IFRS and are therefore unlikely to be comparable with other issuers or companies. Refer to our Management & Discussion Analysis for a reconciliation of the Non-IFRS measures to the closest comparable IFRS measures. |
Conference Call and Webcast
Management will host a conference call at 10 a.m. ET on November 14,
2011, to discuss the results. Please call 416-800-1066 or
1-866-212-4491. The conference call will also be accessible via webcast
at www.triconcapital.com (go to Investor Information - Events). A replay of the conference call
will be available until midnight November 21, 2011. To access the
replay, call
1-866-583-1035, followed by pass code 2516643#.
Forward-Looking Statements
This press release may contain forward-looking statements relating to
expected future events and financial and operating results and
projections of the Company, including statements regarding future
plans, objectives or economic performance that involve risks and
uncertainties. Forward-looking information and statements are based on
management's expectations, intentions and assumptions. If unknown
risks arise, or if any of the assumptions underlying the
forward-looking statements prove incorrect, actual results may differ
materially from management expectations as projected in such
forward-looking statements. Examples of such risks include, but are not
limited to, the risks disclosed in the Company's final prospectus dated
May 14, 2010, as available at www.sedar.com and the risks described in
the Company's continuous disclosure materials from time-to-time. The
Company disclaims any intention or obligation to update or revise any
forward-looking statements, whether as a result of new information,
future events or otherwise, unless required by applicable law.
About Tricon Capital Group Inc.
Founded in 1988, Tricon is one of North America's pre-eminent asset
managers focused on the residential real estate development industry
with approximately $1 billion of assets under management. Tricon
participates in the development of residential properties in Canada and
the United States by acting as the manager of limited partnerships that
provide financing, typically in the form of participating loans, to
developers, with a specific focus on residential land development,
single-family homebuilding, multi-family construction and retail
developed in conjunction with residential projects. Since inception,
Tricon has invested in over 140 transactions for development projects
valued at approximately $9 billion. More information about Tricon is
available at www.triconcapital.com.
For further information:
| June Alikhan Chief Financial Officer Tel: 416-928-4116 Email:jalikhan@triconcapital.com | | | | | Gary Berman President Tel: 416-928-4122 Email:gberman@triconcapital.com |
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