Stock Name: TCN
Amount: CAD 0.06
Announcement Date: 15/03/2012
Record Date: 29/03/2012
Dividend Detail:
/NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR FOR DISTRIBUTION IN
THE UNITED STATES./
TORONTO, March 15, 2012 /CNW/ - Tricon Capital Group Inc. (TSX: TCN)
("Tricon" or the "Company") today announced its results for the year
and the fourth quarter ended December 31, 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"), except as disclosed in Note 2 below, and are
presented in Canadian dollars rounded to the nearest thousand.
Highlights:
Assets Under Management ("AUM") have continued to grow throughout the
course of 2011 and were approximately $944,000,000 at December 31, 2011
- an increase of over $90,000,000 since the end of 2010.
A final close for Canadian fund Tricon XII is expected by the end of Q1
2012; subject to finalization of closing documentation, the expectation
is that total fund commitments will be approximately $185,000,000. An
initial close for U.S. distressed fund Tricon XI with a large
institutional investor is anticipated for Q2 2012
Net income for 2011 was $544,000 ($0.03 per share) versus a loss of
$8,469,000 in 2010 (a loss of $0.61 per share). Net Income for the
quarter was $255,000, a $251,000 decrease from Q4 2010 ($0.01 per share
in Q4 2011 vs. $0.03 per share in Q4 2010).
Adjusted Base Revenues for the quarter increased by $360,000 from Q4
2010 to $3,023,000, primarily as a result of General Partner
Distributions from Tricon XII.���� For the full year, Adjusted Base
Revenues of $11,435,000 were nearly $1,000,000 higher than 2010.
Adjusted Base EBITDA decreased from $1,294,000 in Q4 2010 to $1,202,000
in Q4 2011.�� For the full year Adjusted Base EBITDA was $4,678,000
(2010: $5,133,000).�� These declines were primarily the result of
Investment Losses related to Tricon's share of the formation costs for
Tricon XII. These losses, which occur in the early years of a fund's
life, along with the previously anticipated reduction in Performance
Fees, resulted in a decrease in Adjusted EBITDA from $1,623,000 in Q4
2010 to $1,202,000 in Q4 2011 and from $6,184,000 for full-year 2010 to
$4,833,000 in full-year 2011.
A quarterly dividend of 6 cents per share was declared on March 14, 2012
to shareholders of record on March 31, 2012 and will be payable on
April 13, 2012.
"We continue to move closer to a first close for Tricon XI, our new U.S.
distressed fund, and anticipate a full roll-out of our U.S. fundraising
program over the upcoming quarter" said David Berman, Chairman and
Chief Executive Officer. "We also have spent a significant time over
the past quarter sourcing new investment opportunities in Texas, namely
Houston and Dallas, markets which boast very strong underlying
demographics and are well positioned to lead the United States out of
the economic downturn."
Selected Financial Summary | �� | �� | �� | �� | �� |
�� | �� | �� | �� | �� | �� |
�� | �� | �� | �� | At Dec. 31 2011 | At Dec. 31 2010 |
�� | �� | �� | �� | �� | �� |
Assets Under Management | �� | �� | �� | $943,807,000 | $852,636,000 |
�� | �� | �� | �� | �� | |
�� | �� | �� | �� | ||
�� | ������ Three Months Ended Dec. 31 | �� | Twelve Months Ended Dec 31 | ||
�� | 2011 | 2010 | �� | 2011 | 2010 |
�� | �� | �� | �� | �� | �� |
Adjusted Base Revenue | $3,023,000 | $2,663,000 | �� | $11,435,000 | $10,476,000 |
�� | �� | �� | �� | �� | �� |
Net Income (Loss) (1) | $255,000 | $506,000 | �� | $544,000 | ($8,469,000) |
�� | �� | �� | �� | �� | �� |
Adjusted Base EBITDA (2) | $1,202,000 | $1,294,000 | �� | $4,678,000 | $5,133,000 |
Adjusted EBITDA (2) | $1,202,000 | $1,623,000 | �� | $4,833,000 | $6,184,000 |
Adjusted Net Income (2) | $608,000 | $910,000 | �� | $2,539,000 | $3,038,000 |
�� | �� | �� | �� | �� | �� |
Net Income (Loss) - Per Share | $0.01 | $0.03 | �� | $0.03 | ($0.61) |
Adjusted Net Income - Per Share (2) | $0.03 | $0.05 | �� | $0.14 | $0.22 |
Shares Outstanding | 18,237,404 | 18,240,871 | �� | 18,240,004 | 13,891,829 |
�� | �� | �� | �� | �� | �� |
Notes: | (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 March 15, 2012,
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 March 22, 2012.�� To access the replay,
call 1-866-583-1035, followed by passcode 7925580#.
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 approximately 150 transactions for development
projects valued at roughly $10 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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