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
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
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 Hill's results.
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 forward-looking statements.
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 statements.
SOURCE: Aston Hill Financial Inc.
For further information:
concerning this press release, please contact:
Chief Executive Officer
Aston Hill Financial Inc.
Vice President and CFO
Aston Hill Financial Inc.