CALGARY, Nov. 24, 2011 /CNW/ - Aston Hill Financial Inc. ("Aston Hill"
or the "Company") (TSX:AHF) announces it has filed the unaudited
interim consolidated financial statements for the period ended
September 30, 2011 and related Management Discussion and Analysis with
Canadian Securities Regulatory Authorities.
Recurring revenues for the third quarter of 2011 were approximately $5.4
million as compared to $2.6 million in the third quarter of 2010,
representing a 108% year over year increase. For the quarter ended
September 30, 2011, Aston Hill reported EBITDA 1 (earnings before
interest, taxes, depreciation, and amortization) of $2.5 million, a
133% increase from the third quarter of 2010 and a 172% increase from
the prior quarter.
As of September 30, 2011, Aston Hill had approximately $5.5 billion in
Assets under Advisory and Management ("AUM") versus $2.5 billion at
September 30, 2010, representing an increase of 120%. As of October 31,
2011 AUM was $5.6 billion. The increases in revenues, EBITDA and AUM
are primarily the result of the acquisitions of certain Brompton funds
and the Morrison Williams business in the third quarter which, as
previously announced, closed on July 27, 2011.
Subsequent to quarter end, the Company received final listing approval
from the Toronto Stock Exchange (the "TSX") and its common shares (AHF)
and convertible debentures (AHF.DB) commenced trading on the TSX on
November 7, 2011.
Aston Hill is a diversified asset management company with a suite of
retail mutual funds, private equity funds, hedge funds and segregated
institutional funds. The Company is also engaged in oil and gas
property management. Aston Hill has offices in Calgary and Toronto.
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, 2010, 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:
| Eric Tremblay || || || || || Larry Titley |
| Chief Executive Officer || || || || || Vice President and CFO |
| Aston Hill Financial Inc. || || || || || Aston Hill Financial Inc. |
| (403) 770-4817 || || || || || (403) 770-4808 |