Aston Hill Financial announces 3rd quarter results

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 herein.

  1. 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.

  2. 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

 

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Aston Hill Financial Inc.

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Aston Hill Asset Management Inc.

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