CI Financial reports results for 2007, earnings increase 32%



    TSX Symbol: CIX.UN

    TORONTO, Feb. 20 /CNW/ - CI Financial Income Fund ("CI") today released
audited financial results for the year ended December 31, 2007.

    
    -------------------------------------------------------------------------
                                 Twelve-month       Twelve-month
                                   period to          period to
                               December 31, 2007  December 31, 2006
    HIGHLIGHTS                     (millions          (millions
                                   except per         except per         %
                                 unit amounts)      unit amounts)     change
    -------------------------------------------------------------------------
    Average Retail Assets
     Under Management               $64,958            $58,091          12
    -------------------------------------------------------------------------
    Net Income                       $625.1             $471.9          32
    -------------------------------------------------------------------------
    Earnings Per Unit                 $2.21              $1.66          33
    -------------------------------------------------------------------------
    EBITDA(*)                        $737.9             $631.5          17
    -------------------------------------------------------------------------
    EBITDA Per Unit(*)                $2.61              $2.22          18
    -------------------------------------------------------------------------
    Adjusted EBITDA(xx)              $749.9             $675.2          11
    -------------------------------------------------------------------------
    Adjusted EBITDA Per Unit(xx)      $2.66              $2.38          12
    -------------------------------------------------------------------------
    Net Sales of Funds               $2,131             $2,207          -3
    -------------------------------------------------------------------------



    -------------------------------------------------------------------------
                                  Three-month        Three-month
                                   period to          period to
                               December 31, 2007  December 31, 2006
    HIGHLIGHTS                     (millions          (millions
                                   except per         except per         %
                                 unit amounts)      unit amounts)     change
    -------------------------------------------------------------------------
    Average Retail Assets
     Under Management               $64,485            $60,655           6
    -------------------------------------------------------------------------
    Net Income                       $187.7             $149.9          25
    -------------------------------------------------------------------------
    Earnings Per Unit                 $0.66              $0.53          25
    -------------------------------------------------------------------------
    EBITDA(*)                        $184.2             $181.7           1
    -------------------------------------------------------------------------
    EBITDA Per Unit(*)                $0.65              $0.65           -
    -------------------------------------------------------------------------
    Adjusted EBITDA(xx)              $189.0             $181.2           4
    -------------------------------------------------------------------------
    Adjusted EBITDA Per Unit(xx)      $0.67              $0.64           5
    -------------------------------------------------------------------------
    Net Sales of Funds                 $422               $124         240
    -------------------------------------------------------------------------
    (*) EBITDA (earnings before interest, taxes, depreciation and
        amortization) is a non-GAAP (generally accepted accounting
        principles) earnings measure that does not have any standardized
        meaning prescribed by GAAP. It is therefore unlikely to be comparable
        to similar measures presented by other companies. However, management
        believes that most unitholders, creditors, other stakeholders and
        investment analysts prefer to include the use of this performance
        measure in analyzing CI's results.
    (xx) Adjusted for equity-based compensation expense
    

    Fee-earning assets at December 31, 2007 were $103.6 billion, up 13% from
$91.8 billion a year earlier. The increase in fee-earning assets is
attributable to growth in the market value of CI's funds and positive net
sales, as well as the addition of Lakeview Asset Management Inc., KBSH Capital
Management Inc., and Blackmont Capital Inc. through the acquisition of
Rockwater Capital Corporation in April 2007. Fee-earning assets were comprised
of $63.6 billion in investment funds and pools at CI Investments Inc. and
United Financial Corporation, $531 million in structured products,
$3.0 billion in institutional managed assets, $34.8 billion in dealer assets
under administration (at Assante Wealth Management and Blackmont), and
$1.7 billion in other fee-earning assets.
    For the three months ended December 31, 2007, net sales of investment
funds totalled $422 million, up 240% from $124 million in the same quarter a
year earlier. Net sales and gross sales of funds for the year ended
December 31, 2007 were $2.1 billion and $11.4 billion, respectively -
representing another strong year of sales for CI and ranking it as one of the
top-selling independent mutual fund companies in 2007. In addition, CI
reported gross sales of over $1 billion in January 2008, and introduced the
Cambridge Funds, featuring the highly regarded portfolio manager Alan Radlo.
    Net income for the year ended December 31, 2007 was $625.1 million, up
32% from the twelve-month period ended December 31, 2006. Earnings per unit
for the year increased 33% to $2.21 per unit from $1.66 per unit for the
twelve months ended December 31, 2006. Net income for the quarter ended
December 31, 2007 was $187.7 million, up 25% from $149.9 million for the same
quarter a year earlier. On a per unit basis, earnings for the three-month
period increased 25% to $0.66 per unit from $0.53 per unit in the prior year.
    EBITDA (earnings before interest, taxes, depreciation and amortization)
for the year ended December 31, 2007 was $737.9 million, up 17% from
$631.5 million in the prior year. On a per unit basis, EBITDA increased 18% to
$2.61 for the year ended December 31, 2007 from $2.22 per unit for the
twelve-month period ended December 31, 2006. EBITDA adjusted for equity-based
compensation expense increased 11% year-over-year to $749.9 million, or $2.66
per unit. EBITDA for the quarter ended December 31, 2007 was $184.2 million,
up 1% from $181.7 million in the same quarter a year earlier. Adjusted EBITDA
for the quarter was $189.0 million, an increase of 4% from $181.2 million in
the quarter ended December 31, 2006. EBITDA per unit for the three-month
period ended December 31, 2007 remained flat year-over-year at $0.65. Adjusted
EBITDA per unit for the three-month period ended December 31, 2007 increased
to $0.67, up 5% from the prior year.
    For detailed financial statements for the quarter and year ended
December 31, 2007, including Management's Discussion and Analysis, please
refer to CI's website at www.ci.com/cix under Reports or contact
investorrelations@ci.com.
    In other matters, a monthly distribution of $0.16 per trust unit of CI
and exchangeable limited partner unit of Canadian International LP was
declared payable on April 15 and May 15, 2008. These distributions reflect
CI's current expectations for distributable cash and represent a yield of 8.5%
on CI's closing unit price of $22.65 on February 19, 2008.
    As of January 31, 2008, there were 139,429,324 issued and outstanding
trust units of CI and 146,724,680 exchangeable limited partner units of
Canadian International LP, for a total outstanding amount of 286,154,004.
    In other business, CI announced today that it will hold its Annual
Meeting of Unitholders on May 21, 2008, at 2 p.m. EDT at the Arcadian Court,
401 Bay Street, Eighth Floor, Toronto, Ontario, for unitholders of record on
March 31, 2008.

    CI Financial Income Fund (TSX: CIX.UN) is an independent, Canadian-owned
wealth management company. CI offers a broad range of investment products and
services, including an industry-leading selection of investment funds. CI is
on the Web at www.ci.com/cix.

    This press release contains forward-looking statements with respect to CI
and its products and services, including its business operations and strategy
and financial performance and condition. Although management believes that the
expectations reflected in such forward-looking statements are reasonable, such
statements involve risks and uncertainties. Actual results may differ
materially from those expressed or implied by such forward-looking statements.
Factors that could cause actual results to differ materially from expectations
include, among other things, general economic and market factors, including
interest rates, business competition, changes in government regulations or in
tax laws, and other factors discussed in materials filed with applicable
securities regulatory authorities from time to time.





For further information:

For further information: Stephen A. MacPhail, President, (416) 364-1145


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