CI Financial reports third quarter results, fee-earning assets up 27%



    TSX Symbol: CIX.UN

    TORONTO, Nov. 6 /CNW/ - CI Financial Income Fund ("CI") today released
unaudited financial results for the three and nine months ended September 30,
2007.

    
    -------------------------------------------------------------------------
                                 Three-month          Three-month
                                  period to            period to
                             September 30, 2007   September 30, 2006
    HIGHLIGHTS                (millions except     (millions except      %
                              per unit amounts)    per unit amounts)  change
    -------------------------------------------------------------------------
    Average Retail Assets
     Under Management              $65,244              $57,721           13
    -------------------------------------------------------------------------
    Net Income                      $143.7               $138.4            4
    -------------------------------------------------------------------------
    Earnings Per Unit                $0.50                $0.49            2
    -------------------------------------------------------------------------
    EBITDA(*)                       $183.9               $167.1           10
    -------------------------------------------------------------------------
    EBITDA Per Unit(*)               $0.64                $0.59            8
    -------------------------------------------------------------------------



    -------------------------------------------------------------------------
                                 Nine-month           Nine-month
                                  period to            period to
                             September 30, 2007   September 30, 2006
    HIGHLIGHTS                (millions except     (millions except      %
                              per unit amounts)    per unit amounts)  change
    -------------------------------------------------------------------------
    Net Income                      $437.4               $321.9           36
    -------------------------------------------------------------------------
    Earnings Per Unit                $1.55                $1.13           37
    -------------------------------------------------------------------------
    EBITDA(*)                       $553.6               $449.8           23
    -------------------------------------------------------------------------
    EBITDA Per Unit(*)               $1.96                $1.58           24
    -------------------------------------------------------------------------

    (*) 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.
    

    Fee-earning assets at September 30, 2007 were $96.3 billion, up 27% from
$76.1 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 $55.1 billion in CI mutual and segregated funds (including Lakeview),
$9.7 billion in United Financial Corporation funds, $727 million in structured
products, $3.2 billion in institutional managed assets, $1.7 billion in
administered/other assets such as labour-sponsored funds, and $25.9 billion in
net dealer assets under administration (including Assante Wealth Management
and Blackmont).
    For the three months ended September 30, 2007, net sales totalled
$149 million and gross sales totalled $2.5 billion, up 32% from $1.9 billion
in gross sales in the same quarter last year. Net sales and gross sales for
the nine months ended September 30, 2007 were $1.6 billion and $8.9 billion,
respectively - positioning CI for another robust year of fund sales. In
addition, CI reported net sales of $179 million for October 2007, an increase
of $135 million, or 307%, from $44 million in October 2006.
    Net income for the quarter was $143.7 million, up 4% from $138.4 million
for the three months ended September 30, 2006. On a per unit basis, earnings
for the three-month period increased 2% to $0.50 per unit from $0.49 per unit
in the prior year. Net income for the nine months ended September 30, 2007 was
$437.4 million, up 36% year-over-year. Earnings per unit for the nine-month
period increased 37% to $1.55 per unit from $1.13 per unit for the nine months
ended September 30, 2006.
    EBITDA (earnings before interest, taxes, depreciation and amortization)
for the quarter ended September 30, 2007 was $183.9 million, up 10% from
$167.1 million in the three months ended September 30, 2006. EBITDA per unit
increased 8% to $0.64 during the three-month period this year from $0.59 in
EBITDA per unit last year. EBITDA for the nine months ended September 30, 2007
was $553.6 million, up 23% from $449.8 million in the comparable period last
year. On a per unit basis, EBITDA increased 24% to $1.96 for the nine-month
period this year from $1.58 per unit for the nine-month period ended
September 30, 2006.
    For detailed financial statements for the quarter ended September 30,
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 $0.19 per trust unit of CI
and exchangeable limited partner unit of Canadian International LP was
declared payable on December 14, 2007. This distribution reflects the growth
in CI's assets under management and current expectations for distributable
cash. This represents a yield of 8.3% on CI's closing unit price of $27.40 on
November 5, 2007.
    As of October 31, 2007, there were 139,317,499 issued and outstanding
trust units of CI and 146,834,835 exchangeable limited partner units of
Canadian International LP, for a total outstanding amount of 286,152,334.

    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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