Jovian Releases Results for Quarter Ending September 30, 2007



    $1.9 million increase in revenue compared to same quarter last year

    TORONTO, Nov. 13 /CNW/ - Jovian Capital Corporation (Jovian) (JOV: TSX)
today released its quarterly report to shareholders, detailing results for the
three and six months ended September 30, 2007.
    "Results for the three months reflect our ability to stabilize revenue
sources during a quarter challenged by poor investor sentiment and difficult
capital markets," says Philip Armstrong, CEO of Jovian Capital Corporation.
"Success in our recurring business helps generate positive momentum as we
enter the second half of the year."

    Revenue

    Revenue for the quarter and six months ended September 30, 2007 was
$22.9 and $53.4 million, compared to $21.0 and $60.9 million in the prior
year. This represents an increase of $1.9 million or 9 per cent for the
comparable quarter, and a decrease of $7.5 million or 12 per cent for the
comparable six month period.

    EBITDA

    Jovian reported EBITDA (defined as earnings before interest, taxes,
revaluation of share redemption liability, non-controlling interest,
depreciation, and amortization) of ($1.4) million for the three months ended
September 30, 2007, representing a diluted EBITDA per share of ($0.02)
compared to ($2.0) million or ($0.02) per share for the same quarter in the
previous year.

    Earnings

    Jovian reported a loss for the quarter ended September 30, 2007 of
$2.7 million and a $2.8 million loss for the six month period. This compares
to a loss of $3.6 and $0.3 million in earnings for the corresponding periods
ended September 30, 2006.

    Expenses

    Total expenses for the three month period ended September 30, 2007 was
$25.5 million compared to $24.6 million in the corresponding quarter of the
prior year. Total expenses for the six months ended September 30, 2007 was
$55.7 million, compared to $60.5 million for the six months ended
September 30, 2006.
    Selling, general and administration expense was $9.1 million for the
three months and $17.4 million for the six months ended September 30, 2007,
compared to $9.4 and $17.8 million during the same periods the prior year.
Selling, general and administration expense represents 33 per cent of total
revenues and comprises 33 per cent of total expenses for the six months ended
September 30, 2007, compared to 29 per cent of total revenues and 32 per cent
of total expenses for the six months ended September 30, 2006.

    
    Selected Financial Data
    Quarterly Review (unaudited)
    (in thousands of Canadian Dollars)
    -------------------------------------------------------------------------
                                                     Three Months Ended
    -------------------------------------------------------------------------
    Fiscal Year (March 31)          2008                    2007
    -------------------------------------------------------------------------
                                Sept    June     Mar     Dec    Sept    June
                               30/07   30/07   31/07   31/06   30/06   30/06
    -------------------------------------------------------------------------
        Revenues              22,885  30,481  30,818  36,664  21,047  39,840

    (a) Operating Expenses    24,254  28,206  30,029  30,578  22,979  31,686
    -------------------------------------------------------------------------
    (b) Adjusted EBITDA       (1,369)  2,275     789   6,086  (1,932)  8,154
    -------------------------------------------------------------------------
    (a) Stock-based
         Compensation
         Expense                  73      74     124      14      37      54
    -------------------------------------------------------------------------
        EBITDA                (1,442)  2,201     665   6,072  (1,969)  8,100
    -------------------------------------------------------------------------
        Earnings (loss)       (2,722)    (54)   (260)  1,885  (3,559)  3,903
    -------------------------------------------------------------------------
        Earnings per share
         - basic               (0.02)   0.00    0.00    0.02   (0.03)   0.03
    -------------------------------------------------------------------------
        Earnings per share
         - fully diluted       (0.02)   0.00    0.00    0.02   (0.03)   0.03
    -------------------------------------------------------------------------

    -------------------------------------------------
                                Three Months Ended
    -------------------------------------------------
    Fiscal Year (March 31)             2006
    -------------------------------------------------
                                 Mar     Dec    Sept
                               31/06   31/05   30/05
    -------------------------------------------------
        Revenues              59,894  26,553  25,741
    -------------------------------------------------
    (a) Operating Expenses    48,485  23,808  23,275
    -------------------------------------------------
    (b) Adjusted EBITDA       11,409   2,745   2,466
    -------------------------------------------------
    (a) Stock-based
         Compensation
         Expense                 229     150     153
    -------------------------------------------------
        EBITDA                11,180   2,595   2,313
    -------------------------------------------------
        Earnings (loss)        5,293      84      51
    -------------------------------------------------
        Earnings per share
         - basic                0.06    0.00    0.00
    -------------------------------------------------
        Earnings per share
         - fully diluted        0.05    0.00    0.00
    -------------------------------------------------
    -------------------------------------------------------------------------
    (a) Stock-based compensation expense is a non-cash item included in
        operating expenses as a result of the adoption of the Canadian
        Institute of Chartered Accountants Handbook Section 3870, Stock-Based
        Compensation and Other Stock-Based Payments. For measurement
        purposes, stock-based compensation expense is excluded from operating
        expenses in this table in order to determine Adjusted EBITDA.
    -------------------------------------------------------------------------
    (b) EBITDA and Adjusted EBITDA are non-GAAP performance measures utilized
        by Jovian. EBITDA is defined here as earnings before interest on
        long-term debt, taxes, depreciation, amortization, revaluation of
        share redemption liability and non-controlling interest. Adjusted
        EBITDA is EBITDA adjusted for stock-based compensation.
    -------------------------------------------------------------------------


    About Jovian Capital Corporation

    Jovian is a publicly-traded company listed on the TSX (JOV). Jovian is a
management and holding company with interests in a variety of financial
service firms specializing in wealth(*) and asset(xx) management. The Jovian
group of companies operates as a national financial services organization with
approximately $14.6 billion of client assets ($5.4 billion in assets under
management and $9.2 billion in assets under administration).

    (*) Wealth management entities include MGI Securities Inc., MGI
        Securities (USA) Inc. and Rice Financial Group Inc. (xx)Asset
        management entities include BetaPro Management Inc., Horizons Funds
        Inc., JovFunds Management Inc., JovFunds Inc., Leon Frazer &
        Associates Inc. and T.E. Wealth. Financial corporate service entities
        include Felcom Data Services Inc. and Services Felcom Data (Quebec)
        Inc./Felcom Data Services (Quebec) Inc.

    The TSX has not reviewed and does not accept responsibility for the
    adequacy or accuracy of this release.
    





For further information:

For further information: Don Sangster, Investor Relations, Jovian
Capital Corporation, (416) 933-5744; and Philip Armstrong, Chief Executive
Officer, Jovian Capital Corporation, (416) 933-5752

Organization Profile

Jovian Capital Corporation

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