Jovian Releases Results for Three Months Ending December 31, 2007



    TORONTO, Feb. 13 /CNW/ - Jovian Capital Corporation (Jovian) (JOV: TSX)
today released its quarterly report to shareholders, detailing results for the
three and nine months ended December 31, 2007.
    "Challenging market conditions during the third quarter continue to
affect our investee companies," said Jason Mackey, CFO of Jovian. "This
environment, once again, had a significant impact on our investment dealer,
MGI Securities. Although positive advancements were made in our private client
advisory business at MGI, making progress in our investment banking business
and initiating product launches in our asset management and product businesses
have been difficult."

    Revenue

    Revenue for the quarter and nine months ended December 31, 2007 was
$25.9 and $79.3 million, compared to $36.7 and $97.6 million in the prior
year. This represents a decrease of $10.8 million or 29 per cent for the
comparable quarter, and a decrease of $18.3 million or 19 per cent for the
comparable nine month period.

    EBITDA

    Jovian reported EBITDA (defined as earnings before interest, taxes,
revaluation of share redemption liability, non-controlling interest,
depreciation, and amortization) of ($0.3 million) for the three months ended
December 31, 2007, representing a diluted EBITDA per share of ($0.02) compared
to $0.02 per share for the same quarter in the previous year.

    Earnings

    Jovian reported a loss for the quarter ended December 31, 2007 of
$1.9 million and a $4.7 million loss for the nine month period. This compares
to net earnings of $1.9 and $2.2 million in earnings for the corresponding
periods ended December 31, 2006.

    Expenses

    Total expenses for the three month period ended December 31, 2007 was
$27.8 million compared to $34.8 million in the corresponding quarter of the
prior year. Total expenses for the nine months ended December 31, 2007 was
$84.0 million, compared to $95.3 million for the nine months ended
December 31, 2006. Selling, general and administration expense was
$8.7 million for the three months and $26.1 million for the nine months ended
December 31, 2007, compared to $10.2 and $28.0 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 nine months
ended December 31, 2007, compared to 29 per cent of total revenues and 33 per
cent of total expenses for the nine months ended December 31, 2006.


    
    -------------------------------------------------------------------------
    Selected Financial Data

    Quarterly Review (unaudited)
    (in thousands of Canadian Dollars)

    -------------------------------------------------------------------------
                                            Three Months Ended
    -------------------------------------------------------------------------
    Fiscal Year (March 31)      2008                      2007
    -------------------------------------------------------------------------
                          Dec    Sept    June     Mar    Dec     Sept    June
                        31/07   30/07   30/07   31/07   31/06   30/06   30/06
    -------------------------------------------------------------------------
    Revenues           25,892  22,885  30,481  30,818  36,664  21,047  39,840
    -------------------------------------------------------------------------
    (a) Operating
     Expenses          26,213  24,254  28,206  30,029  30,578  22,979  31,686
    -------------------------------------------------------------------------
    (b) Adjusted
     EBITDA              (321) (1,369)  2,275     789   6,086  (1,932)  8,154
    -------------------------------------------------------------------------
    (a) Stock-based
     Compensation
     Expense              213      73      74     124      14      37      54
    -------------------------------------------------------------------------
    (b) EBITDA           (534) (1,442)  2,201     665   6,072  (1,969)  8,100
    -------------------------------------------------------------------------
    Earnings (loss)    (1,939) (2,722)    (54)   (260)  1,885  (3,559)  3,903
    -------------------------------------------------------------------------
    Earnings per share
     - basic            (0.02)  (0.02)      0       0    0.02   (0.03)   0.03
    -------------------------------------------------------------------------
    Earnings per share
     - fully diluted    (0.02)  (0.02)      0       0    0.02   (0.03)   0.03
    -------------------------------------------------------------------------


    -------------------------------------
                      Three Months Ended
    -------------------------------------
                           2006
                          Mar     Dec
                        31/06   31/05
    -------------------------------------
    Revenues           59,894  26,553
    -------------------------------------
    (a) Operating
     Expenses          48,485  23,808
    -------------------------------------
    (b) Adjusted
     EBITDA            11,409   2,745
    -------------------------------------
    (a) Stock-based
    Compensation
    Expense               229     150
    -------------------------------------
    (b) EBITDA         11,180   2,595
    -------------------------------------
    Earnings (loss)     5,293      84
    -------------------------------------
    Earnings per share
    - basic              0.06       0
    -------------------------------------
    Earnings per share
    - fully diluted      0.05       0
    -------------------------------------

    (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., JovInvestment Management Inc., Leon Frazer &
    Associates Inc. and T.E. Wealth. Financial corporate service entities
    include Felcom Data Services Inc.

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

    Additional information relating to Jovian is available at www.sedar.com
and www.joviancapital.com





For further information:

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

Organization Profile

Jovian Capital Corporation

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