Gluskin Sheff + Associates Inc. announces first quarter fiscal 2010 results
The Company's revenues are derived from Base Management Fees, calculated as a percentage of Assets Under Management ("AUM"), Performance Fees, which are earned when the Company exceeds pre-specified rates of return, and Investment and Other Income.
During the quarter, AUM increased by approximately
For the three months ended
Base EBITDA (exclusive of Performance Fees and non-cash expenditures) for the three months ended
Net Income was
"We are generally pleased with the performance of our investment models across all asset classes over the quarter," commented
Financial Highlights: (unaudited, $ '000s) 3 Months 3 Months Ended Ended Sep 30, 2009 Sep 30, 2008 ------------------------------------------------------------------------- Assets Under Management ($ in millions) $ 4,981 $ 4,443 Revenue: Base Management Fees $ 17,558 $ 19,102 Performance Fees 1,012 42 Investment & Other Income (Loss) 46 (972) --------------------------------- --------------------------------- Total Revenue $ 18,616 $ 18,172 Base EBITDA $ 9,218 $ 10,252 Net Income $ 5,782 $ 6,204 Basic Earnings per Share $0.20 $0.21 Diluted Earnings per Share $0.20 $0.21 -------------------------------------------------------------------------
The Company's full financial statements and Management's Discussion and Analysis can be found on the Company's website at www.gluskinsheff.com and on www.sedar.com.
Founded in 1984, Gluskin Sheff + Associates Inc. is one of Canada's pre-eminent wealth management firms serving high net worth private clients and institutional investors. Gluskin Sheff offers equity and fixed income investment portfolios in addition to being one of the largest managers of alternative investments in
This press release may contain forward-looking statements relating to Gluskin Sheff + Associates Inc.'s business and the environment in which it operates. These statements are based on the Company's expectations, estimates, forecasts and projections. They are not guarantees of future performance and involve risks and uncertainties that are difficult to control or predict. These risks and uncertainties are discussed in the Company's regulatory filings available on the Company's website at www.gluskinsheff.com or at www.sedar.com. Actual outcomes and results may differ materially from those expressed in these forward-looking statements. Readers, therefore, should not place undue reliance on any such forward-looking statements. Further, a forward-looking statement speaks only as of the date on which such statement is made. The Company undertakes no obligation to publicly update any such statement or to reflect new information or the occurrence of future events or circumstances.
Non-GAAP Measures
Included in this press release are certain financial terms (including Base EBITDA and AUM) that the Company utilizes to assess the financial performance of its business that are not measures recognized under Canadian generally accepted accounting principles (GAAP). These non-GAAP measures do not have any standardized meanings prescribed by GAAP and should not be considered alternatives to net income or any other measure of performance determined in accordance with GAAP. Therefore, these non-GAAP measures are unlikely to be comparable to similar measures presented by other issuers. For additional information regarding the Company's use of non-GAAP measures, including the calculation of these measures, please refer to the "Non-GAAP financial measures" section of the Company's Management's Discussion and Analysis and its financial statements available on the Company's website and on the SEDAR website located at www.sedar.com.
For further information: For further information: Valerie Barker, Chief Financial Officer and Secretary, (416) 681-6002
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