Gluskin Sheff + Associates Inc. announces fourth quarter and fiscal 2009
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
Performance Fees for the three months ended
For the three months ended
Base EBITDA (exclusive of Performance Fees and non-cash expenditures) for the three months ended
Net Income was
"Fiscal 2009, our 25th year in business, has been without doubt the most challenging year we have faced. The market experienced a remarkable meltdown spurred by a credit crisis of epic proportions and the collapse of a number of major U.S. and International financial institutions. The magnitude of the distress that the bursting of this credit bubble exerted on global financial markets, the banking system and the economy are without precedence in our collective professional experience," commented
Financial Highlights: ------------------------------------------------------------------------- (unaudited, $ '000s) 3 Months 3 Months 12 Months 12 Months Ended Ended Ended Ended Jun 30, Jun 30, Jun 30, Jun 30, 2009 2008 2009 2008 ------------------------------------------------------------------------- Assets Under Management ($ in millions) $ 4,461 $ 5,597 $ 4,461 $ 5,597 Revenue: Base Management Fees $ 15,781 $ 20,882 $ 63,821 $ 82,523 Performance Fees 2,522 6,680 5,722 19,844 Investment & Other Income (Loss) 544 1,096 (513) 3,388 -------------------------------------------- -------------------------------------------- Total Revenue $ 18,847 $ 28,658 $ 69,030 $ 105,755 Base EBITDA $ 8,755 $ 13,857 $ 33,254 $ 52,161 Net Income $ 5,793 $ 11,031 $ 21,237 $ 39,251 Basic Earnings per Share $0.20 $0.38 $0.73 $1.36 Diluted Earnings per Share $0.20 $0.38 $0.73 $1.34
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.
The Company also announced that it has moved to the next stage of its previously stated transition and succession plans for
Both Messrs. Gluskin and Sheff expect to continue as significant shareholders of the Company and, together with their families, will continue to be among the largest clients of the Firm. "This next step is the natural progression in our succession plan and this arrangement allows us to continue with the orderly transition of the leadership of the Company. We are extremely proud of what our management team has accomplished to date, and we look forward to supporting Jeremy and Bill's leadership of the Company as they chart the Company's future course for continued success," said
The Company also announced today that
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: Valerie Barker, Chief Financial Officer and Secretary, (416) 681-6002
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