TORONTO,
Aug. 22, 2012 /CNW/ - NexGen
Financial Corporation ("NexGen" or "the Company"), (TSXV: NFX)
today announced its unaudited financial results for the quarter
ended June 30, 2012.
Q2 2012 Highlights
- Assets under management1 ("AUM") increased 7% to
$947.5 million at June 30, 2012, from $886.9
million at June 30, 2011,
compared to an industry decline of 0.9% over the same period
- Net sales of $14.2 million for
the quarter ended June 30, 2012
- Launched NexGen Corporate Bond Funds in June 2012 generating over $6 million sales during the first month
- Operating EBITDA2 improved to $0.20 million ($0.04 per share) for Q2, 2012, from negative
$0.18 million (negative $0.04 per share) for Q2, 2011
- NexGen ended Q2, 2012 with $5.9
million of working capital available to fund future
operations
NexGen reported a net loss of $0.27 million ($0.06 per share) for the three months ended
June 30, 2012, compared with a net
loss of $0.31 million ($0.07 per share) for the same period in the prior
year. Revenues increased 3.8% to $3.24
million for the three months ended June 30, 2012, from $3.13
million for the three months ended June 30, 2011.
"The NexGen Corporate Bond Funds have been well
received contributing to our net sales during the second quarter
and expanding our tax efficient product line" said Laurie Munro, President & CEO of NexGen.
The Company's complete financial results are
available at ir.nexgenfinancial.ca and www.sedar.com.
Notes:
- Assets under management or "AUM" refers to the market value of
net assets of the investment funds on which management fees are
calculated. Industry data as reported by the Investment Funds
Institute of Canada.
- Operating EBITDA defined by NexGen as earnings before interest,
taxes, depreciation and amortization, investment income and other
non-cash expenses
Non-GAAP financial measures such as "Assets
Under Management" or "AUM", and "Operating EBITDA" do not have any
standardized meaning prescribed by International Financial
Reporting Standards ("IFRS") and may not be comparable to similar
measures presented by other companies. Readers are cautioned that
these non-GAAP measures are not alternatives to measures determined
in accordance with IFRS and should not, on their own, be construed
as indicators of performance, cash flows, or profitability.
However, management of NexGen believes that most shareholders,
creditors and other stakeholders prefer to include the use of these
financial measures in analyzing the Company's results.
About NexGen Financial
NexGen Financial Corporation is a mutual fund company and was
founded to develop value added investment solutions for financial
advisors and their clients. The firm is focused on the creation of
innovative investment products and services that meet the needs of
Canadians seeking more tax efficient investment opportunities and
greater control over the tax treatment of their investments.
Managed by strong investment professionals, NexGen's unique
Registered and Tax-Managed Fund offerings are well positioned as
attractive investment opportunities for Canadians looking to
alleviate the tax costs associated with traditional investment
solutions.
Forward Looking Statements
This release may contain "forward-looking statements" which reflect
the current expectations of the Company. These statements reflect
management's current beliefs with respect to future events and are
based on information currently available to management.
Forward-looking statements involve significant known and unknown
risks, uncertainties and assumptions. Many factors could cause
actual results, performance or achievements to be materially
different from any future results, performance or achievements that
may be expressed or implied by such forward-looking statements
including, without limitation, those listed under the heading "Risk
Factors" in the Company's Management Discussion and Analysis, which
is available on the Company's website and on SEDAR at
www.sedar.com. Should one or more of these risks or uncertainties
materialize, or should assumptions underlying the forward-looking
statements prove incorrect, actual results, performance or
achievements could vary materially from those expressed or implied
by the forward-looking statements contained in this release.
Although the forward-looking statements contained in this release
are based upon what the Company believes to be reasonable
assumptions, the Company cannot assure investors that actual
results, performance or achievements will be consistent with these
forward-looking statements. These forward-looking statements are
made as of the date of this release and the Company does not assume
any obligation to update or revise them to reflect new events or
circumstances.
Neither TSX Venture Exchange nor its Regulation
Services Provider (as that term is defined in policies of the TSX
Venture Exchange) accepts responsibility for the adequacy of this
release.
SOURCE NexGen Financial Corporation