TORONTO, March 28, 2012 /PRNewswire/ - NexGen Financial Corporation ("NexGen" or "the Company"), (TSXV: NFX) today announced its financial results for the three and twelve month periods ended December 31, 2011. These results are consistent with the preliminary and unaudited financial results announced on February 2, 2012.
- Assets under management 1 ("AUM") increased 12% to $920 million as of December 31, 2011, from $823 million as at December 31, 2010 compared to an industry decline of 0.3% over the same period
- $135 million in net sales of mutual funds for 2011
- Management and administration fee revenues increased 44% to $12.9 million for 2011, from $9.0 million in the prior year
- Operating EBITDA 2 improved by $2.1 million to $1.1 million ( $0.25 per share) for 2011, from negative $1.0 million (negative $0.22 per share) in the prior year
- In February 2012, subsequent to year end, NexGen listed its common shares on the TSX-V under the symbol NFX
NexGen reported a net loss for 2011 of $1.9 million (loss of $0.40 per share), unchanged from a net loss of $1.9 million (loss of $0.41 per share) in the prior year. Included in the 2011 results was a one-time non-cash income tax expense of $1.1 million recognized in the first quarter of 2011 resulting from a corporate reorganization. On an adjusted basis (excluding this one-time item) net loss for 2011 would have been $0.8 million.
"In 2011, despite the challenging financial markets, we made strong progress across a number of key areas, generating $135 million in net sales and increasing our Assets Under Management for the fifth consecutive year", said Laurie Munro, CEO of NexGen. "We continue to invest in our business, expanding our sales and marketing teams as we intensify our efforts to introduce NexGen's unique tax-efficient investment solutions to a broader range of advisors and investors.""In February of this year, we completed our listing on the TSX-Venture Exchange," continued Mr. Munro. "This is an important milestone for our company and we look forward to continuing to build and grow our business to create long-term value for our shareholders"