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NexGen Financial Announces Second Quarter 2012 Results

Stocks in this article: NFX

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 management 1 ("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 EBITDA 2 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:

  1. 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.
  2. 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.

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