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:
- 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