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NexGen Financial Announces Third Quarter 2012 Results

Stocks in this article: NFX

TORONTO, Nov. 19, 2012 /CNW/ - NexGen Financial Corporation ("NexGen" or "the Company"), (TSX-V: NFX) today announced its unaudited financial results for the quarter ended Spetember 30, 2012.

Q3 2012 Highlights

  • Achieved $1 billion assets under management 1 ("AUM") milestone
  • AUM increased 15.2% to $1.01 billion at September 30, 2012 from $874.6 million at September 30, 2011, compared to an industry growth rate of 10.5% over the same period
  • During Q3, 2012, AUM increased 6.4% with net sales of $37.7 million
  • Operating EBITDA 2 improved to $0.44 million ( $0.09 per share) for Q3, 2012, from $0.26 million ( $0.06 per share) for Q3, 2011
  • NexGen ended Q3, 2012 with $6.0 million of working capital available to fund future operations

"We are very pleased to have achieved the $1 billion AUM milestone. We continue to attract assets to our Fixed Income and conservative Balanced Funds reflecting a continuing risk averse investor mindset" said Laurie Munro, President & CEO of NexGen.

NexGen reported a net loss of $0.06 million ( $0.01 loss per share) for the three months ended September 30, 2012, compared with a net loss of $0.36 million ( $0.08 loss per share) for the same period in the prior year. Total revenues increased 17.5% to $3.54 million for the three months ended September 30, 2012, from $3.01 million for the three months ended September 30, 2011.

The Company has also granted incentive stock options to purchase a total of 93,000 common shares to certain of its officers and employees in accordance with the provisions of its stock option plan. Pursuant to this plan, the Corporation is authorized to grant an aggregate of up to 10% of its issued and outstanding common shares on a rolling basis.

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