May 21, 2013
NexGen Financial Corporation
("NexGen" or "the Company"), (TSX-V: NFX) today announced its unaudited financial results for the quarter ended
March 31, 2013
Q1 2013 Highlights
- Assets under management 1 ("AUM") increased 8% to $1.03 billion at March 31, 2013, from $948.6 million at March 31, 2012
- Launched NexGen US Dividend Funds in January 2013 generating approximately $10 million sales during the first quarter
- Management and administration fee revenues were $3.5 million for the first quarter of 2013, a 3.2% increase from $3.4 million for the first quarter of 2012
- Operating EBITDA 2 improved to $0.30 million ( $0.06 per share) for the first quarter of 2013, from $0.26 million ( $0.06 per share) for the first quarter of 2012
NexGen reported a net loss of
per share) for the three months ended
March 31, 2013
, compared with a net loss of
per share) for the same period in the prior year.
"We continue to improve the financial results having reported positive Free Cash Flow for the quarter. In addition, we are broadening our product suite to appeal to a wider range of investors", said
, President & CEO of NexGen. "NexGen's new US Dividend Plus Funds launched
and sub-advised by Ziegler Lotsoff of
had assets of
and has been well received to date by financial advisors" he added.
The Company's complete financial results are available at
- 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.
- Free Cash Flow defined as Operating EBITDA less interest and deferred sales commissions paid.
Non-GAAP financial measures such as "Assets Under Management" or "AUM", "Operating EBITDA", and "Free Cash Flow" 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.