TORONTO, May 21, 2013 /CNW/ - 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 $0.19 million ( $0.04 per share) for the three months ended March 31, 2013, compared with a net loss of $0.18 million ( $0.04 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 Laurie Munro, President & CEO of NexGen. "NexGen's new US Dividend Plus Funds launched January 2 nd and sub-advised by Ziegler Lotsoff of Chicago had assets of $10.6 million as of March 31 st and has been well received to date by financial advisors" he added.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.
- Free Cash Flow defined as Operating EBITDA less interest and deferred sales commissions paid.