Sprott Inc. Announces 2016 Third Quarter Results

TORONTO, Nov. 11, 2016 (GLOBE NEWSWIRE) -- Sprott Inc. (TSX:SII) ("Sprott" or the "Company") today announced its financial results for the three months ended September 30, 2016.

2016 Financial Overview
  • Assets Under Management ("AUM") were $10.1 billion as at September 30, 2016, compared to $7.4 billion as at September 30, 2015 and $9.8 billion as at June 30, 2016.
  • Assets Under Administration ("AUA") were $3.0 billion, as at September 30, 2016, compared to $2.0 billion as at September 30, 2015 and $2.7 billion as at June 30, 2016.
  • Total net revenues were $36.8 million, reflecting an increase of $14.7 million (66%) from the three months ended September 30, 2015.
  • Total expenses were $27.0 million, reflecting a decrease of $42.1 million (61%) from the three months ended September 30, 2015.
  • Net income was $12.5 million ($0.05 per share), reflecting an increase of $61.7 million from the three months ended September 30, 2015.
  • Adjusted base EBITDA was $8.4 million ($0.03 per share), reflecting an increase of $6.0 million from the three months ended September 30, 2015.
  • Investable capital stood at $311.9 million as at September 30, 2016, compared to $308.7 million as at September 30, 2015 and $303.6 million as at June 30, 2016.

Significant events for the three-months ended September 30, 2016 and Year-to-Date:
  • Subject to obtaining all required approvals, including that of the Toronto Stock Exchange, Sprott intends to make a normal course issuer bid to purchase up to 5% of the issued and outstanding common shares of the Company

"Our market positioning was finally rewarded over the first nine months of 2016, contributing to our AUM increasing by approximately 36% to more than $10 billion," said Peter Grosskopf, CEO of Sprott. "The key drivers of this growth were strong performance and sales in our precious metal and energy strategies, the Central GoldTrust transaction, and the continued expansion of our specialty credit franchise."