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 management1 ("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 EBITDA2 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
2nd and sub-advised by Ziegler Lotsoff of
Chicago had assets of $10.6 million as of March
31st 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.
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.
About NexGen Financial
NexGen Financial Corporation is a mutual fund company and was
founded to develop value added investment solutions for financial
advisors and their clients. The firm is focused on the creation of
innovative investment products and services that meet the needs of
Canadians seeking more tax efficient investment opportunities and
greater control over the tax treatment of their investments.
Managed by strong investment professionals, NexGen's unique
Registered and Tax-Managed Fund offerings are well positioned as
attractive investment opportunities for Canadians looking to
alleviate the tax costs associated with traditional investment
solutions.
Forward Looking Statements
This release may contain "forward-looking statements" which reflect
the current expectations of the Company. These statements reflect
management's current beliefs with respect to future events and are
based on information currently available to management.
Forward-looking statements involve significant known and unknown
risks, uncertainties and assumptions. Many factors could cause
actual results, performance or achievements to be materially
different from any future results, performance or achievements that
may be expressed or implied by such forward-looking statements
including, without limitation, those listed under the heading "Risk
Factors" in the Company's Management Discussion and Analysis, which
is available on the Company's website and on SEDAR at
www.sedar.com. Should one or more of these risks or uncertainties
materialize, or should assumptions underlying the forward-looking
statements prove incorrect, actual results, performance or
achievements could vary materially from those expressed or implied
by the forward-looking statements contained in this release.
Although the forward-looking statements contained in this release
are based upon what the Company believes to be reasonable
assumptions, the Company cannot assure investors that actual
results, performance or achievements will be consistent with these
forward-looking statements. These forward-looking statements are
made as of the date of this release and the Company does not assume
any obligation to update or revise them to reflect new events or
circumstances.
Neither TSX Venture Exchange nor its Regulation
Services Provider (as that term is defined in policies of the TSX
Venture Exchange) accepts responsibility for the adequacy of this
release.
SOURCE NexGen Financial Corporation