|By Marketwired .||
|August 26, 2014 04:05 PM EDT||
TORONTO, ONTARIO -- (Marketwired) -- 08/26/14 -- NexGen Financial Corporation ("NexGen" or "the Company"), (TSX VENTURE: NFX) today announced its unaudited financial results for the quarter ended June 30, 2014.
With an increasingly positive trend in net sales, NexGen is benefiting from its continuous efforts to provide Financial Advisors and their clients with relevant, value added, investment solutions. Initiatives focused on enhancements to existing Funds, launches of new Fund mandates and a focus on competitive pricing have all been well received. "Our broadened offering in Canadian, US and global equities continue to generate a high level of interest among advisors" said Jeff Young Co-CEO of NexGen. NexGen is pleased to highlight the success of NexGen Preferred Share Funds which have grown to over $100 million in AUM1 in their first year. These Funds offer investors a concentrated, actively managed preferred share portfolio at an attractive management fee which is resonating with Financial Advisors and their clients.
Q2 2014 Highlights
-- AUM increased 1.9% during the quarter as a result of market appreciation -- Equity and Balanced fund AUM increased by 45% to $541 million as of June 30, 2014, from $372 million as of June 30, 2013 -- Operating EBITDA2remained positive at $0.19 million ($0.04 per share)
NexGen reported a net loss of $0.28 million ($0.06 loss per share) for the three months ended June 30, 2014, unchanged from a net loss of $0.28 million ($0.06 loss per share) for the same period in the prior year. Operating EBITDA decreased to $0.19 million ($0.04 per share) for the second quarter of 2014, from $0.32 million ($0.07 per share) for the second quarter of 2013.
The Company's complete financial results are available at ir.nexgenfinancial.ca and www.sedar.com.
1. Assets under management or "AUM" refers to the market value of net assets of the investment funds on which management fees are calculated. 2. Operating EBITDA defined by NexGen as earnings before interest, taxes, depreciation and amortization, investment income and other non-cash expenses
Non-GAAP financial measures such as "Assets Under Management" or "AUM", and "Operating EBITDA" 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.
NexGen Financial Corporation
Jul. 27, 2016 01:45 PM EDT Reads: 422
Jul. 27, 2016 01:30 PM EDT Reads: 244
Jul. 27, 2016 01:00 PM EDT Reads: 1,185
Jul. 27, 2016 12:15 PM EDT Reads: 834
Jul. 27, 2016 12:00 PM EDT Reads: 1,034
Jul. 27, 2016 12:00 PM EDT Reads: 845
Jul. 27, 2016 11:45 AM EDT Reads: 1,756
Jul. 27, 2016 11:35 AM EDT Reads: 136
Jul. 27, 2016 11:15 AM EDT Reads: 893
Jul. 27, 2016 11:00 AM EDT Reads: 1,229
Jul. 27, 2016 11:00 AM EDT Reads: 698
Jul. 27, 2016 10:45 AM EDT Reads: 618
Jul. 27, 2016 10:30 AM EDT Reads: 1,064
Jul. 27, 2016 10:30 AM EDT Reads: 1,222
Hostway Services, Inc. and WSM International have partnered to deliver trouble free migration services for any organization that wishes to bring their IT infrastructure to Hostway's Azure managed cloud services. WSM is the leader in providing turn-key IT migration services since 2003 and is now the preferred provider to any Hostway customer that is seeking to move its computer infrastructure to the Hostway Azure-based cloud.
Jul. 27, 2016 10:00 AM EDT Reads: 289