NexGen Financial Announces Second Quarter 2013 Results
(firmenpresse) - TORONTO, ONTARIO -- (Marketwired) -- 08/27/13 -- NexGen Financial Corporation ("NexGen" or "the Company"), (TSX VENTURE: NFX) today announced its unaudited financial results for the quarter ended June 30, 2013.
Q2 2013 Highlights
NexGen reported a net loss of $0.28 million ($0.06 per share) for the three months ended June 30, 2013, compared with a net loss of $0.27 million ($0.06 per share) for the same period in the prior year.
"We remain focused on broadening our product suite to appeal to a broader range of investors. NexGen's new US Dividend Plus Funds launched in January 2013 and sub advised by Ziegler Lotsoff of Chicago had assets of $37 million as at June 30th" said Laurie Munro, President and CEO of NexGen.
Industry wide assets continued to rotate out of fixed income into more aggressive asset classes. NexGen, like other fixed income focused asset managers, has felt the impact of this move with negative net sales during the quarter.
"In response to this industry trend, NexGen has recently launched two new funds. The first being a Canadian Preferred Share Fund to be sub-advised by J Zechner Associates and the second being a Global Equity Fund to be sub-advised by Toron AMI International Asset Management. We believe more, better performing income and equity products will be the key to rekindling asset growth" he added.
"In the interim, until the anticipated sales momentum rebuilds, management has initiated a cost reduction program that targets $50,000 a month by October 1st, 2013. Cost reductions will be achieved through increased operating efficiencies and a reduction in headcount" concluded Mr. Munro.
The Company's complete financial results are available at ir.nexgenfinancial.ca and .
Notes:
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 . 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.
Contacts:
NexGen Financial Corporation
Laurie Munro
President & CEO
416.775.3705
NexGen Financial Corporation
Abe Goenka
CFO & COO
416.775.3723
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Datum: 27.08.2013 - 14:37 Uhr
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