LOGiQ Asset Management Inc. Announces 2017 Third Quarter Results
(firmenpresse) - TORONTO, ONTARIO -- (Marketwired) -- 08/14/17 -- LOGiQ Asset Management Inc. ("LOGiQ" or the "Company") (TSX: LGQ) announces it has released its unaudited Condensed Consolidated Interim Financial Statements for the quarter ended June 30, 2017 and related Management''s Discussion and Analysis.
For the third quarter ended June 30, 2017, LOGiQ revenues declined slightly to $7.3 million from the prior quarter revenues of $7.5 million.
In the third financial quarter ended June 30, 2017, assets under management or advisement ("AUM") decreased to $2.1 billion from $2.3 billion at March 31, 2017. During the third quarter, gross sales of mutual funds were $30 million and redemptions were $86 million while institutional advisory sales-related fee earning arrangements ("Global Advisory") increased to $2.9 billion from $2.6 billion in the prior quarter. Total fee earning arrangements and assets under management grew to $5.0 billion from $4.8 billion.
Total expenses (excluding finance expense and non-cash impairment charges) for the third quarter were lower at $8.1 million compared to $10.1 million for the prior quarter. The lower corporate expense is mainly due to the full quarter impact of the synergies resulting from the combination of LOGiQ (formerly Aston Hill Financial Inc.) and LOGiQ Capital 2016 (formerly Front Street Capital 2004) ("Front Street Capital").
Adjusted EBITDA for the third quarter was $1,519,000, an increase from the prior quarter adjusted EBITDA of negative $559,000. This was due mainly to the reduction in expenses quarter over quarter. Net loss for the quarter was $10.2 million, as compared to a net loss in the prior quarter of $2.8 million. This is primarily the result of non-cash impairment charges against the intangible assets and goodwill in the amount of $12.5 million.
"Our work to integrate the former Front Street and Aston Hill businesses showed promising results in the quarter," said Joe Canavan, President & Chief Executive Officer of LOGiQ Asset Management. "Funds flows, while still negative, improved as market awareness of LOGiQ and our product offerings grew. Our focus on cost-cutting yielded significant savings and our liquidity has improved by establishing a working capital credit facility to be drawn if needed. Our financial results are significantly impacted by a non-cash impairment charge, but with this issue behind us and our integration efforts substantially complete, we can focus our attention on achieving the benefits of greater scale for our unitholders and stakeholders. Our Global Advisor business continued to perform extremely well in the quarter, adding over $350 million of net new assets."
Highlights of the Quarter
LOGiQ continued to take steps to deliver the benefits and synergies expected from the business combinations which occurred in the first quarter.
Notes:
Updates Subsequent to Quarter End
About LOGiQ:
LOGiQ (logiqasset.com) is a diversified asset management company with a suite of retail mutual funds, closed end funds, hedge funds and pooled funds, and also provides segregated institutional managed accounts and institutional advisory sales. LOGiQ has assets under management or advisement and institutional advisory sales-related fee earning arrangements that are not managed or advised, totaling approximately $5.0 billion as at June 30, 2017.
The company will host a conference call on Tuesday August 15, 2017 at 8:30am EDT. The conference call will be chaired by Joe Canavan, President and Chief Executive Officer. The number to use for this call is Toronto local (416) 764-8608 or toll-free (+1) 888-664-6370, Conference ID: 99200208. Please call in at least 10 minutes prior to the call.
Notice to Reader: Use of Non IFRS Measures and Forward-Looking Statements:
For a detailed description of the risks and uncertainties facing the Company and its business and affairs, readers should refer to the annual financial statements and management discussion and analysis for the year ended September 30, 2016 of Front Street Capital, both of which are available on SEDAR under the Company''s profile at in addition to the unaudited condensed consolidated interim financial statements for the three and nine month periods ended June 30, 2017 together with the corresponding Management''s Discussion and Analysis for additional risk factors described under "Risk Management".
Contacts:
LOGiQ Asset Management Inc.
Joe Canavan
President & Chief Executive Officer
(416) 583-2300
LOGiQ Asset Management Inc.
Mary Anne Palangio
Chief Financial Officer
(416) 583-2300
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Datum: 14.08.2017 - 21:38 Uhr
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News-ID 1517496
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