Business
Aston Hill announces first quarter results
CALGARY, May 7, 2013 /CNW/ - Aston Hill Financial Inc. (" Aston Hill " or the " Company ") ...
About this update from Flow Capital Corp.
[{"type":"text","content":"\n\n\n\n\n\nCALGARY, May 7, 2013 /CNW/ - Aston Hill Financial Inc. (\"Aston Hill\" or the \"Company\") (TSX:AHF) announces it has filed its unaudited interim Consolidated\n Financial Statements for the period ended March 31, 2013 and related\n Management Discussion and Analysis with Canadian securities regulatory\n authorities.\n\n\nFor the period ended March 31, 2013, Aston Hill's revenues were $7.3\n million, an increase of 18% from March 31, 2012 revenue of $6.2\n million.  The revenue increase was due mainly to the continued growth\n and performance of the Aston Hill mutual funds and additional overhead\n recoveries from the services agreement with Argent Energy Trust.  Aston\n Hill Assets under Management, Administration and Advisory (\"AUM\")\n increased 15% year-over-year from $5.9 billion to $6.8 billion at March\n 31, 2013. The rise in AUM is mainly the result of new mutual fund\n subscriptions, Argent acquisitions later in 2012 and the continued\n increase in the IA Clarington sub-advised funds.\n\n\nGeneral and administrative expenses were $4.5 million for the first\n three months of 2013 as compared to $4.7 million for the prior\n quarter.  EBITDA for the three months ended March 31, 2013 was $2.4\n million before stock-based compensation ($2.0 million after stock-based\n compensation) up from the prior year amount of $2.1 million before\n stock-based compensation ($1.5 million after stock-based compensation).\n The year-over-year EBITDA increase is a result of revenue increases\n from the Company's investment management services and products offset\n by increased compensation, office, marketing and product development\n costs related to the growth of Aston Hill's mutual funds. The first\n quarter EBITDA of $2.0 million represents a notable increase from the\n fourth quarter of 2012 EBITDA of $371,000 due to increased revenues and\n net gains on investments and decreases in G&A expenses and product\n development costs.\n\n\nAston Hill Financial Inc. is a diversified asset management company with\n a suite of retail mutual funds, closed end funds, private equity funds,\n hedge funds and segregated institutional funds. The Company is also\n engaged in the administration of Argent Energy Trust (TSX: AET.UN). \n Aston Hill Financial has offices in Calgary, Toronto and Halifax.\n\n\nThe TSX has nei...