Business
AGF Management Limited Reports Third Quarter Financial Results
AGF Management Limited Reports Third Quarter Financial Results
About this update from Harfang Exploration, Inc.
[{"type":"text","content":"\n\n\n\nSep. 23, 2009 (Canada NewsWire Group) -- TORONTO, Sept. 23 /CNW/ -- AGF Management Limited (AGF) today announced financial results for the third quarter ended August 31, 2009 with net income of $22.8 million, up $5.6 million from net income reported in the second quarter ended May 31, 2009. Net income was down from $41.1 million in the same period in 2008 as a result of declines in Investment Management Operations revenue primarily related to declines in global markets and an increase in Trust Company Operations provision for loan losses. These impacts were partially offset by 12.5% decline in selling, general and administrative (SG&A) expenses.Earnings per share in the third quarter of 2009, on a fully diluted basis, were $0.25 compared with $0.19 in the second quarter of 2009 and $0.46 in the third quarter of last year.While the global economy continues to face strong challenges, economic indicators suggest a recovery may be starting to take shape. The third quarter showed signs of improvement over the second quarter of 2009 with AGF reporting a 9.6% increase in assets under management (AUM), a 2.4% increase in total revenue, and a 14.5% increase in earnings before interest, taxes, depreciation and amortization (EBITDA). Year-over-year results, however, show that the economy has yet to reach pre-recession levels as evidenced by third quarter numbers that show a 15.8% decline in AUM, a 20.5% decline in revenue and a 31.2% decrease in EBITDA compared with the same period a year earlier.\"There were signs during the third quarter that the global economy is moving toward a recovery. Global markets continued to improve with higher indices contributing to increases in our AUM and profitability compared to the second quarter,\" said Chairman and CEO Blake C. Goldring. \"While encouraged by the steady growth in our AUM over the past quarter, we will continue to strengthen the business through expense discipline, improving our future operating capabilities and servicing our clients.\"Added Mr. Goldring, \"We are very pleased that Manulife Investments announced on September 16 that its new GIF Select platform will include a number of new investment fund options, including a bundle from AGF. The product, to be called Manulife AGF Bundle, will consist of three AGF funds - AGF Canada Class, AGF Global Equity Class and AGF Canadian ...