Business
Saxon Financial ends 2005 with continued strong performance
Saxon Financial ends 2005 with continued strong performance.
About this update from Solution Financial Inc.
[{"type":"text","content":"\n\n\n\n\nQ4 Revenue up 33%, earnings up 13% over Q4 2004\n\nAssets under management increase 18% over 2004\n\nTORONTO, March 9 /CNW/ - Saxon Financial Inc. (TSX:SFI), the investment\nmanagement firm that operates Saxon Mutual Funds, released today its financial\nresults for the fourth quarter and year ended December 31, 2005. The company\ncontinued its strong performance with a 33% growth in revenue and a 13%\nincrease in net income in the fourth quarter compared with the fourth quarter\nof 2004, when it was still a private company. Saxon's assets under management\ngrew 18% over the year, reaching $11 billion.\n\"From both the top- and bottom-line perspectives, Saxon delivered strong\nperformance in a year of growth, expansion and investment in the future,\" said\nAllan Smith, President and CEO of Saxon Financial. \"By making smart\ninvestments for our clients and ourselves, we've grown all three lines of\nbusiness: not just Saxon's acclaimed mutual funds, but also significant\ninstitutional asset management mandates and record performance in our private\nclient business.\"\n2005 was a year of milestones for Saxon. These included becoming a public\ncompany, celebrating the 20th anniversary of the highly respected Saxon Mutual\nFund family, and earning industry-wide recognition for three of Saxon funds at\nthe 2005 Canadian Investment Awards.\n\nHighlights: A year of growth, expansion & investment\n\nSince the Company went public on the Toronto Stock Exchange on July 7,\n2005, the numbers below compare the fourth quarter and year-end results of\nSaxon, the public company, to Saxon as a private company in 2004.\nThe 2005 results include the higher costs of running a public company and\nsome unique expenses: for example, Saxon incented its employees in June -\nbefore going public - by issuing the employees, shares in the company,\nresulting in a non-tax-deductible expense of $0.8 million against earnings.\nThe following table summarizes Saxon's fourth-quarter and year-end\nresults, with additional lines for EBITDA, net income and earnings per diluted\nshare that have been adjusted to exclude the June 2005 special charge.\n\n>\n\n\n","length":6561,"tagName":"div"}]