Business
Saxon Financial ends 2006 with continued strong performance
Saxon Financial ends 2006 with continued strong performance.
About this update from Solution Financial Inc.
[{"type":"text","content":"\n\n\n\nRevenue up 24%, earnings up 34% over Q4 2005\n\n\nQuarterly dividend increases 17%\n\n\nTORONTO, March 7 /CNW/ - Saxon Financial Inc. (TSX:SFI) reported record\nfinancial results for the fourth quarter and year ended December 31, 2006. The\nCompany continued its strong performance with a 24% growth in revenue and a\n34% increase in net income in the fourth quarter over Q4 2005. Saxon's assets\nunder management grew 14% during the year, reaching a record $12.5 billion.\n\n\n"Saxon's strong financial results conclude a year in which we launched\nnew retail products and enjoyed significant wins in the institutional\nbusiness," said Allan Smith, President and CEO of Saxon Financial. "We are\nproud of our financial performance. Our dividend increase, the second in the\npast year, reflects our confidence that Saxon can deliver long-term\nshareholder value."\n\n\nHighlights: A year of growth, expansion & investment\n\n\nThe following table summarizes Saxon's fourth-quarter and year-end\nresults for 2006.\n\n\n-------------------------------------------------------------------------\nFinancial Highlights\n(in $thousands, except Three month period Year ended\n per share data) ended December 31, December 31,\n 2006 2005 2006 2005\n-------------------------------------------------------------------------\nRevenue(x) $12,926 $10,396 $48,646 $38,072\nEBITDA(xx) $6,129 $4,521 $23,201 $17,608\nNet income $3,916 $2,922 $14,732 $10,784\nEarnings per diluted share $0.29 $0.21 $1.08 $0.83\n-------------------------------------------------------------------------\n\n(x) Revenue refers to management fee revenue and excludes investment\n income.\n(xx) The amount of earnings before interest, taxes, depreciation and\n amortization ("EBITDA") is a non-GAAP measure used by management,\n investors and analysts to evaluate and analyze the Company's\n results. EBITDA does not have a standardized meaning and may not\n be comparable to similar measures presented by other companies.\n EBITDA is defined as earnings before investment income, interest\n expense, income taxes, depreciation, amortization and non-\n controlling interest.\n\n\n- Saxon's assets under management climbed to $12.5 billion at the close\n of 2006; an increase of 14% or $1.6 billion over 2005 year-end\n results.\n\n- Saxon's Q4 revenue was $12.9 mil...