Business
Saxon Financial reports record first quarter results
Saxon Financial reports record first quarter results.
About this update from Solution Financial Inc.
[{"type":"text","content":"\n\n\n\nQ1 Revenue up 20%, earnings up 32% over Q1 2006\n\n\nAssets under management increase 14% over Q1 2006\n\n\nTORONTO, May 9 /CNW/ - Saxon Financial Inc. (TSX:SFI) today reported\nrecord financial results for the first quarter ended March 31, 2007. The\ncompany continued its strong performance with 20% growth in revenue and 32%\nincrease in earnings over Q1 2006. Saxon Financial's assets under management\ngrew 14% over the 12 month period ended March 31, 2007, reaching a record\n$13.0 billion.\n\n\n"Saxon's top and bottom line growth attest to the success of our business\nexpansion efforts in marketing, sales and product development," said Allan\nSmith, President and CEO of Saxon Financial. "We will continue to leverage\nSaxon's 21-year investment track record with strategic initiatives to reach\nindividual investors, advisors and institutions."\n\n\nHighlights: A quarter of double-digit growth\n\nFinancial Highlights\n(unaudited - $ thousands,\nexcept per share data) Three month period\n ended March 31\n ---------------------------\n 2007 2006 Increase\n -------- -------- --------\n $ $\nRevenue(x) 13,625 11,343 20%\nEBITDA(xx) 6,273 4,874 29%\nNet Income 4,088 3,108 32%\nEarnings per share 0.30 0.23 32%\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 results.\n EBITDA does not have a standardized meaning and may not be comparable\n to similar measures presented by other companies. EBITDA is defined\n as earnings before investment income, interest expense, income taxes,\n depreciation and amortization.\n\n\nHighlights included:\n\n - Saxon Financial's assets under management increased by\n $1.6 billion, or 14%, year over year to $13.0 billion as of\n March 31, 2007. This increase is noteworthy given Saxon's high\n proportion of fixed income assets.\n\n - Saxon's Q1 revenue was $13.6 million, a 20% increase over the\n first quarter of 2006.\n\n - Saxon's net income for the quarter was $4.1 million, up 32% over\n the first quarter of 2006. Saxon's financial discipline resulted\n in revenue growth that significantly outpaced expense growth.\n\n - Saxon Mutual Funds ...