Saxon Financial reports record third quarter results

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[{"type":"text","content":"\n\n\n\nQ3 Revenue up 13%, earnings up 17% over Q3 2006\n\n\nTORONTO, Nov. 5 /CNW/ - Saxon Financial Inc. (TSX:SFI) today reported\nrecord financial results for the third quarter ended September 30, 2007. The\nCompany continued its strong performance with 13% growth in revenue and 17%\nincrease in earnings over Q3 2006. Saxon Financial's assets under management\ngrew 9% to $13 billion in the 12-month period ended September 30, 2007.\n\n\n"Saxon's ability to deliver strong financial performance stands out in a\nquarter of significant market volatility," said Allan Smith, President and CEO\nof Saxon Financial. "Saxon's retail and institutional fixed income investors\nwere insulated from payment disruptions that rocked financial markets-a\ntestament to Saxon's discipline in weighing risk against potential reward."\n\n\nHighlights: Another quarter of double-digit growth\n\n\nFinancial Highlights\n(unaudited - $ Three month period Nine month period\n thousands, except ended September 30 ended September 30\n per share data) ----------------------- -----------------------\n 2007 2006 Increase 2007 2006 Increase\n ------ ------ -------- ------ ------ ---------\n $ $ $ $\nRevenue(x) 13,867 12,311 13% 41,674 35,720 17%\nEBITDA(xx) 7,107 6,188 15% 20,477 17,072 20%\nNet Income 4,608 3,948 17% 13,298 10,816 23%\nEarnings per share .34 .29 17% .98 .79 24%\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 be\n comparable to similar measures presented by other companies. EBITDA\n is defined as earnings before investment income, interest expense,\n income taxes, depreciation and amortization.\n\nHighlights included:\n\n- Saxon Financial's assets under management increased by $1.1 billion,\n or 9%, year over year to $13.0 billion as of September 30, 2007.\n\n- Saxon largely sustained AUM levels relative to the preceding quarter\n due to prudent management of its fixed income assets, the largest\n component of AUM. Saxon corporate holdings and mutual funds did not\n have any exposure to the sub-prime market or non-bank iss...

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