Business
Saxon Financial reports results for fiscal 2007
Revenue up 13%, earnings up 21% over 2006 TORONTO, March 5 /CNW/ - Saxon Financial Inc. (TSX:SFI)...
About this update from Solution Financial Inc.
[{"type":"text","content":"\n\n\n\nRevenue up 13%, earnings up 21% over 2006\n\n\nTORONTO, March 5 /CNW/ - Saxon Financial Inc. (TSX:SFI) reported\nfinancial results for 2007 of 13% growth in revenue and a 21% increase in net\nincome. Saxon's assets under management grew 3% during the year, reaching\n$12.9 billion at December 31, 2007.\n\n\n"Saxon's solid financial performance topped a year in which we extended\nour reach into key distribution channels with retail product launches and new\ninstitutional equity mandates," said Allan Smith, President and CEO. "While\ncapital markets remain volatile, we're well-positioned to capitalize on sales\nand marketing initiatives that leverage our 22 year investment management\nexpertise."\n\n\nHighlights: A year of growth, expansion & investment\n\nThe following table summarizes Saxon's fourth quarter and year-end\nresults for 2007.\n\n-------------------------------------------------------------------------\nFinancial Highlights Three month period Year ended\n(in $thousands, except ended December 31, December 31,\n per share data) 2007 2006 2007 2006\n-------------------------------------------------------------------------\nRevenue(x) $13,194 $12,926 $54,868 $48,646\nEBITDA(xx) $5,940 $6,129 $26,420 $23,201\nNet income $4,470 $3,916 $17,768 $14,732\nEarnings per share $0.33 $0.29 $1.31 $1.08\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 and amortization.\n\n- Assets under management climbed to $12.9 billion at December 31,\n 2007, an increase of 3% or $367 million during the year. AUM was\n adversely impacted in the fourth quarter by net redemptions in mutual\n funds as value managers continued to be out of favour in a growth\n oriented market.\n\n- Q4 revenue was $13.2 million, a 2% increase over the fourth quarter\n of 2006. Full year 2007 r...