Business
/C O R R E C T I O N from Source -- Sprott Inc./
In c3066 transmitted at 7:00e today, an error occurred in the 'Assets Under Management' table; in...
About this update from Sprott Inc.
[{"type":"text","content":"\n\n\n\nIn c3066 transmitted at 7:00e today, an error occurred in the 'Assets\nUnder Management' table; in the column titled "Six months ended June 30,\n2009 the last two figures should have read "246" and not "241" and the\nother figure "4,444" and not "4,439". Corrected copy follows:\n\nSprott Inc. announces second quarter 2009 results\n\n\nTORONTO, Aug. 6 /CNW/ - Sprott Inc. (TSX: SII) ("Sprott" or the\n"Company") today announced its financial results for the three- and six-month\nperiods ended June 30, 2009.\n\n\nQ2 2009 Highlights\n\n- Assets Under Management (AUM) were $4.4 billion as at June 30, 2009,\n compared to $7.7 billion as at June 30, 2008 and $4.7 billion as at\n March 31, 2009\n- Management Fees were $21.7 million, a decrease of $15.0 million, or\n 40.8%, over Q2 2008\n- Base EBITDA was $7.6 million, compared with $17.2 million in the\n prior year period\n- Net income was $5.6 million ($0.04 per share), versus $11.4 million\n ($0.08 per share) in Q2 2008\n- Declared a second quarter dividend of $0.025 per share on August 4,\n 2009\n- Completed reorganization of Sprott Asset Management Inc. including\n the introduction of the Sprott Private Wealth brand to capitalize on\n growth opportunities in the private client market\n\n\n"North American equity markets rallied during the second quarter of 2009,\ncontributing to strong performance from several of our funds, including the\nSprott Small Cap Hedge Fund, managed by Allan Jacobs and Peter Imhof, and the\nSprott Gold and Precious Minerals Fund, managed by Charles Oliver and Jamie\nHorvat," said Eric Sprott, President and CEO of Sprott Inc. "However, some of\nour larger funds did not fully participate in recent market gains and the\nshort positions in a number of our hedge funds were negatively affected by the\nupswing in stock prices. Looking ahead, based on our analysis of key economic\nindicators, we continue to believe that our long-term views will play out to\nthe benefit of our investors, and that Sprott remains well positioned to build\non its history of strong performance. Despite operating in a challenging\nmarket environment over the past year, our variable cost structure ensures\nthat our largest expenses are correlated with revenues, allowing us to\ncontinue to pay dividends t...