Sprott Inc. announces 2013 second quarter results

About this update from Sprott Inc.

[{"type":"text","content":"\n\n\nTORONTO, Aug. 8, 2013 /CNW/ - Sprott Inc. (TSX: SII) (\"Sprott\" or the\n \"Company\") today announced its financial results for the three and six\n months ended June 30, 2013.\n\n\nQ2 2013 Overview\n\n\n\nAssets Under Management (\"AUM\") were $7.1 billion as at June 30, 2013,\n compared to $8.5 billion as at June 30, 2012 and $9.1 billion as at\n March 31, 2013\n\n\n\n\nAssets Under Administration (\"AUA\") were $2.6 billion as at June 30,\n 2013, compared to $3.8 billion as at June 30, 2012 and $3.3 billion as\n at March 31, 2013\n\n\n\n\nManagement Fees were $21.5 million, a decrease of 23.6% compared with\n the three months ended June 30, 2012\n\n\n\n\nEBITDA was $8.1 million ($0.05 per share), compared with $10.4 million\n ($0.06 per share) for the three months ended June 30, 2012, a decrease\n of 22.0%\n\n\n\n\nNet loss was $6.7 million (negative $0.04 per share) for the three\n months ended June 30, 2013, compared with net income of $0.7 million\n ($0.00 per share) for the three months ended June 30, 2012\n\n\n\nSubsequent Events\n\n\n\nOn July 23, 2013, Sprott completed the acquisition of all of the\n outstanding shares of Sprott Resource Lending Corp.\n\n\n\n\nAs previously announced, effective July 31, 2013 Renewable Energy\n Developers Inc. (\"ReD\"), formerly Sprott Power Corp. terminated the\n Management Services Agreement between Sprott Consulting Limited\n Partnership and ReD.\n\n\n\n\"In July, we completed the acquisition of Sprott Resource Lending Corp.\n in a transaction that further strengthens our balance sheet and\n provides us with the ability to reposition our business to thrive in a\n changing asset management landscape,\" said Mr. Grosskopf. \"We now have\n more than $350 million in available capital that we will actively\n deploy to seed new products and pursue synergistic acquisition\n opportunities. We also intend to re-launch our successful resource\n lending strategy and expand our private equity business through new\n limited partnerships that we will be developing this fall.\"\n\n\n\"We are focused on positioning the business for better performance,\n developing new products and increasing client diversity,\" continued Mr.\n Grosskopf. \"At the same time, we are committed to managing expenses\n through prudent cost cutting measures.\"\n...

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