Sprott Inc. Announces 2013 Third Quarter Results

About this update from Sprott Inc.

[{"type":"text","content":"\n\n\nTORONTO, Nov. 14, 2013 /CNW/ - Sprott Inc. (TSX: SII) (\"Sprott\" or the\n \"Company\") today announced its financial results for the three and nine\n months ended September 30, 2013.\n\n\nQ3 2013 Overview\n\n\n\nAssets Under Management (\"AUM\") were $7.3 billion as at September 30,\n 2013, compared to $10.3 billion as at September 30, 2012 and $7.1\n billion as at June 30, 2013\n\n\nAssets Under Administration (\"AUA\") were $2.6 billion as at\n September 30, 2013, compared to $4.0 billion as at September 30, 2012\n and $2.6 billion as at June 30, 2013\n\n\nManagement Fees were $19.5 million, a decrease of 30.9% compared with\n the three months ended September 30, 2012\n\n\nEBITDA was $5.9 million ($0.03 per share), compared with $10.5 million\n ($0.06 per share) for the three months ended September 30, 2012, a\n decrease of 44.0%\n\n\nNet income was $13.5 million ($0.06 per share) for the three months\n ended September 30, 2013, compared with net income of $11.0 million\n ($0.07 per share) for the three months ended September 30, 2012\n\n\nCompleted acquisition of Sprott Resource Lending Corp.\n\n\nLaunched a new offshore global mining fund with Zijin Mining Group\n Company Limited\n\n\nReported positive net sales for the third quarter\n\n\n\nSubsequent Events\n\n\n\nNamed Steve Yuzpe Chief Executive Officer of Sprott Resource Corp.\n\n\n\n\"Throughout 2013 we have taken steps to improve our investment\n management processes,\" said Peter Grosskopf, Chief Executive Officer of\n Sprott. \"Going forward, our portfolios will be more actively managed,\n more concentrated, and focused on limiting downside risk while\n maintaining strong upside potential. We will continue to diversify our\n Canadian platform through the addition of new products and investment\n capabilities. We will also look for opportunities to more efficiently\n leverage our platform by increasing our managed asset base through new\n products and acquisitions.\"\n\n\n\"During the third quarter, we completed the acquisition of Sprott\n Resource Lending Corp. in a transaction that further strengthens our\n balance sheet and gives us the ability to re-launch our resource\n lending strategy in a structure that will be more attractive to\n institutional investors,\" said Steven Rostowsky, Chief Financial\n ...

More updates from Sprott Inc.