Business
Sprott Inc. announces first quarter 2009 results
TORONTO, May 7 /CNW/ - Sprott Inc. (TSX:SII) ("Sprott" or the "Company") today announced its fina...
About this update from Sprott Inc.
[{"type":"text","content":"\n\n\n\nTORONTO, May 7 /CNW/ - Sprott Inc. (TSX:SII) ("Sprott" or the "Company")\ntoday announced its financial results for the three months ended March 31,\n2009.\n\n\nQ1 2009 Highlights\n\n- Assets Under Management (AUM) were $4.7 billion as at March 31, 2009,\n compared to $6.8 billion as at March 31, 2008 and $4.4 billion as at\n December 31, 2008\n- Management Fees were $22.6 million, a decrease of $10.2 million, or\n 31%, over Q1 2008\n- Base EBITDA was $8.1 million compared to $16.6 million in the prior\n year period\n- Net income was $7.4 million ($0.05 per share), versus $16.7 million\n ($0.12 per share) in Q1 2008\n- Declared a first quarter dividend of $0.025 per share on May 6, 2009\n- Launched two new funds - the Sprott Gold Bullion Fund and the FNSSC\n (1) Multi-Manager Fund\n- SAM hosted "Night with the Bears", an event that drew over 1,500\n clients, prospects and media\n- Planned launch of Sprott Private Wealth LP in the second quarter of\n 2009\n\n(1) Federation of National Specialty Societies of Canada\n\n\n"Overall, our Funds performed well in the first quarter of 2009,\nparticularly in January and February, as we were rewarded for our position on\nthe markets and large weighting in precious metals," said Eric Sprott,\nPresident and CEO of Sprott Inc. "The rate of redemptions slowed significantly\nduring the quarter, while sales increased. March was the first positive net\nsales month since August 2008, reflecting strong performance of our Funds,\nreduced de-leveraging activity from our institutional hedge fund clients and\nthe launch of the Sprott Gold Bullion Fund, which has generated strong early\nsales. Despite net redemptions for the quarter, AUM increased due to market\nappreciation of our Funds' investments. We also maintained our quarterly\ndividend of $0.025 per share."\n\n\n"Although high market volatility has led to fluctuations in accruals for\nperformance fees, at various times during the first quarter, Funds accounting\nfor nearly 90% of our AUM, excluding Managed Accounts and the Sprott Gold\nBullion Fund, had accrued performance fees. We continue to believe Sprott is\npositioned to earn performance fees in 2009."\n\n\nAssets Under Management\n\n-------------------------------------------------------------------------\n$ millions Three...