Business
Sprott Inc. announces third quarter 2009 results
Sprott Inc. announces third quarter 2009 results
About this update from Sprott Inc.
[{"type":"text","content":"\n\n\n\nNov. 5, 2009 (Canada NewsWire Group) -- TORONTO, Nov. 5 /CNW/ -- Sprott Inc. (TSX: SII) (\"Sprott\" or the \"Company\") today announced its financial results for the three- and nine-month periods ended September 30, 2009.Q3 2009 Highlights:- Assets Under Management (\"AUM\") were $4.3 billion as at September 30,2009, compared to $5.6 billion as at September 30, 2008 and$4.4 billion as at June 30, 2009- Management Fees were $20.7 million, a decrease of $12.2 million, or37%, from Q3 2008- Base EBITDA was $8.0 million, compared with $15.2 million in thecomparable prior year period- Net income was $5.5 million ($0.04 per share), versus $3.7 million($0.02 per share) in Q3 2008- Declared a third quarter dividend of $0.025 per share on November 3,2009- Introduced low-load option for investors in Series A units of Sprottmutual funds- Effective November 2, 2009, expanded the distribution of theFNSSC(1)-Multi Manager Fund from FNSSC members only to all eligibleinvestors (name of the fund changed to \"Sprott Multi-Manager Fund\")-----------------------(1) Federation of National Specialty Societies of Canada\"During the third quarter, many of our mutual funds benefited from the continued momentum in equity markets, as well as superior stock picking by our investment managers, with both the Sprott Small Cap Equity Fund and the Sprott Energy Fund posting returns of more than 17%,\" said Eric Sprott, President and CEO of Sprott Inc. \"We continue to believe that gold and other precious metals will be the best store of value for investors over the longer term. As such, several of our larger funds have significant investments in physical gold and silver, as well as mining stocks. So far this year, this thesis has been supported by the performance of the Sprott Gold and Precious Minerals Fund, which gained over 21% during the third quarter and over 77% for the first nine months of 2009.\"\"We continue to work diligently to drive growth in each of our three businesses: Sprott Asset Management, Sprott Private Wealth, and Sprott Consulting. Sprott Consulting has added a valuable private equity-type component to our revenue mix, and contributed significantly to our revenues in 2008. We expect further strong performance from this business in the future,\" added Mr. Sprott. \"As we continue to expand our product offering, we recently began offe...