Business
2013 1st Quarter Results
2013 1st Quarter Results.
About this update from Tatton Asset Management Plc
[{"type":"text","content":"\n \nRNS Number : 7739D Titanium Asset Management Corp 01 May 2013 \n \n\nTitanium Asset Management Corp. \n \nReports 2013 First Quarter Results\n \nMilwaukee, WI, May 1, 2013 - Titanium Asset Management Corp. (AIM - TAM) today reported results for the first quarter ended March 31, 2013.\n \nHighlights are as follows:\n \n· Assets under management (AUM) increased 1.3% during the first quarter of 2013 to $8,966.8 million reflecting both net inflows and positive market returns.\n \n· Average AUM of $8,910.7 million for the first quarter of 2013 were 5.4% higher relative to the average AUM of $8,452.3 million for the same period last year. Investment management fee revenues were $5,883,000 for the first quarter of 2013, an 11.9% increase from investment management fee revenues of $5,259,000 for the same period last year, primarily due to the higher average AUM levels and a higher average fee rate.\n \n· Adjusted EBITDA(1) continued to improve during the first quarter of 2013. Adjusted EBITDA was $652,000 for the first quarter of 2013, compared to Adjusted EBITDA of $264,000 for the same period last year. The improvement primarily reflects the increased investment management fee revenues.\n \n· Net investment income of $119,000 for the first quarter of 2013 compared to net investment income of $236,000 for the same period last year.\n \n· Net income of $491,000, or $0.02 per diluted common share, for the first quarter of 2013 compared to a net loss of $1,932,000, or $0.09 per diluted common share, for the first quarter of 2012.\n \n(1) See the table below for a definition of Adjusted EBITDA, a non-GAAP financial measure. The table provides a description of this non-GAAP financial measure and a reconciliation to the most directly comparable GAAP measure.\n \n\n \n\n \nFor further information please contact:\n \nTitanium Asset Management Corp.\nRobert Brooks, Chairman &n...