Business
Reports 2009 Fourth Quarter a
Reports 2009 Fourth Quarter a.
About this update from Tatton Asset Management Plc
[{"type":"text","content":"\n RNS Number : 4955J Titanium Asset Management Corp 31 March 2010 \n \n\nTitanium Asset Management Corp. \n \nReports 2009 Fourth Quarter and Annual Results\n \nMilwaukee, WI, March 31, 2010 - Titanium Asset Management Corp. (AIM - TAM) today reported results for the fourth quarter and year ended December 31, 2009.\n \nHighlights are as follows:\n \n· Revenues of $6,841,000 for the fourth quarter of 2009, a 51% increase over the same period last year, and revenues of $22,471,000 for the year, a 47% increase over 2008.\n \n· Annual performance fees recognized in the fourth quarter of 2009 were $1,256,000, compared to $518,000 for 2008.\n \n· Managed and fee paying assets increased by 8.9% from $8,379.4 million to $9,126.3 million during 2009. \n \n· Adjusted EBITDA deficit of $310,000 for the fourth quarter of 2009 compared from $1,231,000 for the same period last year.\n \n· A non-cash goodwill impairment charge of $3,642,000 in the fourth quarter of 2009 and a total impairment charge of $8,489,000 for the year.\n \n· A non-cash deferred tax charge of $5,837,000 in the fourth quarter of 2009 and a total deferred tax charge of $4,016,000 for the year reflecting the establishment of a valuation allowance for all of our deferred tax assets.\n \n· Net loss of $12,237,000, or $0.60 per diluted common share, for the fourth quarter of 2009 compared to a net loss of $3,950,000, or $0.19 per diluted common share, for the fourth quarter of 2008. For the year, the net loss was $21,169,000, or $1.03 per diluted common share, compared to a net loss of $7,040,000, or $0.34 per diluted common share for 2008.\n \nCommenting on these results, Robert Brooks, CEO of Titanium Asset Management Corporation said:\n \n\"The growth in managed and fee paying assets to $9.3 billion and the 47% increase in revenues over the year are pleasing given market conditions. Volatile markets did not lend themselves to asset growth within all of our asset managers and as a result, operating results were strained. As we continue the current stage of our business plan, con...