Sprott Inc. Announces 2011 Fourth Quarter and Year End Results
29 Marzo 2012 - 1:00PM
PR Newswire (Canada)
TORONTO, March 29, 2012 /CNW/ - Sprott Inc. ("Sprott" or the
"Company") today announced its financial results for the three and
twelve month periods ended December 31, 2011. 2011 Highlights --
Assets Under Management ("AUM") were $9.1 billion as at December
31, 2011, compared to $8.5 billion as at December 31, 2010 and $9.9
billion as at September 30, 2011 -- Assets Under Administration
("AUA") were $4.4 billion as at December 31, 2011, compared to $3.6
billion as of December 31, 2010 -- Management Fees were $146.8
million, an increase of 41.6% compared with the year ended December
31, 2010 -- Base EBITDA was $69.4 million ($0.41 per share),
compared with $43.4 million ($0.29 per share) in 2010, an increase
of 59.9% -- EBITDA was $64.5 million ($0.38 per share), compared
with $202.4 million ($1.35 per share) in 2010, a decrease of 68.2%
-- Net income was $33.0 million ($0.20 per share), a decrease of
75.1% from $132.7 million ($0.88 per share) in 2010 -- Completed
acquisition of the Global Companies -- Introduced Sprott 2011
Flow-Through Limited Partnership for gross proceeds of $91 million
-- Completed two follow-on offerings of Sprott Physical Gold Trust
Units for combined gross proceeds of US$647 million -- Launched
Sprott Silver Bullion Fund -- Completed Initial Public Offering of
Sprott Strategic Fixed Income Fund raising gross proceeds of $220
million -- Continued to strengthen investment and sales teams
through new hires including: o Paul Wong, Portfolio Manager, Sprott
Asset Management o Paul Meehl, CEO of U.S. broker-dealer, Global
Resource Investments Ltd. o J.D. Rothstein, Senior Vice-President
and National Sales Manager of Sprott Asset Management -- Introduced
new Sprott USA managed accounts platform -- Launched Sprott
Corporate Class Inc. Subsequent events: -- Named John Wilson,
Senior Portfolio Manager of Sprott Asset Management and appointed
lead manager of Sprott Opportunities Funds -- Added Neil Adshead as
Investment Strategist at Resource Capital Investment Corp. --
Sprott Physical Gold Trust completed follow-on offering of Trust
Units for gross proceeds of US$349 million -- Sprott Physical
Silver Trust completed follow-on offering of Trust Units for gross
proceeds of US$349 million -- Announced Letter of Intent to acquire
Toscana Capital Corp. and Toscana Energy Corp. "In 2011, the
sovereign debt crisis led to unprecedented volatility and central
bank intervention in the financial markets," said Peter Grosskopf,
CEO of Sprott Inc. "Our funds were defensively positioned
throughout the year. However, weakening prices in precious metals
and, particularly, their related equities, negatively impacted our
investment results and performance fee generation." "Despite the
challenging operating environment, we continue to invest in
building and diversifying our business," continued Mr. Grosskopf.
"During the year, we added new products, increased our presence in
the U.S. market and made a number of key hires to further
strengthen our investment and sales teams. We continued to see the
benefits of the increased scale of our organization, as Base EBITDA
increased by 60% and we grew our Assets Under Management, due
largely to $1.4 billion in net sales." For the year ended December
31, ($ in millions) 2011 2010 AUM, beginning of year 8,545 4,774
Net sales 1,418 1,448 Business acquisition 695 — Market value
appreciation (1,521) 2,323 (depreciation) of portfolios AUM, end of
year 9,137 8,545 Assets Under Management At December 31, 2011,
AUM increased by 6.9% to $9.1 billion, from $8.5 billion at
December 31, 2010. Net sales for the year ended December 31,
2011 were $1.4 billion, together with the addition of the acquired
AUM of the Global Companies of $0.7 billion, offset partially by
market depreciation of $1.5 billion resulted in a $0.6 billion
increase in AUM for the year. The initial and follow-on offering of
Sprott 2011 Flow-Through LP, follow-on offerings of Sprott Physical
Gold Trust, the launch of Sprott Silver Bullion Fund and Sprott
Strategic Fixed Income Fund and the addition of a new managed
account, added approximately $1.2 billion to sales for the year.
Average AUM for the year ended December 31, 2011 was $9.8
billion compared with $5.9 billion for the year ended
December 31, 2010, an increase of 66.7%. Income Statement
Total revenue for the year ended December 31, 2011 decreased
by 50.2% to $161.3 million, from $323.5 million in 2010. Management
fees increased by 41.6% during the year to $146.8 million, from
$103.7 million for the year ended December 31, 2010, as
average AUM increased by approximately 66.7% over the prior year.
Management fee margins fell to 1.5% from 1.8% in 2010. The decrease
is mainly due to the significant growth in bullion funds and fixed
income funds, which have lower management fees than the majority of
the other Sprott Funds. Losses from proprietary investments, which
include investments in funds that Sprott manages, an investment in
Sprott Resource Lending Corp, certain other resource-related stocks
and warrants, and gold and silver bullion, totaled $8.0 million for
the year ended December 31, 2011, compared with a gain of $9.0
million in the year ended December 31, 2010. Commission
revenue for the year ended December 31, 2011, was $14.2
million compared to $6.2 million during the year ended
December 31, 2010. In the year ended December 31, 2011,
commission revenue was mainly due to commissions generated by
Global Resource Investments Ltd. and to a lesser extent, Sprott
Private Wealth. Other income decreased by $1.6 million in the year
ended December 31, 2011 to $2.9 million from $4.5 million in
2010. Total expenses for the year ended December 31, 2011 were
$117.3 million, a decrease of $31.7 million or 21.3%, from $148.9
million for 2010. Base EBITDA, which excludes the impact of income
taxes and certain non-cash expenses and gains or losses on
proprietary investments, increased by 59.9% to $69.4 million ($0.41
per share) for the year ended December 31, 2011, compared with
$43.4 million ($0.29 per share) in 2010. Net income for the year
ended December 31, 2011 decreased by 75.1% to $33.0 million
($0.20 per share) from $132.7 million ($0.88 per share) in 2010.
For the fourth quarter of 2011, total revenue was $38.1 million
compared with $242.1 million in the prior year period. Management
fee revenues increased to $33.7 million from $31.5 million during
fourth quarter of 2010. Gross performance fees decreased to $2.5
million from $199.1 million in the fourth quarter of 2010. Base
EBITDA was $16.1 million, compared with $12.4 million in the fourth
quarter of 2010. Net income was $4.6 million ($0.03 per share)
compared to $108.6 million ($0.72 per share) in the prior year
period. Dividends On November 8, 2011, a dividend of $0.03 per
common share was declared for the quarter ended September 30, 2011.
This dividend was paid on December 2, 2011 to shareholders of
record at the close of business on November 17, 2011. In March
2012, a dividend of $0.03 per common share was declared for the
quarter ended December 31, 2011. Conference Call and Webcast A
conference call and webcast will be held today, Thursday March 29,
2012, at 10:00am ET to discuss the Company's financial results. To
access the call, please dial 647-427-7450 or 1-888-231-8191 ten
minutes prior to the scheduled start of the call. A taped replay of
the conference call will be available until Thursday, April 5, 2012
by calling 416-849-0833 or 1-855-859-2056, reference number
64100849. The conference call will also be webcast live at
www.sprottinc.com and www.newswire.ca. An archived replay of the
webcast will be available for 365 days. *Non-IFRS Financial
Measures This press release includes financial terms (including
AUM, EBITDA, Base EBITDA, Cash Flow from Operations and net sales)
that the Company utilizes to assess the financial performance of
its business that are not measures recognized under International
Financial Reporting Standards ("IFRS"). These non-IFRS measures
should not be considered alternatives to performance measures
determined in accordance with IFRS and may not be comparable to
similar measures presented by other issuers. For additional
information regarding the Company's use of non-IFRS measures,
including the calculation of these measures, please refer to the
"Non-IFRS Financial Measures" section of the Company's Management's
Discussion and Analysis and its financial statements available on
the Company's website at www.sprottinc.com and on SEDAR at
www.sedar.com. Forward-Looking Statements This release contains
"forward-looking statements" which reflect the current expectations
of the Company. These statements reflect management's current
beliefs with respect to future events and are based on information
currently available to management. Forward-looking statements
involve significant known and unknown risks, uncertainties and
assumptions. Many factors could cause actual results, performance
or achievements to be materially different from any future results,
performance or achievements that may be expressed or implied by
such forward-looking statements including, without limitation,
those listed under the heading "Risk Factors" in the Company's
annual information form dated March 27, 2012. Should one or more of
these risks or uncertainties materialize, or should assumptions
underlying the forward-looking statements prove incorrect, actual
results, performance or achievements could vary materially from
those expressed or implied by the forward-looking statements
contained in this release. Although the forward-looking statements
contained in this release are based upon what the Company believes
to be reasonable assumptions, the Company cannot assure investors
that actual results, performance or achievements will be consistent
with these forward-looking statements. These forward-looking
statements are made as of the date of this release and the Company
does not assume any obligation to update or revise them to reflect
new events or circumstances. About Sprott Inc. Sprott Inc. is a
leading independent asset manager dedicated to achieving superior
returns for its clients over the long term. The Company currently
operates through four business units: Sprott Asset Management LP,
Sprott Private Wealth LP, Sprott Consulting LP, and Sprott U.S.
Holdings Inc. Sprott Asset Management is the investment
manager of the Sprott family of mutual funds and hedge funds and
discretionary managed accounts; Sprott Private Wealth provides
wealth management services to high net worth individuals; and
Sprott Consulting provides management, administrative and
consulting services to other companies, including Sprott Resource
Corp. , Sprott Resource Lending Corp. and Sprott Power Corp. .
Sprott U.S. Holdings Inc. includes Global Resource Investments Ltd,
Sprott Asset Management USA Inc., and Resource Capital Investments
Corporation. Sprott Inc. is headquartered in Toronto, Canada, and
is listed on the Toronto Stock Exchange under the symbol "SII". For
more information on Sprott Inc., please visit
www.sprottinc.com. Sprott Inc. CONTACT: Investor
contact information: (416) 203-2310 or 1 (877) 403-2310or
ir@sprott.com
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