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AGF 2nd Quarter 2006 Results
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AGF released financial results for the second quarter ended May 31, 2006. AGF reported positive net sales in its mutual fund business for three months ended May 31, 2006, as gross sales of mutual funds were 76.9% higher and redemptions were 10.7% lower than the same quarter in the previous year. Institutional and private investment assets were higher and AGF Trust loan assets continued to grow.
In the second quarter of fiscal 2006, consolidated revenue from continuing operations rose to $174.2 million compared with $147.1 million in the second quarter of the prior year. Consolidated net income from continuing operations for the three months ended May 31, 2006, was $21.7 million or $0.24 per share diluted compared with $19.7 million or $0.22 per share diluted for the same period last year. Net income for the second quarter of 2006 rose to $33.0 million, versus $22.4 million in the comparable quarter of 2005. Net income for the three months ended May 31, 2006 included a $13.3 million gain net of taxes from repayment of debt as well as a $2.1 million loss related to a post transaction adjustment on the sale of Unisen. Earnings before interest, taxes, depreciation and amortization (EBITDA) from continuing operations were $65.6 million, compared with $63.6 million for the quarter ended May 31, 2005.
Total assets under management increased by 17.8 per cent, rising to $37.7 billion at the end of the second quarter of 2006 from $32.0 billion as at May 31, 2005. Over the same period, institutional assets grew 58.5 per cent and private investment management assets grew 13.5 per cent. The Trust Company Operations segment continued to grow significantly with total assets rising 82.6 per cent.
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Barry
Mr. Do It All
Jun 28, 2006, 11:32 PM
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