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AGF 3rd Quarter 2006 Financial Results
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AGF announced financial results for the third quarter ended August 31, 2006. AGF reported positive net sales in its mutual fund business for the second consecutive quarter. Institutional and private investment management assets were higher and AGF Trust loan assets continued to grow. To the end of August 31, 2006, AGF has the highest percentage of funds in the first quartile over one and three years of any of the 10 largest mutual fund firms in Canada.
In the third quarter of fiscal 2006, consolidated revenue from continuing operations rose to $172.6 million compared with $153.0 million in the third quarter of the prior year. Consolidated net income from continuing operations for the three months ended August 31, 2006, was $35.5 million or $0.39 per share diluted compared with $20.8 million or $0.23 per share diluted for the same period last year. Net income for the third quarter of 2006 rose to $34.6 million, versus $20.3 million in the comparable quarter of 2005. Net income for the three months ended August 31, 2006 included a $15.9 million credit to future income taxes related to the Canadian federal income tax rate reduction that was substantially enacted in June 2006. Earnings before interest, taxes, depreciation and amortization (EBITDA) from continuing operations were $56.1 million, compared with $65.3 million for the quarter ended August 31, 2005, primarily as a result of increased sales and marketing compensation associated with improved net sales.
Total assets under management in the investment management segment rose to $39.0 billion at the end of the third quarter of 2006 from $33.3 billion as at August 31, 2005. The Trust Company Operations segment total assets are now $2.3 billion, compared to $1.3 billion last year.
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Sep 30, 2006, 2:05 PM
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