TORONTO, Nov. 19, 2012 /CNW/ - NexGen Financial Corporation ("NexGen" or "the Company"), (TSX-V: NFX) today announced its unaudited financial results for the quarter ended Spetember 30, 2012.
Q3 2012 Highlights
"We are very pleased to have achieved the $1 billion AUM milestone. We continue to attract assets to our Fixed Income and conservative Balanced Funds reflecting a continuing risk averse investor mindset" said Laurie Munro, President & CEO of NexGen.
NexGen reported a net loss of $0.06 million ($0.01 loss per share) for the three months ended September 30, 2012, compared with a net loss of $0.36 million ($0.08 loss per share) for the same period in the prior year. Total revenues increased 17.5% to $3.54 million for the three months ended September 30, 2012, from $3.01 million for the three months ended September 30, 2011.
The Company has also granted incentive stock options to purchase a total of 93,000 common shares to certain of its officers and employees in accordance with the provisions of its stock option plan. Pursuant to this plan, the Corporation is authorized to grant an aggregate of up to 10% of its issued and outstanding common shares on a rolling basis.
Non-GAAP financial measures such as "Assets Under Management" or "AUM", and "Operating EBITDA" do not have any standardized meaning prescribed by International Financial Reporting Standards ("IFRS") and may not be comparable to similar measures presented by other companies. Readers are cautioned that these non-GAAP measures are not alternatives to measures determined in accordance with IFRS and should not, on their own, be construed as indicators of performance, cash flows, or profitability. However, management of NexGen believes that most shareholders, creditors and other stakeholders prefer to include the use of these financial measures in analyzing the Company's results.
About NexGen Financial
NexGen Financial Corporation is a mutual fund company and was founded to develop value added investment solutions for financial advisors and their clients. The firm is focused on the creation of innovative investment products and services that meet the needs of Canadians seeking more tax efficient investment opportunities and greater control over the tax treatment of their investments. Managed by strong investment professionals, NexGen's unique Registered and Tax-Managed Fund offerings are well positioned as attractive investment opportunities for Canadians looking to alleviate the tax costs associated with traditional investment solutions.
Forward Looking Statements
This release may contain "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 Management Discussion and Analysis, which is available on the Company's website and on SEDAR at www.sedar.com. 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.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy of this release.
SOURCE NexGen Financial Corporation