IAM today announced unaudited financial results for the quarter ended December 31, 2016.
The Corporation was essentially break-even for the quarter ended December 31, 2016 with continuing operations at $0.0 million ($0.00) per share versus a net loss from continuing operations in the quarter ended December 31, 2015 of $0.6 million ($0.02) per share.
EBITDA improved to $0.1 million from negative $0.6 million in the same quarter of the previous fiscal year. Cash flow from operations was $0.2 million this year compared to negative $0.9 million in the previous year. The Corporation reported consolidated expenses for the quarter of $2.4 million, down $0.8 million from $3.2 million in the first quarter of fiscal 2016.
AUM is stable at $2.5 billion. Of that, approximately $900 million is committed but not yet invested capital from real estate, private debt and infrastructure debt operations. In addition, the real estate group has commenced marketing for new additional capital for our open-end real estate fund.
John Robertson, President and CEO, said “As the committed capital is invested, we will see an increase in fee revenue and a steadily growing stream of recurring management fees. This should result in increasing profitability as there will be little increase in overhead required to deploy and manage the additional revenue generating assets.”
At the heart of our strategy has been moving the company to focus exclusively on the institutional market. With the close of the previously announced sale of the Managed Futures division, subject to regulatory approval, we will be a pure-play institutional manager. The proceeds of the sale of the Managed Futures division, combined with the return of seed capital in a managed futures fund, will add approximately $3.3 million in cash.”
For complete details, please click here.