Integrated Asset Management Corp. (“IAM”) (TSX:IAM) today announced its financial results for the fiscal year ended September 30, 2017. Net income was $1.8 million or $0.06 per share in the current year versus net income of $0.1 million or $0.00 per share in the prior year. John Robertson, Chief Executive Officer, said “We are very pleased with the results for 2017 and they are in line with the expectations for the year. As we have said in the past, we receive management fees on invested capital not committed capital. Primarily as a result of significant deployment in the Private Debt Group, revenues rose by $2.3 million, a 20% increase; while expenses remained relatively flat. This resulted in an increase in Adjusted EBITDA for the year of $2.1 million over 2016 Adjusted EBITDA. With over $600 million in committed capital remaining to be deployed and relatively flat expenses anticipated, we expect similar progress to be achieved in fiscal 2018. In addition, the open ended real estate fund, IAM Real Property Fund began accepting quarterly subscriptions as of March 31, 2017 and to-date has raised $41 million with further subscriptions in the process of being finalized. The Debt Group is in the market raising a higher yield fund and is also preparing to launch their sixth corporate debt fund in fiscal 2018. These initiatives should maintain the committed but uninvested capital at a level in excess of $500 million.
With the improvement in earnings and the positive outlook for the future, the intention is to distribute a $0.02 quarterly dividend. This represents a 33% increase in the annual dividend. The first quarterly dividend will be paid December 20, 2017.”
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