Integrated Asset Management Corp. (“IAM”) (TSX:IAM) today announced unaudited financial results for the quarter ended December 31, 2017.
John Robertson, President, CEO, said “We are very pleased with the results as the first quarter is traditionally a slow quarter as it is cut short by the holiday season. The outlook for the rest of the year is very encouraging.”
The Corporation reported a net income from continuing operations for the quarter ended December 31, 2017, of $0.5 million ($0.02 per share) versus a net loss from continuing operations in the quarter ended December 31, 2016, of $0.0 million ($0.00 per share). Management fees and other income were higher, at $3.5 million versus $2.8 million in the same quarter in fiscal 2017. The increase in management fees and other income compared to fiscal 2017 is the result of deployment of commitments at higher rates and interest income from investments in funds managed by the Corporation.
John Robertson, President and CEO, said “Results are unfolding as expected. Revenue before investment gain (loss) was up 25% over those of the same period in fiscal 2017. Net income was $460,000, as opposed to a loss in the comparable period of the prior year. The loss on investment in the first quarter of fiscal 2017 related to seed capital in a fund managed by a discontinued subsidiary. This investment was liquidated in January 2017.
The Board of Directors of the Corporation has approved payment of a quarterly cash dividend in the amount of $0.02 per outstanding share, totaling approximately $0.6 million based on the number of shares outstanding at that date. This dividend will be paid on March 20, 2018, to shareholders of record on February 27, 2018.
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