Integrated Asset Management Corp. (“IAM”) (TSX:IAM) today announced unaudited financial results for the quarter ended March 31, 2018. John Robertson, President and CEO, said “We are pleased with the results and progress we are making. Revenue, EBITDA, cash flow from operations and net income all above from the comparable period in 2017.”
The Corporation reported net income from continuing operations for the quarter ended March 31, 2018 of $1.1 million ($0.03 per share) versus net income from continuing operations in the quarter ended March 31, 2017 of $0.5 million ($0.02 per share). Management fees and other income were higher, at $4.1 million versus $4.0 million in same quarter in 2017.
John Robertson, President and CEO, said “While we are pleased with the performance fee realized in the quarter, it was a result of assets sold during the quarter thus reducing AUM. Following quarter end in mid-April, the Real Estate Group closed the acquisition of a $62.4 million portfolio of real estate assets which largely replaces the assets sold in GPM 10. This combined with the deployment of committed capital in both the Real Estate Group and the Private Debt Group, is expected to lead to growth of management fee income in coming quarters.
The outlook for the rest of the year remains very positive. Our target is to raise another $1 billion of committed capital in the next 12 months.”
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