Integrated Asset Management Corp. (“IAM”) (TSX:IAM) today announced unaudited financial results for the quarter ended June 30, 2018.
John Robertson, President and CEO, said “Despite lower investing activity in the quarter, revenue, EBITDA, cash flow from operations and net income were all above the comparable period of 2017. We expect a significant increase in investing in the fourth quarter over that of the current quarter.”
The Corporation reported net income from continuing operations for the quarter ended June 30, 2018 of $0.9 million ($0.03 per share) versus net income from continuing operations in the quarter ended June 30, 2017 of $0.6 million ($0.02 per share ).
Adjusted EBITDA improved to $1.3 million in the quarter ended June 30, 2018 from $0.8 million in the same quarter of the previous fiscal year. Cash flow from operations was $1.1 million for the quarter compared to $0.7 million in the previous year’s quarter.
John Robertson, President and CEO, said “We are pleased we have achieved net income of $0.03 per share in the quarter. This was a result of a strong quarter for the Real Estate Group in both acquisition and performance fees. The Private Debt Group had a slower than anticipated quarter as a result of delays in closing of transactions in the quarter. These transactions are expected to close early in the fourth quarter.
We are particularly pleased that cash from operations has increased significantly to $2.9 million for the nine months ended June 30, 2018 up from $1.6 million in the comparable period in fiscal 2017.
The outlook for the rest of the year remains very positive. We are making progress toward our previously stated target of raising $1 billion of committed capital in the next 9 months.”
The Board of Directors of the Corporation has approved payment of a quarterly cash dividend in the amount of $0.03 per outstanding share, totaling approximately $0.8 million based on the number of shares outstanding on August 2, 2018. This dividend will be paid on September 12, 2018 to shareholders of record on August 16, 2018.
John Robertson, President and CEO, said “The quarterly dividend increase from $0.02 per outstanding share to $0.03 per outstanding share is sustainable based on the Corporation’s strong results year to date, the anticipated growth in revenue and our healthy cash position.”
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