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Press Releases – 2011

Correction -- GLUSKIN SHEFF + ASSOCIATES INC.
Company Release - 02/10/2011 16:05

In c9746 sent at 16:05e today, an error occcurred where additional paragraphs (6) were omitted beneath the first table of the release. Corrected copy follows:

 

GLUSKIN SHEFF + ASSOCIATES INC. ANNOUNCES SECOND QUARTER FISCAL 2011 RESULTS

 

TORONTO, Feb. 10 /CNW/ - Gluskin Sheff + Associates Inc. (the "Company") announced today its results for the three months ended December 31, 2010.

Financial Highlights:

 

(unaudited, $ '000s) 3 Months 3 Months
Ended Ended
Dec. 31, 2010 Dec. 31, 2009
Assets Under Management ($ in millions) $ 6,009 $ 5,350
Revenue:
Base Management Fees $ 21,024 $ 18,777
Performance Fees 15,819 44,234
Investment and Other Income (Loss) 767 268
Total Revenue $ 37,610 $ 63,279
Base EBITDA $ 10,453 $ 9,671
Net Income $ 14,107 $ 21,580
Basic Earnings per Share $ 0.48 $ 0.74
Diluted Earnings per Share $ 0.48 $ 0.73

The Company's revenues are derived from Base Management Fees, calculated as a percentage of Assets Under Management ("AUM"), Performance Fees, which are earned when the Company exceeds prespecified rates of return, and Investment and Other Income.

During the quarter, AUM increased by approximately $160 million from $5.8 billion as at September 30, 2010 to $6.0 billion as at December 31, 2010. This increase is attributable to positive investment performance of approximately $258 million and net withdrawals of approximately $98 million. AUM increased by approximately $0.7 billion from December 31, 2009 ($5.3 billion) to December 31, 2010 ($6.0 billion). This increase in AUM is attributable to net additions of approximately $177 billion and approximately $482 billion in positive investment performance.

For the three months ended December 31, 2010, Base Management Fees increased to approximately $21.0 million from $18.8 million for the three months ended December 31, 2009, an increase of approximately 12%. This increase was due primarily to the increase in average AUM over the period.

Net Income was $14.1 million or $0.48 per common share for the three months ended December 31, 2010 down from $21.6 million or $0.74 per common share for the three months ended December 31, 2009.

"We are mindful of risk to capital in this volatile environment," said Jeremy Freedman, President and Chief Executive Officer. "This economic story has not yet been fully written, and we continue to focus on the pursuit of strong risk-adjusted returns over investment cycles. Doing so will serve both our clients and our shareholders well."

The Company's full financial statements and Management's Discussion and Analysis can be found on the Company's website at www.gluskinsheff.com and on www.sedar.com.

Founded in 1984, Gluskin Sheff + Associates Inc. is one of Canada's pre-eminent wealth management firms serving high net worth private clients and institutional investors. Gluskin Sheff offers equity and fixed income investment portfolios in addition to being one of the largest managers of alternative investments in Canada. The Company's Subordinate Voting Shares are listed on the Toronto Stock Exchange under the symbol "GS". For more information about the Company, please visit our website at www.gluskinsheff.com.

This press release may contain forward-looking statements relating to Gluskin Sheff + Associates Inc.'s business and the environment in which it operates. These statements are based on the Company's expectations, estimates, forecasts and projections. They are not guarantees of future performance and involve risks and uncertainties that are difficult to control or predict. These risks and uncertainties are discussed in the Company's regulatory filings available on the Company's website at www.gluskinsheff.com or at www.sedar.com. Actual outcomes and results may differ materially from those expressed in these forward-looking statements. Readers, therefore, should not place undue reliance on any such forward-looking statements. Further, a forward-looking statement speaks only as of the date on which such statement is made. The Company undertakes no obligation to publicly update any such statement or to reflect new information or the occurrence of future events or circumstances.

Non-GAAP Measures
Included in this press release are certain financial terms (including Base EBITDA and AUM) that the Company utilizes to assess the financial performance of its business that are not measures recognized under Canadian generally accepted accounting principles (GAAP). These non-GAAP measures do not have any standardized meanings prescribed by GAAP and should not be considered alternatives to net income or any other measure of performance determined in accordance with GAAP. Therefore, these non-GAAP measures are unlikely to be comparable to similar measures presented by other issuers. For additional information regarding the Company's use of non-GAAP measures, including the calculation of these measures, please refer to the "Non-GAAP financial measures" section of the Company's Management's Discussion and Analysis and its financial statements available on the Company's website and on the SEDAR website located at www.sedar.com.


Contact:

David R. Morris
Chief Financial Officer and Secretary
(416) 681-6036

    David Rosenberg

    Chief Economist & Strategist

     

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