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Sprott Inc. announces 2010 first quarter results

^{Published on 2010-05-12 04:10:08 - Market Wire}
 

 Q1 2010 Highlights - Assets Under Management ("AUM") were $5.2 billion as at March 31, 2010, compared to $4.7 billion as at March 31, 2009 and $4.8 billion as at December 31, 2009 - Management Fees were $23.2 million, an increase of 2.9% compared with Q1 2009 - Base EBITDA was $10.3 million, compared with $8.1 million for Q1 2009 - Net income was $5.9 million ($0.04 per share), versus $7.4 million ($0.05 per share) in Q1 2009 - Completed Initial Public Offering of the Sprott 2010 Flow-Through Limited Partnership - Launched the Sprott Physical Gold Trust - Scott Colbourne joined Sprott Asset Management ("SAM") as Senior Portfolio Manager Subsequent to the end of Q1 2010 - Appointed John Ciampaglia as Chief Operating Officer of SAM - Launched the Sprott Private Credit Fund 

 Assets Under Management ------------------------------------------------------------------------- Three months Three months ended ended $ millions March 31, March 31, 2010 2009 ------------------------------------------------------------------------- AUM, beginning of quarter 4,774 4,449 ------------------------------------------------------------------------- Net sales (redemptions) 417 (208) ------------------------------------------------------------------------- Market value appreciation (depreciation) of portfolios (36) 484 ------------------------------------------------------------------------- AUM, end of quarter 5,155 4,725 ------------------------------------------------------------------------- 

 Summary Balance Sheet March 31, December 31, (In $ 000's,) 2010 2009 ------------------------------------------------------------------------- Total Assets 93,702 97,694 Total Liabilities 20,820 21,554 ------------------------------------------------------------------------- Shareholders' Equity 72,882 76,140 ------------------------------------------------------------------------- Summary Income Statement For the For the three months three months ended ended March 31, March 31, (In $ 000's, except per share amounts) 2010 2009 ------------------------------------------------------------------------- ------------------------------------------------------------------------- Revenue Management fees 23,248 22,596 Crystallized performance fees - 1,810 Unrealized and realized gains (losses) on proprietary investments (897) 2,143 Other income 2,911 107 ------------------------------------------------------------------------- Total revenue 25,262 26,656 ------------------------------------------------------------------------- Expenses Compensation and benefits 8,267 7,699 Trailer fees 5,070 4,589 General and administration 2,611 3,040 Donations 458 284 Amortization 172 216 ------------------------------------------------------------------------- Total expenses 16,578 15,828 ------------------------------------------------------------------------- Income before income taxes 8,684 10,828 Provision for income taxes 2,759 3,407 ------------------------------------------------------------------------- Net income and comprehensive income for the period 5,925 7,421 Other expenses(1) 759 790 Provision for income taxes 2,759 3,407 ------------------------------------------------------------------------- EBITDA 9,443 11,618 Unrealized and realized (gains) losses on proprietary investments 897 (2,143) Performance fees net of performance fee related bonus pool(2) - (1,357) ------------------------------------------------------------------------- Base EBITDA 10,340 8,118 ------------------------------------------------------------------------- ------------------------------------------------------------------------- Net Income Per Share - basic .04 .05 ------------------------------------------------------------------------- Net Income Per Share-fully diluted .04 .05 ------------------------------------------------------------------------- (1) Includes amortization of fixed assets, amortization of deferred sales charges and non-cash stock-based compensation expense. (2) Performance Fee related bonus pool is equal to 25% of Performance Fee Revenue.