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Jovian Releases Results for the First Quarter of Fiscal 2011

^{Published on 2010-08-11 10:01:37 - Market Wire}
 

 - Revenue of $27.1 million, compared to $25.4 million in the first quarter of fiscal 2010 - Client assets increased by $1.0 billion to $11.9 billion from $10.9 billion in the first quarter of fiscal 2010 - EBITDA of negative $0.5 million compared with EBITDA of negative $0.9 million in the first quarter of fiscal 2010 - Completed $10 million placement of convertible debentures with a 5- year term - BetaPro launched first commodity spread ETFs and leveraged copper ETFs 

 Selected Financial Data (unaudited) ------------------------------------------------------------------------- in thousands of Canadian dollars Three months ended ------------------------------------------------------------------------- June 30/10 June 30/09 ------------------------------------------------------------------------- Revenues 27,110 25,356 ------------------------------------------------------------------------- Compensation and Benefits, Selling, General and Administration 27,334 26,048 ------------------------------------------------------------------------- Adjusted EBITDA(2) (224) (692) ------------------------------------------------------------------------- Stock-based Compensation Expense(1) 242 162 ------------------------------------------------------------------------- EBITDA(2) (466) (854) ------------------------------------------------------------------------- Loss (2,933) (3,879) ------------------------------------------------------------------------- Loss Per Share - Basic* (0.34) (0.46) ------------------------------------------------------------------------- Loss Per Share - Diluted* (0.34) (0.46) ------------------------------------------------------------------------- (1) For measurement purposes, stock-based compensation expense, which is a non-cash item, is excluded from compensation and benefits expense in this table in order to determine Adjusted EBITDA. (2) EBITDA and Adjusted EBITDA are non-GAAP performance measures utilized by Jovian. EBITDA is defined here as earnings before interest on long-term debt, taxes, depreciation, amortization, impairment, revaluation of share redemption liability and non- controlling interest. Adjusted EBITDA is EBITDA adjusted for stock- based compensation. * Earnings per share for all periods have been adjusted to reflect the 20:1 common shares consolidation effective April 29, 2009.