AGF Management Ltd. is reporting strong financial results for the third fiscal quarter ended August 31.

The fund management company reported a 24.5% increase in cash flow from operations (before net change in non-cash balances related to operations) of $71.5 million up from $57.5 million for the previous year.

The cash flow per share rose 9.9% to 78¢ per share fully diluted for the third quarter, compared with 71¢ per share fully diluted for the third quarter last year. Consolidated revenue for the quarter grew to $163.2 million, up 27.1% for the same period last year.

Consolidated net earnings after income taxes for the three months ended August 31, 2001, were $25.9 million or 28¢ per share fully diluted, compared with $26.7 million or 33¢ per share fully diluted for the third quarter a year ago.

These results reflect the increase in amortization of management contracts and goodwill of $10.8 million, a non-cash charge, stemming from the acquisitions of Global Strategy and Magna Vista.

“In these challenging times, we have redoubled our efforts to contain costs and work diligently to navigate difficult markets and uncertain economic conditions,” said Blake Goldring, president and CEO, AGF Management Ltd. “AGF has a solid financial foundation in terms of capital and liquidity and is well-positioned for a market recovery.”

During the quarter, AGF successfully completed mergers of eight funds as part of the integration of Global Strategy funds into the AGF fund lineup.