(March 28 – 14:25 ET) – For the quarter ended February 29, 2000, consolidated net income was $21.2 million or $0.52 per share fully diluted, a gain of 62 per cent over the comparable period last year, AGF Management Ltd. is reporting.
Cash flow from operations grew to $52.8 million, or $1.28 per share fully diluted for the quarter, compared with $36.4 million or $0.88 per share for the first quarter last year, a gain of 45 per cent. Consolidated revenue for the quarter grew 44 percent to $112.1 million, up from $78.1 million one year ago.
“Our success comes from a powerful combination of steady sales during the RRSP season, a commitment to cost control, development of new distribution channels, and a unique emphasis on brand awareness,” says Blake Goldring, president and chief operating officer, AGF Management Ltd. “We’ve seen very strong investment performance over the quarter and robust asset growth in our mutual fund portfolios.”
AGF mutual fund assets under management increased $2.2 billion during the quarter to $21.2 billion at February 29, 2000. During the quarter, AGF expanded its distribution arrangements to include Bank of Montreal, CIBC, and the Toronto Dominion Bank on a national basis.
AGF is also preparing to launch six new funds, ranging from technology to financial services to health sciences, once regulatory approval is received in
the next few weeks.
-IE Staff