(June 22 – 15:30 ET) – AGF Management Limited today announced that solid net sales, excellent performance in fund portfolios and stringent cost controls have led to a record second quarter. For the quarter ended May 31, consolidated net income was $25 million or 61¢ a share fully diluted, a gain of 68.6% over the comparable period last year.
Cash flow from operations (before net change in non-cash balances related to operations) grew to $58.1 million, or $1.42 a share fully diluted for the quarter, compared with $40 million or 97¢ a share for the second quarter last year, a gain of 45.1%. Consolidated revenue for the quarter grew 44.5% to $124.9 million, up from $86.4 million one year ago.
AGF’s mutual fund assets under management increased $0.9 billion during the quarter to $22.1 billion at May 31.
The company announced that Blake Goldring has been named president and CEO of AGF, succeeding C. Warren Goldring, who will continue in his role as chairman of the board. Blake Goldring has served as president and COO of AGF since 1997. He has also been appointed to the board of directors.
AGF’s board of directors also approved today a division of AGF’s Class B non-voting shares on a two-for-one basis, subject to regulatory and shareholder approval, and announced it has raised the quarterly dividend by 25% to 10¢ a share.
“The value of AGF shares has grown to reflect the company’s progress and the high degree of investor interest in AGF,” said Blake Goldring. “This proposed stock split will make our shares more accessible to a wider range of investors.”
-IE Staff