(February 23 -17:20 ET) – Integrated Asset Management Corp. is reporting improved results for the first quarter ended December 31.
The firm has narrowed its net loss for the quarter to 1¢ per share from 2¢ per share in the period last year. More than half the loss was attributable to goodwill write-offs. In the quarter it more than doubled quarterly revenues to $1.35 million. However the firm cautions against comparing Q1 2000 with Q1 1999, since it acquired Darton Property Advisors & Managers Inc. in July 1999. It notes that real estate management is providing most of the firm’s revenues at this point.
The firm’s money management arm, Hirsch Asset Management Corp., grew mutual fund assets from $11.8 million at December 31, 1998 to $16.0 million at December 31, 1999. Most of the gain has come through investment performance, although it says that it has enjoyed “modest net sales”. The Hirsch Canadian Growth Fund and the Hirsch Balanced Fund gnerated returns of 41.4% and 36.7% for 1999 respectively. IAM says it hopes these returns turn into RRSP season sales this year.
The firm, which raised $4.6 million in a CDNX offering in December in part to fund acquisitions, did a deal in February, acquiring 63% control of First Treasury Corp. It says that First Treasury originates and manages corporate term loans on behalf of pension funds, insurance companies and other institutions. It has $200 million under administration and operates in Toronto and Calgary.
-IE Staff