(October 15) – C.I. Fund
Management Inc. said net income
climbed to $4 million in the first
quarter ended Aug. 31, up from $1.4
million in the same quarter a year
earlier.
Net sales reached $329 million
in the quarter; $393 million if
sales are included for BPI
Financial Corp. funds, which
the firm acquired in the quarter
for $60 million in cash and 8.6
million shares. The deal has left
CI in a net debt position of $85.3
million, with $222.4 million of
goodwill to digest.
Operating cash flow was 79¢ a
share, up from 57¢ a year earlier.
The firm’s operating profit margin
rose to 1.07% from 1.01%. The firm
reports that it now has $17.1
billion under management, including
BPI’s assets.
CI notes that its Y2K
remediation efforts are continuing
and that it should have a
contingency plan in place by Nov.
15. It notes, however, that there
is no certainty it will not be
affected by Y2K. CI said its
annual meeting will be held at
14:00 ET on Friday, Nov. 19 in
Toronto.
IE Staff
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