(October 21 – 10:25 ET) – Toronto’s Trimark Financial Corp. is announcing almost flat earnings results for its second quarter, ended September 30.
The firm’s earnings per share reached 51¢ per share in the latest six-month period, in line with its performance last year. Over the past three months EPS slipped to 22¢ from 23¢ in 1998. In the quarter revenue dropped by about $25 million, but expenses, primarily commissions and commission amortization, also fell.
The figure that many analysts look at in valuing mutual fund firms -cash flow – has slipped year over year in the second quarter too. Trimark’s earnings before interest, taxes, depreciation and amortization slumped to $72 million in the quarter, from $85 million in the period last year.
Despite the slumping results much of the worst may be over for Trimark, although it still reported $211 million in net redemptions in the period, this is a vast improvement over last year when it experienced more than $1 billion in net redemptions. Gross sales are up in the period year over year, while redemptions are down.
The firm has also declared a 5¢ dividend, payable on January 5, 2000.
-IE Staff
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