Sprott Announces 2019 Second Quarter Results
TORONTO, Aug. 09, 2019 (GLOBE NEWSWIRE) --
Sprott Inc. (TSX: SII) (“Sprott” or the “Company”) today announced
its financial results for the three months ended June 30, 2019.
Financial Overview (3 months results)
Assets Under Management (“AUM”) were $10.7 billion as at June 30, 2019, up $0.1 billion (1%) from March 31, 2019
Total net revenues (net of commission expenses, trailer fees and sub-advisor fees, carried interest and performance fee payouts) were $19.3 million, reflecting a decrease of $4.2 million (18%) from the quarter ended June 30, 2018.
Total expenses (excluding commission expenses, trailer fees and sub-advisor fees, carried interest and performance fee payouts) were $17.7 million, reflecting an increase of $0.7 million (4%) from the quarter ended June 30, 2018.
Net income was $2.1 million ($0.01 per share), reflecting a decrease of $3.8 million (64%) from the quarter ended June 30, 2018.
Adjusted Base EBITDA was $9.4 million ($0.04 per share), a decrease of $1.3 million (12%) from the quarter ended June 30, 2018
Significant Events:
Sprott and Tocqueville Asset Management have entered into a definitive agreement regarding the sale of Tocqueville’s gold strategy asset management business to Sprott Asset Management
The acquisition is expected to close in January 2020 and will add approximately $2.5 billion to Sprott's AUM
Lead Portfolio Manager John Hathaway and Portfolio Managers Douglas Groh and Ryan McIntyre will join Sprott upon closing of the transaction
"Precious metal prices finally broke out during the second quarter of 2019 and gained further momentum in July with the US Federal Reserve's decision to cut interest rates for the first time since 2008," said Peter Grosskopf, CEO of Sprott. "We believe the macro-economic factors are in place for a new up-cycle in gold, silver, and related equities. With more than 90% of our Assets Under Management ("AUM") concentrated in precious metals investments, Sprott is well-positioned to benefit from rising metals prices and increased client interest in the sector."
"John Hathaway and his team are among the world’s most respected gold equities managers and we have enjoyed an excellent working relationship during the planning and launch of our joint venture over the past year," said Whitney George, President of Sprott. "The acquisition of the Tocqueville gold strategies is a natural extension of that partnership, which will complement our other resource investment and financing businesses, expand our global footprint and allow us to service clients in all major gold markets."
Assets Under Management (3 months results)
http://www.sprott.com/investor-relations/press-releases/sprott-announces-2019-second-quarter-results/
http://www.sprott.com/investor-relations/board-of-directors/
https://investorshub.advfn.com/Sprott-Inc-SPOXF-30322/
God Bless
TORONTO, Aug. 09, 2019 (GLOBE NEWSWIRE) --
Sprott Inc. (TSX: SII) (“Sprott” or the “Company”) today announced
its financial results for the three months ended June 30, 2019.
Financial Overview (3 months results)
Assets Under Management (“AUM”) were $10.7 billion as at June 30, 2019, up $0.1 billion (1%) from March 31, 2019
Total net revenues (net of commission expenses, trailer fees and sub-advisor fees, carried interest and performance fee payouts) were $19.3 million, reflecting a decrease of $4.2 million (18%) from the quarter ended June 30, 2018.
Total expenses (excluding commission expenses, trailer fees and sub-advisor fees, carried interest and performance fee payouts) were $17.7 million, reflecting an increase of $0.7 million (4%) from the quarter ended June 30, 2018.
Net income was $2.1 million ($0.01 per share), reflecting a decrease of $3.8 million (64%) from the quarter ended June 30, 2018.
Adjusted Base EBITDA was $9.4 million ($0.04 per share), a decrease of $1.3 million (12%) from the quarter ended June 30, 2018
Significant Events:
Sprott and Tocqueville Asset Management have entered into a definitive agreement regarding the sale of Tocqueville’s gold strategy asset management business to Sprott Asset Management
The acquisition is expected to close in January 2020 and will add approximately $2.5 billion to Sprott's AUM
Lead Portfolio Manager John Hathaway and Portfolio Managers Douglas Groh and Ryan McIntyre will join Sprott upon closing of the transaction
"Precious metal prices finally broke out during the second quarter of 2019 and gained further momentum in July with the US Federal Reserve's decision to cut interest rates for the first time since 2008," said Peter Grosskopf, CEO of Sprott. "We believe the macro-economic factors are in place for a new up-cycle in gold, silver, and related equities. With more than 90% of our Assets Under Management ("AUM") concentrated in precious metals investments, Sprott is well-positioned to benefit from rising metals prices and increased client interest in the sector."
"John Hathaway and his team are among the world’s most respected gold equities managers and we have enjoyed an excellent working relationship during the planning and launch of our joint venture over the past year," said Whitney George, President of Sprott. "The acquisition of the Tocqueville gold strategies is a natural extension of that partnership, which will complement our other resource investment and financing businesses, expand our global footprint and allow us to service clients in all major gold markets."
Assets Under Management (3 months results)
http://www.sprott.com/investor-relations/press-releases/sprott-announces-2019-second-quarter-results/
http://www.sprott.com/investor-relations/board-of-directors/
https://investorshub.advfn.com/Sprott-Inc-SPOXF-30322/
God Bless
My opinions are my own and and DD I post should be confirmed as unbiased
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