Sprott Inc (SII)

[Tommy]

$SII.TO - Sprott Inc. Announces 2013 Third Quarter Results

http://www.sprottinc.com/investors/press-releases/press-release/?prId=122624

... "TORONTO, Nov. 14, 2013 /CNW/ - Sprott Inc. (TSX: SII) ("Sprott" or the "Company") today announced its financial results for the three and nine months ended September 30, 2013.

Q3 2013 Overview

Assets Under Management ("AUM") were $7.3 billion as at September 30, 2013, compared to $10.3 billion as at September 30, 2012 and $7.1 billion as at June 30, 2013
Assets Under Administration ("AUA") were $2.6 billion as at September 30, 2013, compared to $4.0 billion as at September 30, 2012 and $2.6 billion as at June 30, 2013
Management Fees were $19.5 million, a decrease of 30.9% compared with the three months ended September 30, 2012
EBITDA was $5.9 million ($0.03 per share), compared with $10.5 million ($0.06 per share) for the three months ended September 30, 2012, a decrease of 44.0%
Net income was $13.5 million ($0.06 per share) for the three months ended September 30, 2013, compared with net income of $11.0 million ($0.07 per share) for the three months ended September 30, 2012
Completed acquisition of Sprott Resource Lending Corp.
Launched a new offshore global mining fund with Zijin Mining Group Company Limited
Reported positive net sales for the third quarter

Subsequent Events

Named Steve Yuzpe Chief Executive Officer of Sprott Resource Corp.

"Throughout 2013 we have taken steps to improve our investment management processes," said Peter Grosskopf, Chief Executive Officer of Sprott. "Going forward, our portfolios will be more actively managed, more concentrated, and focused on limiting downside risk while maintaining strong upside potential. We will continue to diversify our Canadian platform through the addition of new products and investment capabilities. We will also look for opportunities to more efficiently leverage our platform by increasing our managed asset base through new products and acquisitions."

"During the third quarter, we completed the acquisition of Sprott Resource Lending Corp. in a transaction that further strengthens our balance sheet and gives us the ability to re-launch our resource lending strategy in a structure that will be more attractive to institutional investors," said Steven Rostowsky, Chief Financial Officer of Sprott. "We currently have close to $350 million in available capital that will be deployed for various growth initiatives including seeding and launching new funds such as our new offshore fund with Zijin; the pending Sprott Resource Lending LP; and other products under review."" ...