Lorne Park Capital Partners Inc. Announces Record Results for the Fourth Quarter and Full Year Ended December 31, 2021
Toronto, Ontario--(Newsfile Corp. - February 24, 2022) - Lorne Park Capital Partners Inc. (TSXV: LPC) ("LPCP" or the "Company") today announced its results for the quarter ending December 31, 2021 ("Q4 2021") and for the year ending December 31, 2021 ("FY 2021").
Revenue for Q4 2021 was $8.4 million, an increase of $3.3 million or 66%, compared to $5.0 million for the quarter ending December 31, 2020 ("Q4 2020"). Revenue for FY 2021 was $25.2 million, an increase of $6.4 million or 34%, compared to $18.7 million for the twelve-month period ended December 31, 2020 ("FY 2020").
As at December 31, 2021, assets under management were $1.96 billion, compared to $1.79 billion as at September 30, 2021 and $1.59 billion as at December 31, 2020. During FY 2021, the Company added $119 million in net new assets and had market appreciation of $250 million.
Adjusted EBITDA1, a non-IFRS measure, for Q4 2021 was $3.5 million, an increase of $2.5 million or 258%, compared to $1.0 million for Q4 2020. Adjusted EBITDA1 for FY 2021 was $7.0 million, an increase of $4.2 million or 147%, compared to $2.8 million for FY 2020.
"I am very pleased with our financial results," said Robert Sewell, LPCP's President and CEO. "We continue to see significant momentum in our business and execute well on our strategic priorities, driving strong financial results for our shareholders. I want to thank all of the team members of LPCP and Bellwether for their continued contributions, and our clients for their continued trust in our management of their portfolios."
These results are not a comprehensive statement of the Company's financial results for Q4 2021 and FY 2021. They should not be viewed as a substitute for audited financial statements prepared in accordance with International Financial Reporting Standards and are not necessarily indicative of the Company's results for any future period.
About Lorne Park Capital Partners Inc.
LPCP was created to bring together boutique investment management and wealth advisory firms in order to deliver robust, cost effective investment solutions to affluent investors, foundations, estates and trusts. LPCP's unique strategy creates better alignment between investment managers and wealth advisors while providing them with additional resources to accelerate their growth.
About Bellwether Investment Management Inc.
Bellwether is a boutique investment manager that offers tailored investment solutions for affluent investors, foundations, estates and trusts utilizing its proprietary "Disciplined Dividend Growth" Investment Process. Bellwether provides discretionary investment management focused on North American Dividend Growth investing and is dedicated to serving the distinct needs of affluent families. Bellwether's suite of investment solutions includes Canadian, US and global equity and fixed income strategies. Bellwether is a subsidiary of LPCP, and is registered as a portfolio manager in Alberta, British Columbia, Manitoba, Nova Scotia, Ontario, Quebec and Saskatchewan, an exempt market dealer in Alberta, Ontario and Quebec, and an investment fund manager in Ontario and Quebec.
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Chief Executive Officer
Lorne Park Capital Partners Inc.
LPCP's annual consolidated financial statements are prepared in accordance with IFRS as issued by the International Accounting Standards Board. The information presented in this press release includes a non-IFRS financial measure, namely Adjusted EBITDA. This measure is not a recognized measure under IFRS and does not have a standardized meaning prescribed by IFRS and is therefore unlikely to be comparable to a similar measure presented by other companies. Rather, this measure is provided as additional information to complement IFRS measures by providing further understanding of the Company's results of operations from management's perspective. Accordingly, this measure should not be considered in isolation nor as a substitute for analysis of the Company's financial information reported under IFRS. Adjusted EBITDA is used to provide investors with a supplemental measure of the Company's operating performance and thus highlight trends in LPCP's core business that may not otherwise be apparent when relying solely on IFRS measures. The Company's management also believes that securities analysts, investors and other interested parties frequently use non-IFRS measures in the evaluation of issuers. LPCP's management also uses non-IFRS measures in order to facilitate operating performance comparisons from period to period, to prepare annual operating budgets and forecasts and to determine components of management compensation. The Company's management believes Adjusted EBITDA is an important supplemental measure of LPCP's performance, primarily because it and similar measures are used widely among others in the investment management industry as a means of evaluating a company's underlying operating performance. Adjusted EBITDA is defined as net income (loss) before finance costs, depreciation and amortization, income taxes expense/recovery, acquisition, integration and severance costs, share-based payments, and other.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
This news release contains statements which constitute "forward-looking information" within the meaning of applicable securities laws. Forward-looking information may be identified by such terms as "believes", "anticipates", "expects", "estimates", "may", "could", "would", "will", "plan", and other similar expressions. Forward looking information in this news release includes, without limitation, LPCP's objectives, goals and future plans. Forward-looking information addresses possible future events, conditions and financial performance based upon management's current expectations, estimates, projections and assumptions. In particular, the forward-looking information contained in this news release reflects assumptions about the timing and results of the amalgamation and regulatory approvals. Management of LPCP considers the assumptions on which the forward-looking information contained herein are based to be reasonable. However, by its very nature, forward-looking information inherently involves known and unknown risks and uncertainties that may cause actual results to differ materially from those expressed or implied by such information. Such risks include, without limitation, changes in economic conditions, applicable laws or regulations. Accordingly, readers are cautioned not to place undue reliance on forward-looking information. LPCP disclaims any intention or obligation to update or revise any forward-looking information, whether as a result of new information, future events or otherwise, except as required by law.
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