AGF Management Limited announced audited consolidated earnings results for the fourth quarter and year ended November 30, 2012. For the quarter, the company reported net income from continuing operations of $13.0 million, compared to $18.0 million during the same period in 2011. Revenue decreased to $125.0 million, compared to $138.2 million in the same period in 2011. As a result of lower revenue, EBITDA decreased 11.2% in the fourth quarter of 2012, over the respective 2011 period. Diluted earnings per share from continuing operations were $0.14 per share as compared to $0.19 per share for the same period in 2011. EBITDA was $50.0 million against $56.3 million a year ago. Net income attributable to equity owners of the company was $15.7 million or $0.17 per diluted share against net income attributable to equity owners of the company of $25.1 million or $0.26 per diluted share a year ago. Adjusted net income from continuing operations was $14.6 million or $0.16 per diluted share against $19.0 million or $0.20 per diluted share a year ago. Adjusted EBITDA from continuing operations was $49.2 million against $56.6 million a year ago.

For the year, the company's revenue from continuing operations decreased 12.9% to $510.2 million, compared to the same period in 2011, reflecting lower AUM levels. Diluted earnings per share from continuing operations for were $0.29 per share, compared to $0.80 per share in 2011. Adjusted EPS from continuing operations was $0.63 per share compared to $1.05 per share for the same period in 2011. EBITDA decreased to $189.0 million, compared to $238.0 million in 2011. Net income from continuing operations decreased to $27.7 million, compared to $76.6 million in 2011. Net income attributable to equity owners of the company was $52.3 million or $0.55 per diluted share against $103.6 million or $1.09 per diluted share a year ago. Return on equity was 2.5% as compared to 6.8% in 2011. The decrease was due to lower earnings in 2012, which were impacted by lower AUM levels, higher amortization on definite life intangibles and one-time adjustments outlined below. Adjusted EBITDA from continuing operations was $194.1 million against $249.2 million a year ago. Adjusted net income from continuing operations was $59.7 million against $100.1 million a year ago. Adjusted cash flow generated from continuing operating activities, before net change in non-cash balances related to operations, was $140.4 million compared to $184.9 million in the prior year. Net cash provided by continuing operating activities was $106.6 million against $144.6 million a year ago. Income before income taxes was $58.530 million against $114.681 million a year ago. Net cash used in operating activities was $107.666 million against $329.282 million a year ago. Purchase of property, equipment and computer software was $9.504 million against $3.650 million a year ago.