AGF Management Limited announced unaudited consolidated earnings results for the fourth quarter and year ended November 30, 2011. During the fourth quarter of 2011, the company recorded net income of $21.9 million compared to $30.9 million for the three months ended November 30, 2010. Revenue for the fourth quarter ended November 30, 2011 increased to $157.8 million, compared to $155.9 million in the same period in 2010. EBITDA was $63.9 million or $0.67 per basic and diluted share as compared to $66.1 million or $0.75 per basic and diluted share for the same period prior year. Basic and diluted EPS during the fourth quarter of 2011 was $0.23 per share compared to $0.34 per share in 2010. Pre-tax income was $34 million. Adjusted EBITDA per share decreased from $0.74 per share in fourth quarter of 2010 to $0.68 per share in fourth quarter of 2011 due to the market impact on revenue. Revenue was lower than the third quarter, as a result of lower average AUM driven primarily by the market. For the year, the company reported revenue of $675.3 million, EBITDA of $275.5 million, net income attributable to equity owners of the company of $112.2 million or $1.18 per diluted share as compared to revenue of $614.6 million, EBITDA of $256.8 million, net income attributable to equity owners of the company of $116.8 million or $1.30 per diluted share for the same period prior year. Excluding one-time costs, diluted earnings per share was $1.27 for the year ended November 30, 2011. Return on equity in 2011 was 9.3% as compared to 10.2% in 2010. The decrease was due to lower earnings in 2011, which were impacted by higher amortization on definite life intangibles as well as acquisition and integration costs and increased interest expense associated with the Acuity purchase. Income before taxes was $162.2 million as compared to $163.8 million for the same period same period prior year. Net cash provided by operating activities was $173.4 million as compared to $178.5 million for the same period prior year. Purchase of property, equipment and computer software was $3.9 million as compared to $2.9 million for the same period prior year. Book value per share as at Nov. 30, 2011 was $13.48 as compared to $12.91 as at Nov. 30, 2010. Free cash flow for the year remained constant at $173.8 million compared to last year. Excluding one-time cost of $11.9 million, adjusted EBITDA increased 9.6% to $287.4 million. Adjusted EBITDA per share increased approximately 4% to $3.02 per share compared to $2.91 per share in fiscal 2010. The decrease in return on equity was due to lower earnings in 2011, which were impacted by higher amortization on definite life intangibles as well as acquisition and integration costs and increased interest expense associated with the Acuity purchase. The company projected a tax rate of 29% for fiscal 2012. For the fourth quarter ended November 30, 2011, the company reported impairment of assets available for sale of $0.9 million.