CORRECTION-INVESTORS GROUP RECORDS FURTHER GAINS.WINNIPEG Winnipeg, city, Canada Winnipeg (wĭn`ĭpĕg), city (1991 pop. 616,790), provincial capital, SE Man., Canada, at the confluence of the Red and Assiniboine rivers. , MANITOBA--(BUSINESS WIRE)--JANUARY 27, 1995--INVESTORS GROUP INC inc - /ink/ increment, i.e. increase by one. Especially used by assembly programmers, as many assembly languages have an "inc" mnemonic. Antonym: dec. .(TSE See Tokyo Stock Exchange. TSE 1. See Tokyo Stock Exchange (TSE). 2. See Toronto Stock Exchange (TSE). , ME,:IGI IGI International Genealogical Index IGI International Gemological Institute IGI I'm Going In IGI I Get It IGI Institute of Geologists of Ireland IGI Inspector General for Investigations IGI Institution Gang Investigator (prisons) ) Investors Group Inc., a member of the Power Financial Corporation group of companies, today reported 1994 financial results which further extends its track record of increases in net income, mutual fund sales and total assets under administration. Net income rose by 20.3 percent to $84.6 million from $73.3 million in 1993. This increase was fuelled largely by a jump in mutual fund management fees from $245.2 million in 1993 to $319.4 million at year-end year-end also year·end n. The end of a year. adj. Occurring or done at the end of the year: a year-end audit. Noun 1. . Earnings translated to 80.1 cents per share Cents per share The amount of a mutual fund's dividend or capital gains distributions that a shareholder will receive for each share owned. compared to the prior year figure of 67 cents per share. Net income for the fourth quarter of 1994 was $23.2 million as compared to $21.5 million in the 1993 final quarter. Mutual fund sales increase 7.6 percent to $4.2 billion, giving rise to net cash inflow in·flow n. 1. The act or process of flowing in or into: an inflow of water; an inflow of information. 2. from mutual funds (sales less redemptions) of $2.3 billion which compares to the 1993 figure of $2.5 billion. As at year-end total assets under administration amounted to $24.3 billion, reflecting an increase of 7.5 percent over the prior year. Mutual fund assets Fund assets The total value of a portfolio's securities, cash, and other holdings, minus any outstanding debts. represented $17.6 billion of this latest total, having advanced from $15.8 billion in 1993. Investors Group President and Chief Executive Officer, H. Sanford Riley, credits much of this sales and income growth to the strong investment performance of the group's 26 mutual funds, the continued expansion of the dedicated sales force up from 3,019 individuals to 3,395 as at year-end, and the Corporation's ability to effectively manage expenses. Consistent with prior years, the Years, The the seven decades of Eleanor Pargiter’s life. [Br. Lit.: Benét, 1109] See : Time redemption rate of 11.61 percent on Investors Group's non-money market mutual funds was well below the 24.15 percent rate applicable to all other mutual fund companies belonging to the industry association, the Investment Funds Noun 1. investment funds - money that is invested with an expectation of profit investment assets - anything of material value or usefulness that is owned by a person or company Institute of Canada. Riley attributes this lower redemption level to the importance Investors Group places on providing professional financial planning Financial planning Evaluating the investing and financing options available to a firm. Planning includes attempting to make optimal decisions, projecting the consequences of these decisions for the firm in the form of a financial plan, and then comparing future performance against services for its clients and on the latter's long-term Long-term Three or more years. In the context of accounting, more than 1 year. long-term 1. Of or relating to a gain or loss in the value of a security that has been held over a specific length of time. Compare short-term. commitment. Shareholder equity at year-end was $509.8 million, reflecting a 10.4 percent increase over the prior year. The after-tax return on average common equity increased to 16.6% from 15.2% in 1993. During the year, the Corporation increased its dividend payments twice, from 6-1/4 cents per share to 7 cents per share effective January 28,1994, and then from 7 cents per share to 8 cents per share effective July 29, 1994, a combine increase of 28 percent. The Board of Directors has effected a further 12-1/2 percent increase by declaring a quarterly dividend of 9 cents per share on the Corporation's common shares payable May 1, 1995 to shareholders of record on March 31, 1995. Subject to regulatory approval, the Corporation announces its intention to commence a Normal Course Issuer Bid through the facilities of the Toronto Stock Exchange Toronto Stock Exchange (TSE) Canada's largest stock exchange, trading approximately 1,200 company stocks and 33 options. and the Montreal Exchange Montreal Exchange A Canadian derivatives exchange that facilitates the trading of stock options, interest rate futures and options, as well as index options and futures. Located in Montreal, Quebec, it is the country's main financial derivative market, while the Winnipeg from February 15, 1995 to February 14, 1996. The Corporation is prepared to purchase up to 5,284,242 common shares which represents not more than 5 percent of its common shares outstanding. The Board of Directors has authorized au·thor·ize tr.v. au·thor·ized, au·thor·iz·ing, au·thor·iz·es 1. To grant authority or power to. 2. To give permission for; sanction: this initiative and in the Board's opinion, such purchase constitutes a good investment at appropriate market levels. A complete review of activities and performance for Investors Group Inc., together with full financial details and a management discussion, will be published in the Corporation's 1994 annual report which should be mailed to shareholders on March 17, 1995.
INVESTORS GROUP INC.
CONSOLIDATED STATEMENT OF INCOME
FOR THE TWELVE MONTHS ENDING DECEMBER 31, 1994
-----------------------------------------------
$000
----
For Three Months For Twelve Months
Ended December 31 Ended December 31
----------------------- --------------------
1994 1993 1994 1993
--------- --------- --------- ---------
Gross Revenue
-------------
Investment and
loan income $ 31,170 $ 40,477 $135,515 $168,921
Fee income 97,954 97,738 407,710 336,891
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129,124 138,215 543,225 505,812
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--------- --------- --------- ---------
Operating Revenue
-----------------
Net investment and
loan income
Investments 12,852 18,241 58,036 68,798
Loans 18,318 22,236 77,479 100,123
--------- --------- --------- ---------
31,170 40,477 135,515 168,921
Interest
expense 23,101 27,604 95,944 121,101
--------- --------- --------- ---------
8,069 12,873 39,571 47,820
Operating
expenses 6,010 10,922 31,489 41,257
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2,059 1,951 8,082 6,563
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Fee Income
----------
Management
fees 86,720 69,402 319,414 245,149
Distribution
fees 8,364 25,896 77,716 82,701
Trust fees 2,870 2,440 10,580 9,041
--------- --------- --------- ---------
97,954 97,738 407,710 336,891
Operating
expense 63,933 68,042 295,611 248,890
--------- --------- --------- ---------
34,021 29,696 112,099 88,001
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Income before
taxes 36,080 31,647 120,181 94,564
Income taxes 12,870 10,115 35,578 24,261
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Net income $ 23,210 $ 21,532 $ 84,603 $ 70,303
--------- --------- --------- ---------
--------- --------- --------- ---------
Average number of
shares
outstanding 105,684,840 105,684,840 105,684,840 105,684,840
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--------- --------- --------- ---------
Earnings per
share $.22 $.21 $.80 $.67
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CONTACT: Dale A. G. Parkinson Par·kin·son , James 1755-1824. British physician who gave (1817) a comprehensive description of paralysis agitans, or Parkinson's disease, and was the first to recognize (1812) perforation of the appendix as a cause of death in appendicitis. Executive Vice-President, Finance and Administration Investors Group Inc. 204/956-8441 or W.T. Wright Secretary Investors Group Inc. 204/956-8441 REPEATS: New York New York, state, United States New York, Middle Atlantic state of the United States. It is bordered by Vermont, Massachusetts, Connecticut, and the Atlantic Ocean (E), New Jersey and Pennsylvania (S), Lakes Erie and Ontario and the Canadian province of 212-575-8822 or 800-221-2462; Boston 617-330-5311 or 80 |
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