TORONTO (Reuters) - CI Financial Corp
The Toronto-based fund manager said adjusted earnings from continuing operations were 25 Canadian cents a share in the third quarter ended September 30, up from 21 Canadian cents a share in the second quarter.
The results came in above analysts' average estimates for adjusted earnings of 22 Canadian cents a share, according to Thomson Reuters I/B/E/S.
CI said it had earnings before interest, taxes, depreciation and amortization of C$141.6 million in the third quarter, up 12 percent from C$126.1 million in the second quarter. It did not provide net earnings data.
"EBITDA is not a standardized earnings measure prescribed by GAAP (generally accepted accounting principles); however, management believes that most of its shareholders, creditors, other stakeholders and investment analysts prefer to include the use of this performance measure in analyzing CI's results," the company said in a statement.
Shares of CI fell 0.7 percent to C$19.12 in afternoon trade on the Toronto Stock Exchange, but were still nearly double the year low reached in February..
In October, CI announced the sale of Blackmont Capital Inc to Macquarie Group, so is treating Blackmont as a discontinued operation.
This was the third quarter in which the fund manager has reported as a corporation, after converting from an income trust on January 1. It did not provide comparable results for the third quarter of 2008.
($1=$1.05 Canadian)
(Reporting by Andrea Hopkins; editing by Peter Galloway)
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