TORONTO, May 09, 2024 (GLOBE NEWSWIRE) -- All per share figures disclosed below are stated on a diluted basis. For the three months ended March 31,   2024     2023   ($ in thousands, except per share amounts)           Net revenue $ 62,497   $ 54,493   Operating earnings   12,318     11,240   Net gains   12,737     18,134   Net earnings from continuing operations   21,441     25,252   Net earnings from discontinued operations   --     554,933   Net earnings   21,441     580,185               EBITDA(1) $ 18,906   $ 17,371   Adjusted cash flow from operations(1)   15,209     18,097               Attributable to shareholders:     Net earnings from continuing operations $ 21,167   $ 24,924   Net earnings   21,167     487,603   EBITDA(1)   18,333     16,395   Adjusted cash flow from operations (1)   14,695     17,113   Per share, diluted:     Net earnings from continuing operations $ 0.86   $ 1.00   Net earnings   0.86     18.79   EBITDA(1)   0.75     0.65   Adjusted cash flow from operations (1)   0.60     0.20                   As at   2024 2023 2023 ($ in millions, except per share amounts)   March 31 December 31 March 31           Assets under management   $ 57,276   $ 54,694   $ 52,261   Assets under advisement     4,040     4,080     4,065             Total Client Assets     61,316     58,774     56,326                       Shareholders' equity   $ 1,255   $ 1,241   $ 1,242   Securities     1,253     1,318     1,301   Per share amounts (diluted):         Shareholders' equity (1)   $ 50.30   $ 49.39   $ 48.73   Securities (1)     50.22     52.44     51.06                       The Company is reporting Total Clients Assets of $61.3 billion as at March 31, 2024, which include assets under management ("AUM") and assets under advisement ("AUA"). This is a 4% increase from $58.8 billion as at December 31, 2023, and a 9% increase from $56.3 billion reported as at March 31, 2023.   As previously announced, the Company entered into an agreement to acquire all outstanding equity interest in Sterling Capital Management LLC ("Sterling"), a Charlotte, North Carolina-based investment management company with approximately US $78 billion (CA $106 billion) in AUM and AUA. This transaction is expected to close in Q3 of 2024. The Company's Operating earnings were $12.3 million for the quarter ended March 31, 2024, a 10% increase from $11.2 million in the same quarter in the prior year. EBITDA(1) attributable to shareholders was $18.3 million for the current quarter, compared to $16.4 million in the same quarter in the prior year. Net revenue for the current quarter was $62.5 million, a 15% increase from $54.5 million in the same quarter in the prior year. Increase was driven by the higher interest income earned on the proceed from the sale of the Worldsource businesses, along with an increase in net management and advisory fee revenue, consistent with the rise in Total Client Assets. Operating expenses were 16% higher in the current quarter at $50.2 million, compared to $43.3 million in the same period in the prior year. The increases were largely the result of the increased strategic investments into our additional anticipated growth sources for the future, including increased technology expenditures to support these businesses, and increased interest expense due to rise in borrowing rates. Included in the current quarter's results is approximately $0.7 million in costs related to the pending Sterling acquisition. Net gains in the current quarter were $12.7 million, compared to $18.1 million in the same quarter in the prior year, which largely reflect the changes in fair values of the Company's Securities portfolio in each of those periods, consistent with performance of the global financial markets. Net earnings attributable to shareholders was $21.2 million in the current quarter, compared to $487.6 in the comparative period, when the Net gains on the sale of the Worldsource businesses were recorded. Adjusted cash flow from operations(1) for the current quarter was $15.2 million, compared to $18.1 million in the comparative period. The decrease compared to the comparative period is due to 2023 including the Adjusted cash flow from operations of Worldsource for the first two months of the quarter. During the current quarter, the Company returned to shareholders $8.4 million in dividends and $4.1 million in share buybacks.   The Company's Shareholders' equity as at March 31, 2024 was $1,255 million, or $50.30 per share(1), compared to $1,241 million, or $49.39 per share(1) as at December 31, 2023. The Company's Securities as at March 31, 2024 had a fair value of $1,253 million, or $50.22 per share(1), compared to $1,318 million, or $52.44 per share(1) as at December 31, 2023. The Board of Directors is pleased to have declared a quarterly eligible dividend of $0.37 per share, payable on July 18, 2024, to shareholders of record on July 11, 2024. The Company's financial results for the past eight quarters are summarized in the following table.   Mar 31, 2024 Dec 31, 2023 Sep 30, 2023 Jun 30, 2023 Mar 31, 2023 Dec 31, 2022 Sep 30, 2022 Jun 30, 2022                                     As at ($ in millions)                 Assets under management $ 57,276