Dundee Corporation Reports First Quarter 2010 Results
May 12 2010 - 8:28AM
Marketwired
Dundee Corporation (TSX: DC.A)(TSX: DC.PR.A)(TSX: DC.PR.B)
("Dundee" or the "Company") is pleased to announce that it has
posted its financial results and Management's Discussion and
Analysis for the quarter ended March 31, 2010 on its website
www.dundeecorporation.com and on the System for Electronic Document
Analysis and Retrieval ("SEDAR") at www.sedar.com.
Our operating EBITDA for the three months ended March 31, 2010
was $91.4 million, well in excess of operating EBITDA of $32.5
million earned during the same period of 2009. Net earnings per
share during the quarter were $0.27 on a fully diluted basis, as
compared to a net loss of $0.11 per share incurred in the first
quarter of the prior year.
Assets under management and administration in our wealth
management subsidiary, DundeeWealth Inc. were $72.3 billion.
Through its Dynamic family of funds, DundeeWealth led the industry
in net sales overall and ranked first among all other independent
wealth managers in net sales of long-term funds, as reported by the
Investment Funds Institute of Canada. DundeeWealth's
industry-leading sales momentum, coupled with strong performance of
core mutual funds, increased mutual fund market share to 3.99% at
March 31, 2010, compared with 3.76% at the end of 2009 and 3.13% at
the end of the first quarter of the prior year. During the first
quarter of 2010, DundeeWealth earned operating EBITDA of $74.5
million, including a pre-tax gain of $18.6 million pertaining to
the disposition of certain of its investments in collateralized
loan obligations.
Our real estate subsidiary, Dundee Realty Corporation, generated
operating EBITDA of $20.1 million in the first quarter of this
year, a 60% improvement over operating EBITDA of $12.4 million
earned in the first quarter of the prior year, reflecting continued
strong demand for, and increased sales of our real estate products.
Our real estate segment also includes the operating results of our
real-estate investment and asset management division, DREAM, with
$3.6 billion of assets under management at March 31, 2010.
Propelled by our share of earnings from our equity-accounted
investments, net pre-tax earnings from our resources segment were
$7.4 million in the current quarter compared with a pre-tax loss of
$2.3 million in the same period of the prior year.
The market value of our portfolio of available-for-sale
securities increased to $310 million at March 31, 2010 compared
with $257.5 million at December 31, 2009. This growth reflects net
investments of approximately $18.7 million during the current
quarter, augmented by strong market appreciation of $33.7
million.
ABOUT DUNDEE CORPORATION
Dundee Corporation is an asset management company dedicated to
private wealth management, real estate and resources that,
combined, reflect approximately $77 billion under management and
administration. Its domestic wealth management activities are
carried out through its 61% controlled subsidiary, DundeeWealth
Inc. Dundee Corporation's real estate activities are conducted
through its 70% owned subsidiary, Dundee Realty Corporation, which
operates as an asset manager of commercial real estate with
activities in a land and housing business in Canada and the United
States. Resource activities are carried out through its
wholly-owned subsidiary, Dundee Resources Limited. Asset management
activities are carried out through Ned Goodman Investment Counsel
Limited and Dundee Real Estate Asset Management (DREAM).
Contacts: Dundee Corporation Ned Goodman President and Chief
Executive Officer (416) 365-5665 Dundee Corporation Lucie Presot
Vice President and Chief Financial Officer (416) 365-5157
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