Guardian Capital Group Limited (TSX:GCG) (TSX:GCG.A) Announces 2013 Second Quarter Operating Results
August 08 2013 - 5:52PM
Marketwired
Guardian Capital Group Limited (TSX:GCG) (TSX:GCG.A) -
All per share figures disclosed below are stated on a diluted
basis.
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For the periods ended June 30 Three Months Six Months
($ in thousands, except per
share amounts) 2013 2012 2013 2012
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Net revenue $ 25,041 $ 20,415 $ 48,198 $ 40,844
Operating earnings 6,390 4,860 11,469 9,700
Net gains (losses) 666 (548) 1,236 (564)
Net earnings before net
(losses) gains on securities
held for sale 6,255 2,838 11,320 7,217
Net (losses) gains on
securities held for sale (1,243) (2,961) (728) 626
Net earnings (loss) available
to shareholders 4,963 (114) 10,506 7,891
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Adjusted cash flow from
operations available to
shareholders $ 6,856 $ 5,239 $ 11,591 $ 10,646
EBITDA available to
shareholders 7,859 6,260 14,330 12,409
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Per Share
Net earnings before net
(losses) gains on securities
held for sale $ 0.20 $ 0.09 $ 0.36 $ 0.23
Net earnings (loss) available
to shareholders 0.16 (0.00) 0.34 0.25
Adjusted cash flow from
operations available to
shareholders 0.22 0.17 0.38 0.34
EBITDA available to
shareholders 0.25 0.20 0.46 0.39
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As at June 30, March 31, December 31, June 30,
($ in millions, except per
share amounts) 2013 2013 2012 2012
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Assets under management $ 20,379 $ 20,351 $ 18,832 $ 16,934
Assets under administration 10,322 10,497 9,918 8,890
Value of corporate holdings
of securities 394 403 380 368
Shareholders' equity 355 367 354 324
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Per Share
Value of corporate holdings
of securities $ 12.51 $ 12.74 $ 11.99 $ 11.43
Shareholders' equity 11.27 11.59 11.16 10.06
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The Company continues to generate asset growth through
relatively strong performance and net asset flows across
institutional, retail intermediary and private client segments. As
a result, and despite market headwinds in the domestic markets,
assets under management held steady at $20.4 billion as at June 30,
2013 quarter over quarter (QoQ), and increased 20% year over year
(YoY). Assets under administration were slightly down to $10.3
billion as at June 30, 2013, a decrease of less than 2% QoQ and an
increase of 16% YoY.
For the second quarter of 2013, the Company is reporting net
earnings before gains on securities held for sale of $6.3 million
or $0.20 per share, compared to $2.8 million or $0.09 per share in
2012. This 120% increase in net earnings before net gains on
securities held for sale was brought about by improvements both in
operating earnings across all main business segments, and net
gains. Net earnings available to shareholders for the quarter were
$5.0 million or $0.16 per share, compared to a loss of $0.1 million
or $ nil per share in the second quarter of 2012. Net earnings
available to shareholders have been reduced by $1.2 million in the
second quarter of 2013 ($3.0 million in 2012) as a result of
decreases in the value of investments in mutual funds which are
categorized as held for sale.
Adjusted cash flow from operations for the quarter was $6.9
million, or $0.22 per share, compared to $5.2 million, or $0.17 per
share in the second quarter of 2012. EBITDA available to
shareholders for the quarter were up over 25% at $7.9 million, or
$0.25 per share, compared to $6.3 million, or $0.20 per share for
the second quarter of 2012.
The fair value of the Company's holdings of securities as at
June 30, 2013 was $394 million, or $12.51 per share, compared with
$380 million, or $11.99 per share at December 31, 2012. The
Company's shareholders' equity at June 30, 2013 was $355 million,
or $11.27 per share, compared with $354 million, or $11.16 per
share at December 31, 2012.
The Board of Directors has declared a quarterly dividend of
$0.05 per share, payable on October 17, 2013, to shareholders of
record on October 10, 2013.
Guardian Capital Group Limited is a diversified financial
services company founded in 1962, which provides institutional and
high net worth investment management services to clients; financial
services to international investors; and services to financial
advisors in its national mutual fund dealer, securities dealer, and
insurance distribution network.
Contacts: Guardian Capital Group Limited Vern Christensen Senior
Vice-President, Finance and Secretary (416) 947-4093 Guardian
Capital Group Limited George Mavroudis President and Chief
Executive Officer (416) 364-8341
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