Guardian Capital Group Limited Announces 2013 First Quarter Operating Results
14 May 2013 - 7:09AM
Marketwired
Guardian Capital Group Limited (TSX:GCG)(TSX:GCG.A)
All per share figures disclosed below are stated on a diluted
basis.
For the three months ended March 31 2013 2012
($ in thousands, except per share amounts)
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Net revenue $ 23,157 $ 20,429
Operating earnings 5,079 4,840
Net gains (losses) 570 (16)
Net earnings before net gains on securities held
for sale 5,065 4,379
Net gains on securities held for sale 515 3,587
Net earnings available to shareholders 5,543 8,005
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Adjusted cash flow from operations $ 4,735 $ 5,407
EBITDA available to shareholders 6,471 6,149
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Per Share
Net earnings before net gains on securities held
for sale $ 0.16 $ 0.14
Net earnings available to shareholders 0.18 0.25
Adjusted cash flow from operations 0.15 0.17
EBITDA available to shareholders 0.21 0.19
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As at March 31, December 31,
($ in millions, except per share amounts) 2013 2012
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Assets under management $ 20,351 $ 18,832
Assets under administration 10,497 9,918
Value of corporate holdings of securities 403 380
Shareholders' equity 367 354
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Per Share
Value of corporate holdings of securities $ 12.74 $ 11.99
Shareholders' equity 11.59 11.16
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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.
Assets under management were up to $20.4 billion as at March 31,
2013, an increase of 8% quarter over quarter (QoQ) and 20% year
over year (YoY). Assets under administration were up to $10.5
billion as at March 31, 2013, an increase of 6% QoQ and 15%
YoY.
For the first quarter of 2013, the Company is reporting net
earnings before gains on securities held for sale of $5.1 million
or $0.16 per share, compared to $4.4 million or $0.14 per share in
2012. This 16% increase was brought about by improvements both in
operating earnings across all main business segments, and in net
gains. Net earnings available to shareholders for the quarter were
$5.5 million or $0.18 per share, compared to $8.0 million or $0.25
per share in the first quarter of 2012. Net earnings available to
shareholders include $0.5 million, $3.6 million in 2012, of
increases in the value of investments in mutual funds which are
categorized as held for sale.
Adjusted cash flow from operations for the quarter was $4.7
million or $0.15 per share, compared to $5.4 million or $0.17 per
share in the first quarter of 2012. The reduction in 2013 is
largely as a result of the payment of income taxes pertaining to
prior periods. EBITDA available to shareholders for the quarter
were $6.5 million, or $0.21 per share, compared to $6.1 million, or
$0.19 per share for the first quarter of 2012.
The fair value of the Company's holdings of securities as at
March 31, 2013 was $403 million, or $12.74 per share, compared with
$380 million, or $11.99 per share at December 31, 2012. The
Company's shareholder's equity at March 31, 2013 was $367 million,
or $11.59 per share, compared with $354 million, or $11.16 per
share at December 31, 2012.
The Board of Directors has declared the Company's first
quarterly dividend of $0.05 per share, payable on July 17, 2013, to
shareholders of record on July 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. Its Common and Class A shares are
listed on The Toronto Stock Exchange.
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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