Guardian Capital Group Limited (TSX: GCG; GCG.A) Announces 2014 First Quarter Operating Results
13 May 2014 - 6:30AM
Marketwired
Guardian Capital Group Limited (TSX: GCG; GCG.A) Announces 2014
First Quarter Operating Results
TORONTO, ONTARIO--(Marketwired - May 12, 2014) - 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 |
2014 |
2013 |
($ in thousands, except per share amounts) |
|
|
Net
revenue |
$ |
27,722 |
$ |
23,157 |
Operating earnings |
|
8,556 |
|
5,079 |
Net
gains |
|
3,647 |
|
570 |
Net
earnings before net gains on securities held for sale |
|
10,624 |
|
5,065 |
Net
gains on securities held for sale |
|
386 |
|
515 |
Net earnings available to shareholders |
|
10,916 |
|
5,543 |
EBITDA |
$ |
9,823 |
$ |
6,471 |
Adjusted cash flow from operations |
|
7,478 |
|
4,735 |
Per
Share |
|
|
|
|
Net
earnings before net gains on securities held for sale |
$ |
0.34 |
$ |
0.16 |
Net
earnings available to shareholders |
|
0.35 |
|
0.18 |
EBITDA |
|
0.31 |
|
0.21 |
Adjusted cash flow from operations |
|
0.24 |
|
0.15 |
|
|
|
As
at |
March 31, |
December 31, |
($ in millions, except per share amounts) |
2014 |
2013 |
Assets under management |
$ |
23,237 |
$ |
22,228 |
Assets under administration |
|
12,227 |
|
11,559 |
Fair
value of corporate holdings of securities |
|
468 |
|
449 |
Shareholders' equity |
|
438 |
|
415 |
Per
Share |
|
|
|
|
Fair
value of corporate holdings of securities |
$ |
14.88 |
$ |
14.26 |
Shareholders' equity |
|
13.93 |
|
13.17 |
The Company's assets
under management as at March 31, 2014 grew to $23.2 billion, an
increase of 5% since December 31, 2013 and 14% since March 31,
2013. Assets under administration were $12.2 billion as at March
31, 2014, an increase of 6% since December 31, 2013 and 16% since
March 31, 2013.
The Company's
operating earnings for the current quarter were $8.6 million, an
increase of 68% from $5.1 million in Q1 2013. All segments of the
Company's operations contributed positively to the overall growth
in operating earnings. Net gains at $3.6 million were significantly
higher in the current quarter than in 2013, with approximately
two-thirds of the gains provided from the sale of 65,000 shares of
the Company's investment in the Bank of Montreal shares. The
proceeds from the disposition were used mainly to fund the $3.5
million increase in the Company's investment in the real estate
fund managed by its subsidiary.
Net earnings
available to shareholders for the quarter were $10.9 million, or
$0.35 per share, compared to $5.5 million, or $0.18 per share, for
Q1 2013. The increase in net earnings was due to a combination of
the strong operating earnings growth and the increase in net gains
discussed above.
EBITDA for the
quarter was $9.8 million, or $0.31 per share, compared to $6.5
million, or $0.21 per share for Q1 2013. Adjusted cash flow from
operations for the quarter was $7.5 million, or $0.24 per share,
compared to $4.7 million, or $0.15 per share for 2013. These two
non-IFRS financial measures used by the Company are defined in its
quarterly Management's Discussion and Analysis. The increases in
each of these measures reflect the strong growth in operating
earnings for the quarter.
The fair value of
the Company's holdings of securities as at March 31, 2014 was $468
million, or $14.88 per share, compared to $449 million, or $14.26
per share, as at December 31, 2013 and $403 million, or $12.74 per
share, as at March 31, 2013. The Company's shareholders' equity as
at March 31, 2014 was $438 million, or $13.93 per share, compared
to $415 million, or $13.17 per share, at December 31, 2013 and $367
million, or $11.59 per share, as at March 31, 2013.
The Board of
Directors has declared a quarterly dividend of $0.065 per share,
payable on July 17, 2014, to shareholders of record on July 10,
2014. This is an 18% increase from the previous quarterly dividend
rate.
Guardian Capital
Group Limited is a diversified financial services company founded
in 1962. Guardian provides institutional and high net worth
investment management services to clients; financial services to
international investors; and services to financial advisors in its
national mutual fund dealer, securities dealer, and insurance
distribution network. Its Common and Class A shares are listed on
the Toronto Stock Exchange.
The following table
summarizes Guardian's financial results for the past eight
quarters.
Quarters ended |
Mar 31, |
Dec 31, |
|
Sep 30, |
Jun 30, |
|
Mar 31, |
Dec 31, |
|
Sep 30, |
Jun 30, |
|
($ in thousands) |
2014 |
2013 |
|
2013 |
2013 |
|
2013 |
2012 |
|
2012 |
2012 |
|
Net revenue |
$ |
27,722 |
$ |
27,907 |
|
$ |
25,173 |
$ |
25,041 |
|
$ |
23,157 |
$ |
24,146 |
|
$ |
21,370 |
$ |
20,415 |
|
Operating earnings |
|
8,556 |
|
8,564 |
|
|
6,898 |
|
6,390 |
|
|
5,079 |
|
5,791 |
|
|
4,647 |
|
4,860 |
|
Net gains (losses) |
|
3,647 |
|
7,218 |
|
|
3,183 |
|
666 |
|
|
570 |
|
(144 |
) |
|
2,045 |
|
(548 |
) |
|
Net
earnings before net gains (losses) on securities held for sale |
|
10,624 |
|
14,879 |
|
|
8,602 |
|
6,255 |
|
|
5,065 |
|
4,938 |
|
|
6,045 |
|
2,838 |
|
Net gains (losses) on securities held for sale |
|
386 |
|
238 |
|
|
432 |
|
(1,243 |
) |
|
515 |
|
1,084 |
|
|
2,849 |
|
(2,961 |
) |
Net earnings (loss) available to shareholders |
|
10,916 |
|
14,980 |
|
|
8,946 |
|
4,963 |
|
|
5,543 |
|
5,915 |
|
|
8,750 |
|
(114 |
) |
Shareholders' equity |
|
438,363 |
|
414,985 |
|
|
393,670 |
|
354,622 |
|
|
366,519 |
|
353,756 |
|
|
336,362 |
|
323,690 |
|
(in $) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Per average Class A and Common Share |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net earnings before net gains (losses) on securities
held for sale: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
-
Basic |
$ |
0.35 |
$ |
0.48 |
|
$ |
0.28 |
$ |
0.20 |
|
$ |
0.16 |
$ |
0.16 |
|
$ |
0.19 |
$ |
0.09 |
|
|
- Diluted |
|
0.34 |
|
0.47 |
|
|
0.27 |
|
0.20 |
|
|
0.16 |
|
0.15 |
|
|
0.18 |
|
0.09 |
|
Net earnings (loss): |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
-
Basic |
$ |
0.36 |
$ |
0.49 |
|
$ |
0.29 |
$ |
0.16 |
|
$ |
0.18 |
$ |
0.19 |
|
$ |
0.28 |
$ |
(0.00 |
) |
|
- Diluted |
|
0.35 |
|
0.48 |
|
|
0.29 |
|
0.16 |
|
|
0.18 |
|
0.19 |
|
|
0.27 |
|
(0.00 |
) |
Shareholders' equity: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
-
Basic |
$ |
14.49 |
$ |
13.68 |
|
$ |
12.94 |
$ |
11.64 |
|
$ |
11.97 |
$ |
11.44 |
|
$ |
10.78 |
$ |
10.29 |
|
|
- Diluted |
|
13.93 |
|
13.17 |
|
|
12.51 |
|
11.27 |
|
|
11.59 |
|
11.16 |
|
|
10.54 |
|
10.06 |
|
Guardian Capital Group LimitedVern ChristensenSenior
Vice-President and Secretary(416) 947-4093Guardian Capital Group
LimitedGeorge MavroudisPresident and Chief Executive Officer(416)
364-8341
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