Guardian Capital Group Limited (TSX:GCG)(TSX:GCG.A) Announces 2011 Third Quarter Operating Results
12 November 2011 - 8:41AM
Marketwired
Guardian Capital Group Limited (TSX:GCG)(TSX:GCG.A)-
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For the periods ended September 30 Three Months Nine Months
($ in thousands, except per share 2011 2010 2011 2010
amounts)
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Net revenue $ 18,930 $ 16,051 $ 54,053 $ 47,808
Operating earnings 4,344 3,303 11,809 9,507
Net gains (losses) on securities (1,090) 854 (784) 519
Net earnings attributable to
shareholders 3,457 4,050 10,910 10,304
Cash flow from operations before
change in non-cash working 5,236 5,886 13,896 13,930
capital items
Per Share
Basic net earnings $ 0.11 $ 0.12 $ 0.34 $ 0.31
Diluted net earnings 0.10 0.12 0.33 0.31
Basic cash flow from operations
before change in non-cash working
capital items $ 0.16 $ 0.18 $ 0.43 $ 0.42
Diluted cash flow from operations
before change in non-cash working
capital items 0.16 0.18 0.42 0.42
These are the Company's third interim financial results
presented in accordance with International Financial Reporting
Standards (IFRS).
Assets under management were $15.2 billion as at September 30,
2011, compared to $16.3 billion as at December 31, 2010 and $15.3
billion as at September 30, 2010. Asset under administration were
$8.4 billion as at September 30, 2011, compared to $7.8 billion as
at December 31, 2010, and $7.4 billion as at September 30,
2011.
Net earnings attributable to shareholders for the quarter were
$3.5 million or $0.10 per share, diluted, compared to $4.1 million
or $0.12 per share, diluted, in the third quarter of 2011.
Cash flow from operations, before changes in non-cash working
capital, for the quarter was $5.2 million or $0.16 per share,
diluted, reduced from $5.9 million from the third quarter of
2010.
The fair value of corporate holdings of securities as at
September 30, 2011 was $385.0 million, or $11.82 per share,
diluted, compared with $383.6 million, or $11.57 per share, diluted
at December 31, 2010.
The Company recently announced, with great sadness, the passing
on October 17, 2011 of its Chairman of the Board, James W.
McCutcheon. Mr. McCutcheon had been a director of the Company since
1997 and Lead Director from May, 2009 until his recent appointment
as Chairman of the Board. To fill the vacancies caused by Mr.
McCutcheon's death, on November 11, 2011, Mr. James Anas was
appointed Chairman of the Board of Directors, and Mr. George
Mavroudis was appointed a member of the Board of Directors.
Guardian Capital Group Limited is a diversified financial
services company founded in 1962. Guardian provides institutional
and private client investment management services; provides
financial services to international investors; and provides
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 George Mavroudis
President and Chief Executive Officer (416) 364-8341 Guardian
Capital Group Limited Vern Christensen Senior Vice-President,
Finance and Secretary (416) 947-4093
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