CORRECTION FROM SOURCE-Guardian Capital Group Limited (TSX: GCG; GCG.A) Announces Corrected 2012 Third Quarter Operating Resu...
15 November 2012 - 11:52AM
Marketwired Canada
A correction from source is issued for the press release disseminated on
November 14, 2012 at 4:58 PM ET for Guardian Capital Group Limited
(TSX:GCG)(TSX:GCG.A). Some numbers in the "net earnings before net gains
(losses) on securities held for sale" and "Net earnings (loss) available to
shareholders" sections were incorrect, as the earlier press release was issued
in error. The complete and corrected press release follows.
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For the periods ended September 30 Three Months Nine Months
($ in thousands, except per share
amounts) 2012 2011 2012 2011
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Net revenue $ 20,858 $ 18,871 $ 61,231 $ 53,869
Operating earnings 4,647 4,344 14,347 11,809
Net gains (losses) 2,045 (2,013) 1,481 (1,707)
Net earnings before net gains
(losses) on securities held for
sale 6,045 2,136 13,262 9,570
Adjusted cash flow from operations 5,091 5,227 15,737 13,892
Per Share
Net earnings before net gains
(losses) on securities held for
sale
Basic $ 0.19 $ 0.08 $ 0.42 $ 0.31
Diluted 0.18 0.08 0.41 0.31
Adjusted cash flow from operations
Basic $ 0.16 $ 0.16 $ 0.50 $ 0.43
Diluted 0.16 0.16 0.49 0.43
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The Company's operating results for the third quarter of 2012 reflect the early
adoption by the Company of IFRS standards 10, 11 and 12, and the amendment of
its policies regarding controlled entities which are held for sale.
Net gains (losses) on securities
held for sale (1) $ 2,849 $ (8,410) $ 3,475 $ (7,729)
Net earnings (loss) available to
shareholders 8,750 (5,876) 16,641 2,258
Per Share
Net earnings (loss) available to
shareholders
Basic $ 0.28 $ (0.18) $ 0.53 $ 0.07
Diluted 0.27 (0.18) 0.52 0.07
(1) The "Net gains (losses) on securities held for sale" disclosed above
represents, for the periods indicated, the net changes in the fair
value of certain mutual funds, which have been recorded in accordance
with new accounting standards and policies which the Company has
adopted in the current quarter, on a retrospective basis.
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All per share figures disclosed below are stated on a diluted basis.
Assets under management were $18.0 billion as at September 30, 2012, compared to
$15.9 billion as at December 31, 2011 and $15.2 billion as at September 30,
2011. Assets under administration were $9.2 billion as at September 30, 2012,
compared to $8.7 billion as at December 31, 2011, and $8.4 billion as at
September 30, 2011.
Net earnings before net gains (losses) on securities held for sale available to
shareholders for the quarter were $6.0 million or $0.18 per share, compared to
$2.1 million or $0.07 per share in the third quarter of 2011. Net earnings
before net gains (losses) on securities held for sale available to shareholders
for the nine months in 2012 were $13.3 million, or $0.41 per share, compared
with $9.6 million, or $0.30 per share in the year 2011. Management believes that
the "Net earnings before net gains (losses) on securities held for sale" stated
above is the most directly comparable measure of the historical presentation of
the Company's operating results.
Adjusted cash flow from operations for the quarter was $5.1 million or $0.16 per
share, compared to $5.2 million or $0.16 per share in the third quarter of 2011.
The fair value of the Company's holdings of securities as at September 30, 2012
was $377 million, or $11.82 per share, compared with $364 million, or $11.17 per
share at December 31, 2011, and $385 million, or $11.82 per share at September
30, 2011.
Guardian Capital Group Limited is a diversified financial services company
founded in 1962 and celebrating its 50th year in business. Guardian serves the
wealth management needs of a range of clients through its various business
segments. Guardian's operations include investment management; financial
advisory; and corporate investments. Its Common and Class A shares are listed on
The Toronto Stock Exchange.
FOR FURTHER INFORMATION PLEASE CONTACT:
Guardian Capital Group Limited
George Mavroudis
President and Chief Executive Officer
(416) 364-8341
info@guardiancapital.com
Guardian Capital Group Limited
C. Verner Christensen
Senior Vice-President, Finance and Secretary
(416) 947-4093
info@guardiancapital.com
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