TORONTO, ONTARIO--(Marketwired - May 13, 2013) - 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) | ||||||
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 | ||||
Adjusted cash flow from operations | $ | 4,735 | $ | 5,407 | ||
EBITDA available to shareholders | 6,471 | 6,149 | ||||
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 | ||||
As at | March 31, | December 31, | ||||
($ in millions, except per share amounts) | 2013 | 2012 | ||||
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 | ||||
Per Share | ||||||
Value of corporate holdings of securities | $ | 12.74 | $ | 11.99 | ||
Shareholders' equity | 11.59 | 11.16 |
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.
Contact Information:
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