TORONTO, ONTARIO--(Marketwired - Nov. 11, 2013) - Guardian Capital Group Limited (TSX:GCG)(TSX:GCG.A)
All per share figures disclosed below are stated on a diluted basis.
For the periods ended September 30 | Three Months | Nine Months | |||||||
($ in thousands, except per share amounts) | 2013 | 2012 | 2013 | 2012 | |||||
Net revenue | $ | 25,173 | $ | 21,370 | $ | 73,371 | $ | 62,214 | |
Operating earnings | 6,898 | 4,647 | 18,367 | 14,347 | |||||
Net gains | 3,183 | 2,045 | 4,419 | 1,481 | |||||
Net earnings before net gains (losses) on securities held for sale | 8,602 | 6,045 | 19,922 | 13,262 | |||||
Net gains (losses) on securities held for sale | 432 | 2,849 | (296 | ) | 3,475 | ||||
Net earnings available to shareholders | 8,946 | 8,750 | 19,452 | 16,641 | |||||
Adjusted cash flow from operations available to shareholders | $ | 7,128 | $ | 5,091 | $ | 18,719 | $ | 15,737 | |
EBITDA available to shareholders | 8,176 | 6,064 | 22,506 | 18,473 | |||||
Per Share | |||||||||
Net earnings before net gains (losses) on securities held for sale | $ | 0.27 | $ | 0.18 | $ | 0.64 | $ | 0.41 | |
Net earnings available to shareholders | 0.29 | 0.27 | 0.63 | 0.52 | |||||
Adjusted cash flow from operations available to shareholders | 0.23 | 0.16 | 0.61 | 0.49 | |||||
EBITDA available to shareholders | 0.26 | 0.19 | 0.73 | 0.58 | |||||
As at | 2013 | 2012 | |||||||
($ in millions, except per share amounts) | September 30 | June 30 | December 31 | September 30 | |||||
Assets under management | $ | 21,201 | $ | 20,379 | $ | 18,832 | $ | 17,983 | |
Assets under administration | 10,790 | 10,322 | 9,918 | 9,165 | |||||
Value of corporate holdings of securities | 433 | 394 | 380 | 377 | |||||
Shareholders' equity | 394 | 355 | 354 | 336 | |||||
Per Share | |||||||||
Value of corporate holdings of securities | $ | 13.76 | $ | 12.51 | $ | 11.99 | $ | 11.82 | |
Shareholders' equity | 12.51 | 11.27 | 11.16 | 10.54 |
The Company continues to generate asset growth through relatively strong performance and net asset flows. The assets under management increased to $21.2 billion as at September 30, 2013, an increase of 4% quarter over quarter and 18% year over year. Assets under administration increased to $10.8 billion as at September 30, 2013, an increase of 5% from the prior quarter and 18% from 2012.
For the third quarter of 2013, the Company is reporting net earnings before gains on securities held for sale of $8.6 million or $0.27 per share, compared to $6.0 million or $0.18 per share in 2012. This 43% increase was brought about by improvements both in operating earnings across all main business segments, and net gains. Net gains of $3.2 million were recorded during the quarter, mainly as a result of the sale by the Company of 100,000 shares of the Bank of Montreal for proceeds of $6.6 million. Net earnings available to shareholders for the quarter were $8.9 million or $0.29 per share, compared to $8.8 million or $0.27 per share in the third quarter of 2012.
Adjusted cash flow from operations for the quarter was $7.1 million, or $0.23 per share, compared to $5.1 million, or $0.16 per share in the third quarter of 2012. EBITDA available to shareholders for the quarter were up 35% at $8.2 million, or $0.26 per share, compared to $6.1 million, or $0.19 per share for the third quarter of 2012
The fair value of the Company's holdings of securities as at September 30, 2013 was $433 million, or $13.76 per share, compared with $380 million, or $11.99 per share at December 31, 2012. The Company's shareholders' equity at
September 30, 2013 was $394 million, or $12.51 per share, compared with $354 million, or $11.16 per share at December 31, 2012.
The Board of Directors has declared a quarterly dividend of $0.055 per share, payable on January 17, 2014, to shareholders of record on January 10, 2014.
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.
Contact Information:
Vern Christensen
Senior Vice-President and Secretary
(416) 947-4093
Guardian Capital Group Limited
George Mavroudis
President and Chief Executive Officer
(416) 364-8341