Press release from Marketwire
Guardian Capital Group Limited Announces 2013 First Quarter Operating Results
Monday, May 13, 2013
Guardian Capital Group Limited Announces 2013 First Quarter Operating Results17:08 EDT Monday, May 13, 2013
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 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|
|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|
|Value of corporate holdings of securities||$||12.74||$||11.99|
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.
FOR FURTHER INFORMATION PLEASE CONTACT:
Guardian Capital Group Limited
Senior Vice-President, Finance and Secretary
Guardian Capital Group Limited
President and Chief Executive Officer