Welcome!

News Feed Item

Dundee Corporation Reports Third Quarter 2012 Financial Results

TORONTO, ONTARIO -- (Marketwire) -- 11/13/12 -- Dundee Corporation (TSX:DC.A)(TSX:DC.PR.A)(TSX:DC.PR.B) (the "Corporation") is today reporting its financial results as at and for the three and nine months ended September 30, 2012. The Corporation's unaudited condensed interim consolidated financial statements, along with the accompanying management's discussion and analysis, have been filed on the System for Electronic Document Analysis and Retrieval ("SEDAR") and may be viewed under the Corporation's profile at www.sedar.com or the Corporation's website at www.dundeecorp.com.

FINANCIAL HIGHLIGHTS

--  Fee Earning Assets under Management and Administration - Fee earning
    assets under management and administration increased to $15.4 billion at
    September 30, 2012, compared with $12.3 billion at each of September 30,
    2011 and December 31, 2011. 
    
--  Equity Accounted Investments - Earnings from equity accounted
    investments were $3.3 million during the third quarter of 2012 compared
    with $15.4 million earned during the same period of the prior year. At
    September 30, 2012, the market value of equity accounted investments was
    $697.6 million.  
    
--  Market Value of Investments - The market value of the Corporation's
    portfolio of investments, excluding equity accounted investments, was
    $1.2 billion at September 30, 2012, and included $0.5 billion in shares
    of The Bank of Nova Scotia, which were received by the Corporation on
    its divestment of DundeeWealth Inc. in February 2011.  
    
--  Net Earnings - Driven primarily from realized losses on dispositions of
    certain investments, during the third quarter the Corporation incurred a
    net loss of $8.1 million attributable to owners of the parent, compared
    to net earnings of $88.6 million earned during the same period of the
    prior year. Earnings in the third quarter of the prior year included a
    pre-tax gain of $95.6 million from the Corporation's divestment of its
    investment in Breakwater Resources Ltd. 
    
--  Corporate Debt at September 30, 2012 was $376.5 million, all of which
    was borrowed by our operating subsidiaries. At September 30, 2012, there
    were no amounts borrowed pursuant to the credit facilities at the
    corporate level.  

At September 30, 2012, fee earning assets under management and administration had increased to $15.4 billion, representing a 25% increase over $12.3 billion in fee earning assets under management and administration at September 30, 2011, and December 31, 2011. A significant part of this growth occurred in the real estate asset management division, which benefited from a number of successful new acquisitions of quality assets, including the acquisition in June 2012 of a 67% interest in the Scotia Plaza complex, a premier office complex located in downtown Toronto.

Operating results from Dundee Realty's land and housing business were strong, with revenue increasing 42% to $119.5 million from $84.3 million in the third quarter of the prior year, and with a 50% increase in contribution margins from $21.2 million in the third quarter of 2011 to $31.8 million in the current quarter. Real estate results in the third quarter of 2012 benefited from higher land under development sales, primarily in western Canada, compared to the same period of the prior year. The real estate segment also benefited from first year condominium sales in two of Dundee Realty's projects in the Toronto area. Condominium sales are dependent upon the timing of completion of development projects and may vary significantly from period to period.

Equity markets advanced during the third quarter of 2012, sustained in part by stimulus provided by central banks, most notably in the United States and in the European Union. This is reflected in the market value of the Corporation's portfolio, which appreciated in value by approximately $25.2 million since June 30, 2012, and $16.2 million on a year-to-date basis.

Dundee Capital Markets incurred a loss before taxes of $2.4 million in the third quarter of 2012, compared with a loss of $1.5 million in the same quarter of the prior year. Capital markets investment banking revenue in the third quarter of 2012 increased 54% over the third quarter of the prior year, however this was offset by higher general and administrative costs associated with certain restructuring activities, including its expansion into the United Kingdom.

The Corporation continues to investigate numerous opportunities to expand its agricultural portfolio. The focus of this effort is to spot good potential, in advance of the general market. In agriculture, this means developing a thorough understanding of how marketplace trends are likely to affect industry players; ferreting out new "game changing" agricultural processes and technologies, as well as high growth niche markets; and investing in companies that have a sustainable competitive advantage.

ABOUT THE CORPORATION

Dundee Corporation is an independent publicly traded Canadian asset management company. The Corporation's asset management activities are focused in the areas of the Corporation's core competencies and include real estate and infrastructure as well as energy, resources and agriculture. Asset management activities are carried out by Goodman Investment Counsel Inc. (formerly Ned Goodman Investment Counsel Limited), a registered portfolio manager and exempt market dealer across Canada and an investment fund manager in the provinces of Ontario, Quebec and Newfoundland; and by DREAM, the asset management division of Dundee Realty Corporation, a 70% owned subsidiary of the Corporation. Asset management activities are supported by the Corporation's ownership interest in Dundee Capital Markets Inc. Dundee Capital Markets is also the asset manager of the Corporation's flow-through limited partnership business carried out through the "CMP", "CDR" and "Canada Dominion Resources" brands. Dundee Corporation also owns and manages direct investments in these core focus areas, through ownership of both publicly listed and private companies. Real estate operations are carried out through the Corporation's investment in Dundee Realty Corporation, an owner, developer and manager of residential and recreational properties in North America. Energy and resource operations include the Corporation's ownership in Dundee Energy Limited, an oil and natural gas company with a mandate to create long-term value through the development of high impact energy projects. The Corporation also holds other investments in the resource sector, several of which are equity accounted. Agricultural activities are carried out through Dundee Agricultural Corporation. Dundee Agricultural Corporation holds an 84% interest in Blue Goose Capital Corporation, a privately owned Canadian company with a leading position in the organic and natural beef production market with operations in both British Columbia and Ontario.

Contacts:
Dundee Corporation
Ned Goodman
President and Chief Executive Officer
(416) 365-5665

Dundee Corporation
Lucie Presot
Vice President and Chief Financial Officer
(416) 365-5157
www.dundeecorp.com

More Stories By Marketwired .

Copyright © 2009 Marketwired. All rights reserved. All the news releases provided by Marketwired are copyrighted. Any forms of copying other than an individual user's personal reference without express written permission is prohibited. Further distribution of these materials is strictly forbidden, including but not limited to, posting, emailing, faxing, archiving in a public database, redistributing via a computer network or in a printed form.

Latest Stories
"ZeroStack is a startup in Silicon Valley. We're solving a very interesting problem around bringing public cloud convenience with private cloud control for enterprises and mid-size companies," explained Kamesh Pemmaraju, VP of Product Management at ZeroStack, in this SYS-CON.tv interview at 21st Cloud Expo, held Oct 31 – Nov 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA.
In his session at 21st Cloud Expo, Carl J. Levine, Senior Technical Evangelist for NS1, will objectively discuss how DNS is used to solve Digital Transformation challenges in large SaaS applications, CDNs, AdTech platforms, and other demanding use cases. Carl J. Levine is the Senior Technical Evangelist for NS1. A veteran of the Internet Infrastructure space, he has over a decade of experience with startups, networking protocols and Internet infrastructure, combined with the unique ability to it...
"Codigm is based on the cloud and we are here to explore marketing opportunities in America. Our mission is to make an ecosystem of the SW environment that anyone can understand, learn, teach, and develop the SW on the cloud," explained Sung Tae Ryu, CEO of Codigm, in this SYS-CON.tv interview at 21st Cloud Expo, held Oct 31 – Nov 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA.
High-velocity engineering teams are applying not only continuous delivery processes, but also lessons in experimentation from established leaders like Amazon, Netflix, and Facebook. These companies have made experimentation a foundation for their release processes, allowing them to try out major feature releases and redesigns within smaller groups before making them broadly available. In his session at 21st Cloud Expo, Brian Lucas, Senior Staff Engineer at Optimizely, discussed how by using ne...
"CA has been doing a lot of things in the area of DevOps. Now we have a complete set of tool sets in order to enable customers to go all the way from planning to development to testing down to release into the operations," explained Aruna Ravichandran, Vice President of Global Marketing and Strategy at CA Technologies, in this SYS-CON.tv interview at DevOps Summit at 21st Cloud Expo, held Oct 31 – Nov 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA.
"There's plenty of bandwidth out there but it's never in the right place. So what Cedexis does is uses data to work out the best pathways to get data from the origin to the person who wants to get it," explained Simon Jones, Evangelist and Head of Marketing at Cedexis, in this SYS-CON.tv interview at 21st Cloud Expo, held Oct 31 – Nov 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA.
"Cloud Academy is an enterprise training platform for the cloud, specifically public clouds. We offer guided learning experiences on AWS, Azure, Google Cloud and all the surrounding methodologies and technologies that you need to know and your teams need to know in order to leverage the full benefits of the cloud," explained Alex Brower, VP of Marketing at Cloud Academy, in this SYS-CON.tv interview at 21st Cloud Expo, held Oct 31 – Nov 2, 2017, at the Santa Clara Convention Center in Santa Clar...
Large industrial manufacturing organizations are adopting the agile principles of cloud software companies. The industrial manufacturing development process has not scaled over time. Now that design CAD teams are geographically distributed, centralizing their work is key. With large multi-gigabyte projects, outdated tools have stifled industrial team agility, time-to-market milestones, and impacted P&L stakeholders.
Gemini is Yahoo’s native and search advertising platform. To ensure the quality of a complex distributed system that spans multiple products and components and across various desktop websites and mobile app and web experiences – both Yahoo owned and operated and third-party syndication (supply), with complex interaction with more than a billion users and numerous advertisers globally (demand) – it becomes imperative to automate a set of end-to-end tests 24x7 to detect bugs and regression. In th...
Enterprises are moving to the cloud faster than most of us in security expected. CIOs are going from 0 to 100 in cloud adoption and leaving security teams in the dust. Once cloud is part of an enterprise stack, it’s unclear who has responsibility for the protection of applications, services, and data. When cloud breaches occur, whether active compromise or a publicly accessible database, the blame must fall on both service providers and users. In his session at 21st Cloud Expo, Ben Johnson, C...
"Infoblox does DNS, DHCP and IP address management for not only enterprise networks but cloud networks as well. Customers are looking for a single platform that can extend not only in their private enterprise environment but private cloud, public cloud, tracking all the IP space and everything that is going on in that environment," explained Steve Salo, Principal Systems Engineer at Infoblox, in this SYS-CON.tv interview at 21st Cloud Expo, held Oct 31 – Nov 2, 2017, at the Santa Clara Conventio...
Data scientists must access high-performance computing resources across a wide-area network. To achieve cloud-based HPC visualization, researchers must transfer datasets and visualization results efficiently. HPC clusters now compute GPU-accelerated visualization in the cloud cluster. To efficiently display results remotely, a high-performance, low-latency protocol transfers the display from the cluster to a remote desktop. Further, tools to easily mount remote datasets and efficiently transfer...
"Akvelon is a software development company and we also provide consultancy services to folks who are looking to scale or accelerate their engineering roadmaps," explained Jeremiah Mothersell, Marketing Manager at Akvelon, in this SYS-CON.tv interview at 21st Cloud Expo, held Oct 31 – Nov 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA.
"MobiDev is a software development company and we do complex, custom software development for everybody from entrepreneurs to large enterprises," explained Alan Winters, U.S. Head of Business Development at MobiDev, in this SYS-CON.tv interview at 21st Cloud Expo, held Oct 31 – Nov 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA.
Agile has finally jumped the technology shark, expanding outside the software world. Enterprises are now increasingly adopting Agile practices across their organizations in order to successfully navigate the disruptive waters that threaten to drown them. In our quest for establishing change as a core competency in our organizations, this business-centric notion of Agile is an essential component of Agile Digital Transformation. In the years since the publication of the Agile Manifesto, the conn...