Welcome!

News Feed Item

Guardian Capital Group Limited (TSX: GCG; GCG.A) Announces 2014 First Quarter Operating Results

TORONTO, ONTARIO -- (Marketwired) -- 05/12/14 -- 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                       2014          2013
($ in thousands, except per share amounts)
----------------------------------------------------------------------------
Net revenue                                          $  27,722  $     23,157
Operating earnings                                       8,556         5,079
Net gains                                                3,647           570
Net earnings before net gains on securities held
 for sale                                               10,624         5,065
Net gains on securities held for sale                      386           515
Net earnings available to shareholders                  10,916         5,543
----------------------------------------------------------------------------
EBITDA                                               $   9,823  $      6,471
Adjusted cash flow from operations                       7,478         4,735
----------------------------------------------------------------------------
Per Share
Net earnings before net gains on securities held
 for sale                                            $    0.34  $       0.16
Net earnings available to shareholders                    0.35          0.18
EBITDA                                                    0.31          0.21
Adjusted cash flow from operations                        0.24          0.15

----------------------------------------------------------------------------
----------------------------------------------------------------------------
As at                                                March 31,  December 31,
($ in millions, except per share amounts)                 2014          2013
----------------------------------------------------------------------------
----------------------------------------------------------------------------
Assets under management                              $  23,237  $     22,228
Assets under administration                             12,227        11,559
Fair value of corporate holdings of securities             468           449
Shareholders' equity                                       438           415
----------------------------------------------------------------------------
Per Share
Fair value of corporate holdings of securities       $   14.88  $      14.26
Shareholders' equity                                     13.93         13.17
----------------------------------------------------------------------------

The Company's assets under management as at March 31, 2014 grew to $23.2 billion, an increase of 5% since December 31, 2013 and 14% since March 31, 2013. Assets under administration were $12.2 billion as at March 31, 2014, an increase of 6% since December 31, 2013 and 16% since March 31, 2013.

The Company's operating earnings for the current quarter were $8.6 million, an increase of 68% from $5.1 million in Q1 2013. All segments of the Company's operations contributed positively to the overall growth in operating earnings. Net gains at $3.6 million were significantly higher in the current quarter than in 2013, with approximately two-thirds of the gains provided from the sale of 65,000 shares of the Company's investment in the Bank of Montreal shares. The proceeds from the disposition were used mainly to fund the $3.5 million increase in the Company's investment in the real estate fund managed by its subsidiary.

Net earnings available to shareholders for the quarter were $10.9 million, or $0.35 per share, compared to $5.5 million, or $0.18 per share, for Q1 2013. The increase in net earnings was due to a combination of the strong operating earnings growth and the increase in net gains discussed above.

EBITDA for the quarter was $9.8 million, or $0.31 per share, compared to $6.5 million, or $0.21 per share for Q1 2013. Adjusted cash flow from operations for the quarter was $7.5 million, or $0.24 per share, compared to $4.7 million, or $0.15 per share for 2013. These two non-IFRS financial measures used by the Company are defined in its quarterly Management's Discussion and Analysis. The increases in each of these measures reflect the strong growth in operating earnings for the quarter.

The fair value of the Company's holdings of securities as at March 31, 2014 was $468 million, or $14.88 per share, compared to $449 million, or $14.26 per share, as at December 31, 2013 and $403 million, or $12.74 per share, as at March 31, 2013. The Company's shareholders' equity as at March 31, 2014 was $438 million, or $13.93 per share, compared to $415 million, or $13.17 per share, at December 31, 2013 and $367 million, or $11.59 per share, as at March 31, 2013.

The Board of Directors has declared a quarterly dividend of $0.065 per share, payable on July 17, 2014, to shareholders of record on July 10, 2014. This is an 18% increase from the previous quarterly dividend rate.

Guardian Capital Group Limited is a diversified financial services company founded in 1962. Guardian 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.

The following table summarizes Guardian's financial results for the past eight quarters.

Quarters ended                    Mar 31,    Dec 31,     Sep 30,    Jun 30,
($ in thousands)                     2014       2013        2013       2013
----------------------------------------------------------------------------
Net revenue                    $   27,722 $   27,907  $   25,173 $   25,041
Operating earnings                  8,556      8,564       6,898      6,390
Net gains (losses)                  3,647      7,218       3,183        666
  Net earnings before net
   gains (losses) on
   securities held for sale        10,624     14,879       8,602      6,255
Net gains (losses) on
 securities held for sale             386        238         432     (1,243)
Net earnings (loss) available
 to shareholders                   10,916     14,980       8,946      4,963
Shareholders' equity              438,363    414,985     393,670    354,622
----------------------------------------------------------------------------
(in $)
Per average Class A and Common
 Share
Net earnings before net gains
 (losses) on securities held
 for sale:
  - Basic                      $     0.35 $     0.48  $     0.28 $     0.20
  - Diluted                          0.34       0.47        0.27       0.20
----------------------------------------------------------------------------
Net earnings (loss):
  - Basic                      $     0.36 $     0.49  $     0.29 $     0.16
  - Diluted                          0.35       0.48        0.29       0.16
----------------------------------------------------------------------------
Shareholders' equity:
  - Basic                      $    14.49 $    13.68  $    12.94 $    11.64
  - Diluted                         13.93      13.17       12.51      11.27
----------------------------------------------------------------------------

Quarters ended                    Mar 31,    Dec 31,     Sep 30,    Jun 30,
($ in thousands)                     2013       2012        2012       2012
----------------------------------------------------------------------------
Net revenue                    $   23,157 $   24,146  $   21,370 $   20,415
Operating earnings                  5,079      5,791       4,647      4,860
Net gains (losses)                    570       (144)      2,045       (548)
  Net earnings before net
   gains (losses) on
   securities held for sale         5,065      4,938       6,045      2,838
Net gains (losses) on
 securities held for sale             515      1,084       2,849     (2,961)
Net earnings (loss) available
 to shareholders                    5,543      5,915       8,750       (114)
Shareholders' equity              366,519    353,756     336,362    323,690
----------------------------------------------------------------------------
(in $)
Per average Class A and Common
 Share
Net earnings before net gains
 (losses) on securities held
 for sale:
  - Basic                      $     0.16 $     0.16  $     0.19 $     0.09
  - Diluted                          0.16       0.15        0.18       0.09
----------------------------------------------------------------------------
Net earnings (loss):
  - Basic                      $     0.18 $     0.19  $     0.28 $    (0.00)
  - Diluted                          0.18       0.19        0.27      (0.00)
----------------------------------------------------------------------------
Shareholders' equity:
  - Basic                      $    11.97 $    11.44  $    10.78 $    10.29
  - Diluted                         11.59      11.16       10.54      10.06
----------------------------------------------------------------------------

Contacts:
Guardian Capital Group Limited
Vern Christensen
Senior Vice-President and Secretary
(416) 947-4093

Guardian Capital Group Limited
George Mavroudis
President and Chief Executive Officer
(416) 364-8341

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
"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...
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...
While some developers care passionately about how data centers and clouds are architected, for most, it is only the end result that matters. To the majority of companies, technology exists to solve a business problem, and only delivers value when it is solving that problem. 2017 brings the mainstream adoption of containers for production workloads. In his session at 21st Cloud Expo, Ben McCormack, VP of Operations at Evernote, discussed how data centers of the future will be managed, how the p...
"NetApp is known as a data management leader but we do a lot more than just data management on-prem with the data centers of our customers. We're also big in the hybrid cloud," explained Wes Talbert, Principal Architect at NetApp, 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.
"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.
"We're focused on how to get some of the attributes that you would expect from an Amazon, Azure, Google, and doing that on-prem. We believe today that you can actually get those types of things done with certain architectures available in the market today," explained Steve Conner, VP of Sales at Cloudistics, 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.
"Space Monkey by Vivent Smart Home is a product that is a distributed cloud-based edge storage network. Vivent Smart Home, our parent company, is a smart home provider that places a lot of hard drives across homes in North America," explained JT Olds, Director of Engineering, and Brandon Crowfeather, Product Manager, at Vivint Smart Home, in this SYS-CON.tv interview at @ThingsExpo, held Oct 31 – Nov 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA.
It is of utmost importance for the future success of WebRTC to ensure that interoperability is operational between web browsers and any WebRTC-compliant client. To be guaranteed as operational and effective, interoperability must be tested extensively by establishing WebRTC data and media connections between different web browsers running on different devices and operating systems. In his session at WebRTC Summit at @ThingsExpo, Dr. Alex Gouaillard, CEO and Founder of CoSMo Software, presented ...
Enterprises are adopting Kubernetes to accelerate the development and the delivery of cloud-native applications. However, sharing a Kubernetes cluster between members of the same team can be challenging. And, sharing clusters across multiple teams is even harder. Kubernetes offers several constructs to help implement segmentation and isolation. However, these primitives can be complex to understand and apply. As a result, it’s becoming common for enterprises to end up with several clusters. Thi...
"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.
WebRTC is great technology to build your own communication tools. It will be even more exciting experience it with advanced devices, such as a 360 Camera, 360 microphone, and a depth sensor camera. In his session at @ThingsExpo, Masashi Ganeko, a manager at INFOCOM Corporation, introduced two experimental projects from his team and what they learned from them. "Shotoku Tamago" uses the robot audition software HARK to track speakers in 360 video of a remote party. "Virtual Teleport" uses a multip...
"We work around really protecting the confidentiality of information, and by doing so we've developed implementations of encryption through a patented process that is known as superencipherment," explained Richard Blech, CEO of Secure Channels Inc., 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...
The question before companies today is not whether to become intelligent, it’s a question of how and how fast. The key is to adopt and deploy an intelligent application strategy while simultaneously preparing to scale that intelligence. In her session at 21st Cloud Expo, Sangeeta Chakraborty, Chief Customer Officer at Ayasdi, provided a tactical framework to become a truly intelligent enterprise, including how to identify the right applications for AI, how to build a Center of Excellence to oper...
"IBM is really all in on blockchain. We take a look at sort of the history of blockchain ledger technologies. It started out with bitcoin, Ethereum, and IBM evaluated these particular blockchain technologies and found they were anonymous and permissionless and that many companies were looking for permissioned blockchain," stated René Bostic, Technical VP of the IBM Cloud Unit in North America, in this SYS-CON.tv interview at 21st Cloud Expo, held Oct 31 – Nov 2, 2017, at the Santa Clara Conventi...