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
In a recent survey, Sumo Logic surveyed 1,500 customers who employ cloud services such as Amazon Web Services (AWS), Microsoft Azure, and Google Cloud Platform (GCP). According to the survey, a quarter of the respondents have already deployed Docker containers and nearly as many (23 percent) are employing the AWS Lambda serverless computing framework. It’s clear: serverless is here to stay. The adoption does come with some needed changes, within both application development and operations. Tha...
SYS-CON Events announced today that Avere Systems, a leading provider of enterprise storage for the hybrid cloud, will exhibit at SYS-CON's 21st International Cloud Expo®, which will take place on Oct 31 - Nov 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA. Avere delivers a more modern architectural approach to storage that doesn't require the overprovisioning of storage capacity to achieve performance, overspending on expensive storage media for inactive data or the overbui...
With major technology companies and startups seriously embracing Cloud strategies, now is the perfect time to attend 21st Cloud Expo October 31 - November 2, 2017, at the Santa Clara Convention Center, CA, and June 12-14, 2018, at the Javits Center in New York City, NY, and learn what is going on, contribute to the discussions, and ensure that your enterprise is on the right path to Digital Transformation.
Companies are harnessing data in ways we once associated with science fiction. Analysts have access to a plethora of visualization and reporting tools, but considering the vast amount of data businesses collect and limitations of CPUs, end users are forced to design their structures and systems with limitations. Until now. As the cloud toolkit to analyze data has evolved, GPUs have stepped in to massively parallel SQL, visualization and machine learning.
We all know that end users experience the Internet primarily with mobile devices. From an app development perspective, we know that successfully responding to the needs of mobile customers depends on rapid DevOps – failing fast, in short, until the right solution evolves in your customers' relationship to your business. Whether you’re decomposing an SOA monolith, or developing a new application cloud natively, it’s not a question of using microservices – not doing so will be a path to eventual b...
The dynamic nature of the cloud means that change is a constant when it comes to modern cloud-based infrastructure. Delivering modern applications to end users, therefore, is a constantly shifting challenge. Delivery automation helps IT Ops teams ensure that apps are providing an optimal end user experience over hybrid-cloud and multi-cloud environments, no matter what the current state of the infrastructure is. To employ a delivery automation strategy that reflects your business rules, making r...
Digital transformation is changing the face of business. The IDC predicts that enterprises will commit to a massive new scale of digital transformation, to stake out leadership positions in the "digital transformation economy." Accordingly, attendees at the upcoming Cloud Expo | @ThingsExpo at the Santa Clara Convention Center in Santa Clara, CA, Oct 31-Nov 2, will find fresh new content in a new track called Enterprise Cloud & Digital Transformation.
Most technology leaders, contemporary and from the hardware era, are reshaping their businesses to do software. They hope to capture value from emerging technologies such as IoT, SDN, and AI. Ultimately, irrespective of the vertical, it is about deriving value from independent software applications participating in an ecosystem as one comprehensive solution. In his session at @ThingsExpo, Kausik Sridhar, founder and CTO of Pulzze Systems, will discuss how given the magnitude of today's applicati...
Smart cities have the potential to change our lives at so many levels for citizens: less pollution, reduced parking obstacles, better health, education and more energy savings. Real-time data streaming and the Internet of Things (IoT) possess the power to turn this vision into a reality. However, most organizations today are building their data infrastructure to focus solely on addressing immediate business needs vs. a platform capable of quickly adapting emerging technologies to address future ...
SYS-CON Events announced today that NetApp has been named “Bronze Sponsor” of SYS-CON's 21st International Cloud Expo®, which will take place on Oct 31 – Nov 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA. NetApp is the data authority for hybrid cloud. NetApp provides a full range of hybrid cloud data services that simplify management of applications and data across cloud and on-premises environments to accelerate digital transformation. Together with their partners, NetApp emp...
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...
As popularity of the smart home is growing and continues to go mainstream, technological factors play a greater role. The IoT protocol houses the interoperability battery consumption, security, and configuration of a smart home device, and it can be difficult for companies to choose the right kind for their product. For both DIY and professionally installed smart homes, developers need to consider each of these elements for their product to be successful in the market and current smart homes.
Widespread fragmentation is stalling the growth of the IIoT and making it difficult for partners to work together. The number of software platforms, apps, hardware and connectivity standards is creating paralysis among businesses that are afraid of being locked into a solution. EdgeX Foundry is unifying the community around a common IoT edge framework and an ecosystem of interoperable components.
Join IBM November 1 at 21st Cloud Expo at the Santa Clara Convention Center in Santa Clara, CA, and learn how IBM Watson can bring cognitive services and AI to intelligent, unmanned systems. Cognitive analysis impacts today’s systems with unparalleled ability that were previously available only to manned, back-end operations. Thanks to cloud processing, IBM Watson can bring cognitive services and AI to intelligent, unmanned systems. Imagine a robot vacuum that becomes your personal assistant th...
Containers are rapidly finding their way into enterprise data centers, but change is difficult. How do enterprises transform their architecture with technologies like containers without losing the reliable components of their current solutions? In his session at @DevOpsSummit at 21st Cloud Expo, Tony Campbell, Director, Educational Services at CoreOS, will explore the challenges organizations are facing today as they move to containers and go over how Kubernetes applications can deploy with lega...