CORRECTION FROM SOURCE-Guardian Capital Group Limited (TSX: GCG; GCG.A) Announces Corrected 2012 Third Quarter Operating Resu...
14 Noviembre 2012 - 7:52PM
Marketwired
A correction from source is issued for the press release
disseminated on November 14, 2012 at 4:58 PM ET for Guardian
Capital Group Limited (TSX:GCG)(TSX:GCG.A). Some numbers in the
"net earnings before net gains (losses) on securities held for
sale" and "Net earnings (loss) available to shareholders" sections
were incorrect, as the earlier press release was issued in error.
The complete and corrected press release follows.
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For the periods ended September 30 Three Months Nine Months
($ in thousands, except per share
amounts) 2012 2011 2012 2011
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Net revenue $ 20,858 $ 18,871 $ 61,231 $ 53,869
Operating earnings 4,647 4,344 14,347 11,809
Net gains (losses) 2,045 (2,013) 1,481 (1,707)
Net earnings before net gains
(losses) on securities held for
sale 6,045 2,136 13,262 9,570
Adjusted cash flow from operations 5,091 5,227 15,737 13,892
Per Share
Net earnings before net gains
(losses) on securities held for
sale
Basic $ 0.19 $ 0.08 $ 0.42 $ 0.31
Diluted 0.18 0.08 0.41 0.31
Adjusted cash flow from operations
Basic $ 0.16 $ 0.16 $ 0.50 $ 0.43
Diluted 0.16 0.16 0.49 0.43
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The Company's operating results for the third quarter of 2012
reflect the early adoption by the Company of IFRS standards 10, 11
and 12, and the amendment of its policies regarding controlled
entities which are held for sale.
Net gains (losses) on securities
held for sale (1) $ 2,849 $ (8,410) $ 3,475 $ (7,729)
Net earnings (loss) available to
shareholders 8,750 (5,876) 16,641 2,258
Per Share
Net earnings (loss) available to
shareholders
Basic $ 0.28 $ (0.18) $ 0.53 $ 0.07
Diluted 0.27 (0.18) 0.52 0.07
(1) The "Net gains (losses) on securities held for sale" disclosed above
represents, for the periods indicated, the net changes in the fair
value of certain mutual funds, which have been recorded in accordance
with new accounting standards and policies which the Company has
adopted in the current quarter, on a retrospective basis.
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All per share figures disclosed below are stated on a diluted
basis.
Assets under management were $18.0 billion as at September 30,
2012, compared to $15.9 billion as at December 31, 2011 and $15.2
billion as at September 30, 2011. Assets under administration were
$9.2 billion as at September 30, 2012, compared to $8.7 billion as
at December 31, 2011, and $8.4 billion as at September 30,
2011.
Net earnings before net gains (losses) on securities held for
sale available to shareholders for the quarter were $6.0 million or
$0.18 per share, compared to $2.1 million or $0.07 per share in the
third quarter of 2011. Net earnings before net gains (losses) on
securities held for sale available to shareholders for the nine
months in 2012 were $13.3 million, or $0.41 per share, compared
with $9.6 million, or $0.30 per share in the year 2011. Management
believes that the "Net earnings before net gains (losses) on
securities held for sale" stated above is the most directly
comparable measure of the historical presentation of the Company's
operating results.
Adjusted cash flow from operations for the quarter was $5.1
million or $0.16 per share, compared to $5.2 million or $0.16 per
share in the third quarter of 2011.
The fair value of the Company's holdings of securities as at
September 30, 2012 was $377 million, or $11.82 per share, compared
with $364 million, or $11.17 per share at December 31, 2011, and
$385 million, or $11.82 per share at September 30, 2011.
Guardian Capital Group Limited is a diversified financial
services company founded in 1962 and celebrating its 50th year in
business. Guardian serves the wealth management needs of a range of
clients through its various business segments. Guardian's
operations include investment management; financial advisory; and
corporate investments. Its Common and Class A shares are listed on
The Toronto Stock Exchange.
Contacts: Guardian Capital Group Limited George Mavroudis
President and Chief Executive Officer (416)
364-8341info@guardiancapital.com Guardian Capital Group Limited C.
Verner Christensen Senior Vice-President, Finance and Secretary
(416) 947-4093info@guardiancapital.com
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