CORRECTION FROM SOURCE: Guardian Capital Group Limited (TSX:GCG)(TSX:GCG.A) Announces 2012 Operating Results
01 Marzo 2013 - 6:17PM
Marketwired
This press release corrects the press release disseminated on
March 1, 2013 at 5:00 PM ET for Guardian Capital Group Limited
(TSX: GCG) (TSX: GCG.A). The 2011 numbers in the "Per Share Net
earnings available to shareholders" were incorrect, as the earlier
press release was issued in error. The complete and corrected press
release follows:
Guardian Capital Group Limited (TSX:GCG)(TSX:GCG.A)
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For the years ended December 31 2012 2011
($ in thousands, except per share amounts) (amended)(1)
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Net revenues $ 85,030 $ 73,693
Operating earnings 20,138 17,133
Net gains (losses) 1,337 (131)
Net earnings before net gains (losses) on
securities held for sale 18,200 16,228
Net gains (losses) on securities held for
sale 4,559 (5,493)
Net earnings available to shareholders 22,556 10,003
Adjusted cash flow from operations available
to shareholders 21,281 19,339
Per Share
Net earnings before net gains (losses) on
securities held for sale
available to shareholders:
- Basic $ 0.57 $ 0.48
- Diluted 0.57 0.48
Net earnings available to shareholders:
- Basic 0.72 0.31
- Diluted 0.71 0.31
Adjusted cash flow from operations available
to shareholders:
- Basic 0.67 0.60
- Diluted 0.66 0.60
Assets under management were $18.8 billion as at December 31,
2012, up from $15.9 billion as at December 31, 2011. Assets under
administration (AUA) were $9.9 billion as at December 31, 2012, up
from $8.7 billion as at December 31, 2011.
Net earnings available for shareholders before net gains
(losses) on securities held for sale for the year 2012 were $18.2
million or $0.57 per share, compared to $16.2 million or $0.48 per
share, for 2011. Net earnings available to shareholders before net
gains (losses) on securities held for sale were reduced in 2012 as
a result of an increase in deferred Income Taxes of $1.1 million,
or $0.03 per share. With this exception, 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.
Net earnings available to shareholders for the year 2012 were
$22.6 million or $0.71 per share, compared to $10.0 million or
$0.31 per share, for 2011.
Adjusted cash flow from operations available to shareholders for
the year was $21.3 million or $0.66 per share, compared to $19.3
million or $0.60 per share for 2011.
The fair value of corporate holdings of securities as at
December 31, 2012 was $380.0 million, or $11.99 per share, compared
to $364.2 million, or $11.17 per share, as at December 31,
2011.
The Board of Directors has declared an eligible dividend of
$0.20 per share, payable on March 20, 2013 to shareholders of
record on March 14, 2012. This is a 17.6% increase in the dividend
from the $0.17 paid in 2012. The Board has also decided to
transition to a quarterly dividend payment schedule, beginning in
July, 2013.
2012 marked the 50th year in business for Guardian Capital Group
Limited, 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.
(1)The Company's operating results for 2012 and 2011 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.
Contacts: Guardian Capital Group Limited Vern Christensen Senior
Vice-President, Finance and Secretary (416) 947-4093 Guardian
Capital Group Limited George Mavroudis President and Chief
Executive Officer (416) 364-8341
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