Dundee Corporation

Dundee Corporation

March 24, 2011 08:40 ET

Dundee Corporation Reports 2010 Financial Results

TORONTO, ONTARIO--(Marketwire - March 24, 2011) - Dundee Corporation (TSX:DC.A)(TSX:DC.PR.A)(TSX:DC.PR.B) (the "Company") is today reporting its financial results as at and for the year ended December 31, 2010. Net earnings during 2010 were $193.3 million, or $2.46 per share on a fully diluted basis, representing a three-fold increase over net earnings of $62.5 million or $0.77 per fully diluted share earned in the prior year. Net earnings from continuing operations were $152.7 million or $1.94 per fully diluted share during 2010, compared with $45.4 million or $0.56 per fully diluted share in the prior year. The Company's annual audited consolidated financial statements, along with Management's Discussion and Analysis as at and for the year ended December 31, 2010 have been filed on SEDAR on March 24, 2011 and may be accessed at www.sedar.com or www.dundeecorporation.com.

Subsequent to December 31, 2010, Dundee Corporation completed the previously announced sale of its interest in DundeeWealth Inc. ("DundeeWealth") to The Bank of Nova Scotia ("Scotiabank") in exchange for 18.6 million common shares and 14.9 million preferred shares of Scotiabank. Pursuant to distributions made by DundeeWealth immediately prior to the transaction with Scotiabank, Dundee Corporation also received cash of $149.0 million and 74.5 million common shares of Dundee Capital Markets Inc., a new entity established for the purpose of carrying on the capital markets business previously conducted through DundeeWealth.

The Company is now focused on the development of new strategic initiatives in its core areas of competencies including resources, real estate and infrastructure. These strategic initiatives will be supported by the expertise of a team of successful investment bankers and brokers at Dundee Capital Markets Inc.

Shareholders and other interested parties are invited to attend the Company's annual general meeting, which will be held on June 3, 2011 at the King Edward Hotel, Sovereign Ballroom, 37 King Street East, Toronto, ON M5C 1E9.

Contact Information

  • 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