Guardian Capital Group Limited
TSX : GCG
TSX : GCG.A

Guardian Capital Group Limited

November 11, 2013 16:42 ET

Guardian Capital Group Limited Announces 2013 Third Quarter Operating Results

TORONTO, ONTARIO--(Marketwired - Nov. 11, 2013) - Guardian Capital Group Limited (TSX:GCG)(TSX:GCG.A)

All per share figures disclosed below are stated on a diluted basis.

For the periods ended September 30 Three Months Nine Months
($ in thousands, except per share amounts) 2013 2012 2013 2012
Net revenue $ 25,173 $ 21,370 $ 73,371 $ 62,214
Operating earnings 6,898 4,647 18,367 14,347
Net gains 3,183 2,045 4,419 1,481
Net earnings before net gains (losses) on securities held for sale 8,602 6,045 19,922 13,262
Net gains (losses) on securities held for sale 432 2,849 (296 ) 3,475
Net earnings available to shareholders 8,946 8,750 19,452 16,641
Adjusted cash flow from operations available to shareholders $ 7,128 $ 5,091 $ 18,719 $ 15,737
EBITDA available to shareholders 8,176 6,064 22,506 18,473
Per Share
Net earnings before net gains (losses) on securities held for sale $ 0.27 $ 0.18 $ 0.64 $ 0.41
Net earnings available to shareholders 0.29 0.27 0.63 0.52
Adjusted cash flow from operations available to shareholders 0.23 0.16 0.61 0.49
EBITDA available to shareholders 0.26 0.19 0.73 0.58
As at 2013 2012
($ in millions, except per share amounts) September 30 June 30 December 31 September 30
Assets under management $ 21,201 $ 20,379 $ 18,832 $ 17,983
Assets under administration 10,790 10,322 9,918 9,165
Value of corporate holdings of securities 433 394 380 377
Shareholders' equity 394 355 354 336
Per Share
Value of corporate holdings of securities $ 13.76 $ 12.51 $ 11.99 $ 11.82
Shareholders' equity 12.51 11.27 11.16 10.54

The Company continues to generate asset growth through relatively strong performance and net asset flows. The assets under management increased to $21.2 billion as at September 30, 2013, an increase of 4% quarter over quarter and 18% year over year. Assets under administration increased to $10.8 billion as at September 30, 2013, an increase of 5% from the prior quarter and 18% from 2012.

For the third quarter of 2013, the Company is reporting net earnings before gains on securities held for sale of $8.6 million or $0.27 per share, compared to $6.0 million or $0.18 per share in 2012. This 43% increase was brought about by improvements both in operating earnings across all main business segments, and net gains. Net gains of $3.2 million were recorded during the quarter, mainly as a result of the sale by the Company of 100,000 shares of the Bank of Montreal for proceeds of $6.6 million. Net earnings available to shareholders for the quarter were $8.9 million or $0.29 per share, compared to $8.8 million or $0.27 per share in the third quarter of 2012.

Adjusted cash flow from operations for the quarter was $7.1 million, or $0.23 per share, compared to $5.1 million, or $0.16 per share in the third quarter of 2012. EBITDA available to shareholders for the quarter were up 35% at $8.2 million, or $0.26 per share, compared to $6.1 million, or $0.19 per share for the third quarter of 2012

The fair value of the Company's holdings of securities as at September 30, 2013 was $433 million, or $13.76 per share, compared with $380 million, or $11.99 per share at December 31, 2012. The Company's shareholders' equity at

September 30, 2013 was $394 million, or $12.51 per share, compared with $354 million, or $11.16 per share at December 31, 2012.

The Board of Directors has declared a quarterly dividend of $0.055 per share, payable on January 17, 2014, to shareholders of record on January 10, 2014.

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

Contact Information

  • 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