Canaccord Financial Inc. (TSX: T.CF, Stock Forum) is on track to remove over $47 million in annualized costs from its global platform, said the company’s President and Chief Executive Officer Paul Reynolds on Wednesday.
Reynolds made the pledge after the Canadian investment firm reported a net loss of $20.6 million or 24 cents per share in the first quarter ended June 30, 2012. That compared to year ago net income of $13.2 million or 16 cents. Revenue in the quarter was $162.5 million, up 2% from $159.8 million a year ago.
“We are confident our business is well positioned to gain market share in many of our core markets, even while adverse market conditions continue to challenge some of our revenue streams,’’ Reynolds said in a press release.
However, Canaccord says it has cut 76 jobs a part of the cost-cutting drive.
Canaccord Financial shares closed at $4.46 on Wednesday, leaving the investment firm with a market cap of $455.9 million based on 102.2 million shares outstanding. The 52-week range is $11 and $4.07.