TORONTO, ONTARIO--(Marketwired - Aug. 11, 2014) - 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 June 30 |
Three Months |
Six Months |
| ($ in thousands, except per share amounts) |
2014 |
2013 |
|
2014 |
2013 |
|
| Net revenue |
$ |
29,257 |
$ |
25,041 |
|
$ |
56,979 |
$ |
48,198 |
|
| Operating earnings |
|
9,199 |
|
6,390 |
|
|
17,755 |
|
11,469 |
|
| Net gains |
|
2,737 |
|
666 |
|
|
6,384 |
|
1,236 |
|
| Net earnings before net gains (losses) on securities held for sale |
|
10,066 |
|
6,255 |
|
|
20,690 |
|
11,320 |
|
| Net gains (losses) on securities held for sale |
|
222 |
|
(1,243 |
) |
|
608 |
|
(728 |
) |
| Net earnings available to shareholders |
|
10,163 |
|
4,963 |
|
|
21,079 |
|
10,506 |
|
| EBITDA |
$ |
10,427 |
$ |
7,859 |
|
$ |
20,198 |
$ |
14,330 |
|
| Adjusted cash flow from operations |
|
9,040 |
|
6,856 |
|
|
16,516 |
|
11,591 |
|
| Per Share |
|
|
|
|
|
|
|
|
|
|
| Net earnings before net gains (losses) on securities held for sale |
$ |
0.32 |
$ |
0.20 |
|
$ |
0.66 |
$ |
0.36 |
|
| Net earnings available to shareholders |
|
0.33 |
|
0.16 |
|
|
0.68 |
|
0.34 |
|
| EBITDA |
|
0.33 |
|
0.25 |
|
|
0.65 |
|
0.46 |
|
| Adjusted cash flow from operations |
|
0.29 |
|
0.22 |
|
|
0.53 |
|
0.38 |
|
| As at |
June 30, |
March 31, |
|
December 31, |
June 30, |
|
| ($ in millions, except per share amounts) |
2014 |
2014 |
|
2013 |
2013 |
|
| Assets under management |
$ |
24,601 |
$ |
23,237 |
|
$ |
22,228 |
$ |
20,379 |
|
| Assets under administration |
|
12,732 |
|
12,227 |
|
|
11,559 |
|
10,322 |
|
| Fair value of corporate holdings of securities |
|
497 |
|
468 |
|
|
449 |
|
394 |
|
| Shareholders' equity |
|
463 |
|
438 |
|
|
415 |
|
355 |
|
| Per Share |
|
|
|
|
|
|
|
|
|
|
| Fair value of corporate holdings of securities |
$ |
15.78 |
$ |
14.88 |
|
$ |
14.26 |
$ |
12.51 |
|
| Shareholders' equity |
|
14.72 |
|
13.93 |
|
|
13.17 |
|
11.27 |
|
The Company's assets under management ("AUM") as at June 30, 2014 grew to $24.6 billion, an increase of 6% since March 31, 2014 and 21% since June 30, 2013. Assets under administration ("AUA") were $12.7 billion as at June 30, 2014, an increase of 4% since March 31, 2014 and 23% since June 30, 2013.
The Company's operating earnings for the current quarter were $9.2 million, an increase of 44% from $6.4 million in Q2 2013. All segments of the Company's operations contributed positively to the overall growth in operating earnings. In addition, the net gains for the quarter at $2.7 million were significantly higher than in the same quarter in 2013.
Net earnings available to shareholders for the quarter were $10.2 million, or $0.33 per share, compared to $5.0 million, or $0.16 per share, in Q2 2013. The increase in net earnings was due to a combination of the strong operating earnings growth and the increase in net gains from the Company's diversified global investment portfolio.
EBITDA for the quarter was $10.4 million, or $0.33 per share, compared to $7.9 million, or $0.25 per share in Q2 2013. Adjusted cash flow from operations for the quarter was $9.0 million, or $0.29 per share, compared to $6.9 million, or $0.22 per share in 2013. These two non-IFRS financial measures used by the Company are defined in its quarterly Management's Discussion and Analysis. The increases in each of these measures reflect the strong growth in operating earnings for the quarter.
The fair value of the Company's holdings of securities as at June 30, 2014 was $497 million, or $15.78 per share, compared to $449 million, or $14.26 per share, as at December 31, 2013 and $394 million, or $12.51 per share, as at June 30, 2013. The Company's shareholders' equity as at June 30, 2014 was $463 million, or $14.72 per share, compared to $415 million, or $13.17 per share, at December 31, 2013 and $355 million, or $11.27 per share, as at June 30, 2013.
The Board of Directors has declared a quarterly dividend of $0.065 per share, payable on October 17, 2014, to shareholders of record on October 10, 2014.
Guardian Capital Group Limited is a diversified financial services company founded in 1962. Guardian provides institutional and high net worth investment management services to clients; financial services to international investors; and services to financial advisors in its national mutual fund dealer, securities dealer, and insurance distribution network. Its Common and Class A shares are listed on The Toronto Stock Exchange.
The following table summarizes Guardian's financial results for the past eight quarters.
Quarters ended
($ in thousands, except per
share amount) |
Jun 30, 2014 |
Mar 31, 2014 |
Dec 31, 2013 |
Sep 30, 2013 |
Jun 30, 2013 |
|
Mar 31, 2013 |
Dec 31, 2012 |
|
Sep 30, 2012 |
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Net revenue |
$ |
29,257 |
$ |
27,722 |
$ |
27,907 |
$ |
25,173 |
$ |
25,041 |
|
$ |
23,157 |
$ |
24,146 |
|
$ |
21,370 |
| Operating earnings |
|
9,199 |
|
8,556 |
|
8,564 |
|
6,898 |
|
6,390 |
|
|
5,079 |
|
5,791 |
|
|
4,647 |
| Net gains (losses) |
|
2,737 |
|
3,647 |
|
7,218 |
|
3,183 |
|
666 |
|
|
570 |
|
(144 |
) |
|
2,045 |
| Net earnings before net gains (losses) on securities held for sale |
|
10,066 |
|
10,624 |
|
14,879 |
|
8,602 |
|
6,255 |
|
|
5,065 |
|
4,938 |
|
|
6,045 |
| Net gains (losses) on securities held for sale |
|
222 |
|
386 |
|
238 |
|
432 |
|
(1,243 |
) |
|
515 |
|
1,084 |
|
|
2,849 |
| Net earnings available to shareholders |
|
10,163 |
|
10,916 |
|
14,980 |
|
8,946 |
|
4,963 |
|
|
5,543 |
|
5,915 |
|
|
8,750 |
| Shareholders' equity |
|
463,306 |
|
438,363 |
|
414,985 |
|
393,670 |
|
354,622 |
|
|
366,519 |
|
353,756 |
|
|
336,362 |
| Per average Class A and Common Share |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Net earnings before net gains (losses) on securities held for sale: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
- Basic |
$ |
0.33 |
$ |
0.35 |
$ |
0.48 |
$ |
0.28 |
$ |
0.20 |
|
$ |
0.16 |
$ |
0.16 |
|
$ |
0.19 |
| |
- Diluted |
|
0.32 |
|
0.34 |
|
0.47 |
|
0.27 |
|
0.20 |
|
|
0.16 |
|
0.15 |
|
|
0.18 |
| Net earnings: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
- Basic |
$ |
0.34 |
$ |
0.36 |
$ |
0.49 |
$ |
0.29 |
$ |
0.16 |
|
$ |
0.18 |
$ |
0.19 |
|
$ |
0.28 |
| |
- Diluted |
|
0.33 |
|
0.35 |
|
0.48 |
|
0.29 |
|
0.16 |
|
|
0.18 |
|
0.19 |
|
|
0.27 |
| Shareholders' equity: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
- Basic |
$ |
15.34 |
$ |
14.49 |
$ |
13.68 |
$ |
12.94 |
$ |
11.64 |
|
$ |
11.97 |
$ |
11.44 |
|
$ |
10.78 |
| |
- Diluted |
|
14.72 |
|
13.93 |
|
13.17 |
|
12.51 |
|
11.27 |
|
|
11.59 |
|
11.16 |
|
|
10.54 |