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Canaccord Financial Inc. reports fourth quarter and fiscal year 2010 results

  //business-finance.news-articles.net/content/201 .. fourth-quarter-and-fiscal-year-2010-results.html
  Published in Business and Finance on Wednesday, May 19th 2010 at 3:41 GMT by Market Wire
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 - Cash and cash equivalents balance of $731.9 million, up $30.7 million from $701.2 million - Working capital of $358.6 million, up $72.5 million from $286.1 million - Total shareholders' equity of $401.7 million, up $29.0 million from $372.7 million - Return on equity (ROE) of 7.6%, up from 4.0% - Book value per diluted common share for the period end was $6.96, up 6.9% or $0.45 from $6.51 - On May 18, 2010 the Board of Directors considered the dividend policy and approved a quarterly dividend of $0.05 per share payable on June 15, 2010 with a record date of June 4, 2010 

 - Revenue of $143.1 million, up 33.8% or $36.1 million from $107.0 million - Expenses of $132.7 million, up 32.4 % or $32.5 million from $100.2 million - Net income of $11.1 million compared to a net income of $3.8 million in the same period of the prior year - Diluted earnings per share (EPS) of $0.21 compared to $0.07 

 - Revenue of $143.1 million, down 17.4% or $30.1 million from $173.2 million - Expenses of $132.7 million, down 12.1% or $18.2 million from $150.9 million - Net income of $11.1 million, down 26.5% or $4.0 million from $15.1 million - Diluted EPS of $0.21 compared to $0.27 in the third quarter of fiscal 2010 

 - Revenue of $577.5 million, up 20.9% or $99.8 million from $477.7 million - Expenses of $520.9 million, up 10.0% or $47.2 million from $473.7 million - Net income of $42.0 million compared to a net loss of $1.4 million in fiscal 2009 - Diluted earnings per share of $0.76 compared to a loss per share of $0.03 in fiscal 2009 

 - Canaccord Genuity led 35 transactions globally to raise total proceeds of $854.4 million(4) during fiscal Q4/10 - Canaccord Genuity participated in a total of 90 transactions globally to raise total proceeds of $3.1 billion(2) during fiscal Q4/10 - During Q4/10, Canaccord Genuity led or co-led the following equity transactions: - 115.8 million for two separate transactions for Artis Real Estate Investment Trust on the TSX - (pnds stlg)112.0 million for Aberdeen Asset Management on the LSE - $100.8 million for Aura Minerals Inc. on the TSX - US$81.0 million for Aveo Pharmaceuticals on the NASDAQ - Canaccord Genuity completed five Private Investment in Public Equity (PIPE) transactions in North America that raised US$121.8 million in proceeds during fiscal Q4/10(5) - Assets under administration of $12.9 billion, up 40.7% from $9.2 billion in Q4/09, and up 5.8% from $12.2 billion in Q3/10 - Assets under management of $445 million, up 13.2% from $393 million in Q4/09, and up 5.2% from $423 million in Q3/10 - As at March 31, 2010 Canaccord had 303 Advisory Teams(6), down 35 from 338 Advisory Teams as of Q4/09 and down 24 from 327 teams in Q3/10 - This decrease is largely due to a strategic review of our Wealth Management division and the conversion of corporate branches to the Independent Wealth Management platform, where each branch is led by one IA and is counted as one Advisory Team. - During Q4/10, two corporate Canaccord Wealth Management branches converted to the Independent Wealth Management (IWM) platform, which allows advisers to operate as independent agents of the company. Both the Vernon (British Columbia) and Whitehorse (Yukon) locations now operate as IWM branches. - During the quarter, Canaccord disposed of substantially all of the Company's holdings of Asset Backed Commercial Paper (ABCP). - On March 2, 2010, it was announced that Stephen Buell joined Canaccord Genuity Inc. (US) as managing director and director of US Equity Research. He leads a team of 32 research professionals focused on growth companies in the energy, technology, life sciences, consumer and sustainability sectors. Prior to joining Canaccord, Mr. Buell held positions at Piper Jaffray, as Head of Investment Research, and Thomas Weisel, as Director of Research. - On March 4, 2010, Canaccord announced that it had signed a definitive agreement to acquire Genuity Capital Markets, a leading Canadian boutique investment bank specializing in M&A and Advisory services. 

 - On April 22, 2010, Canaccord Financial Inc. shareholders approved the share issuance to complete the acquisition of Genuity Capital Markets. - On April 23, 2010, Canaccord Financial Inc. closed its acquisition of Genuity Capital Markets. - The integration of Genuity operations with Canaccord Adams was completed on May 10, 2010. As a result, Canaccord Adams was renamed Canaccord Genuity. - During April 2010, Canaccord Wealth Management welcomed the addition of the Cobourg (Ontario) branch, which operates on the IWM platform. - Canaccord Wealth Management now has 30 offices across Canada, including 10 branches on the IWM platform. --------------------------------- (1) Q4/10 data excludes $5.0 pre-tax million acquisition-related costs connected to the purchase of Genuity. Q4/09 data excludes $0.1 million of restructuring costs. Financial statement items which exclude significant items are non-GAAP measures. (See Non-GAAP Measures). (2) Q4/10 data excludes pre-tax $5.0 million acquisition-related costs connected to the purchase of Genuity. Financial statement items which exclude significant items are non-GAAP measures. (See Non-GAAP Measures). (3) Fiscal 2010 data excludes $5.0 million of pre-tax acquisition-related costs. Fiscal 2009 data excludes an ABCP fair value adjustment of $6.7 million, $2.7 million relief provision, $2.6 million client relief program fair value adjustment, $31.5 million impairment of goodwill and intangibles, and $7.7 million of restructuring costs. Financial statement items which exclude significant items are non- GAAP measures. (See Non-GAAP Measures). (4) Transactions over $1.5 million. Source: FP Infomart and Company information (5) Source: Placement Tracker. Includes placements for companies incorporated in Canada and the US. (6) Advisory Teams are normally comprised of one or more Investment Advisors (IAs) and their assistants and associates, who together manage a shared set of client accounts. Advisory Teams that are led by, or only include, an IA who has been licenced for less than three years are not included in our Advisory Team count, as it typically takes a new IA approximately three years to build an average sized book. 

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 FOR FURTHER INFORMATION, CONTACT: North America Media: Scott Davidson Managing Director, Global Head of Marketing & Communications Phone: 416-869-3875, email: [ scott.davidson@canaccord.com ] For investor relations inquiries contact: Joy Fenney Vice President, Investor Relations & Communications Phone: 416-869-3515, email: [ joy.fenney@canaccord.com ] London Media: Bobby Morse or Ben Willey Buchanan Communications (London) Phone: +44 (0) 207 466 5000, email: [ bobbym@buchanan.uk.com ] Nominated Adviser and Broker: Jonny Franklin-Adams Fox-Pitt, Kelton Limited Phone: +44 (0) 207 663 6029, email: [ jonny.franklin-adams@fpk.com ]