Dundee Corporation Reports First Quarter 2013 Financial Results
May 15 2013 - 6:31PM
Marketwired
Dundee Corporation (TSX:DC.A)(TSX:DC.PR.A)(TSX:DC.PR.B) (the
"Corporation") is reporting its financial results as at and for the
three months ended March 31, 2013. The Corporation's unaudited
condensed interim consolidated financial statements, along with the
accompanying management's discussion and analysis have been filed
on the System for Electronic Document Analysis and Retrieval
("SEDAR") and may be viewed under the Corporation's profile at
www.sedar.com or the Corporation's website at
www.dundeecorp.com.
FINANCIAL HIGHLIGHTS
-- Net Earnings - During the three months ended March 31, 2013, the
Corporation incurred a loss attributable to owners of Dundee Corporation
of $10.2 million, or $0.23 per share. This compares with net earnings
attributable to owners of Dundee Corporation of $32.5 million, or $0.53
per fully diluted share earned in the same period of the prior year.
Recent economic conditions resulted in a realized provision against the
market value of certain of the Corporation's portfolio investments,
including several of its resource-based investments. As a result, the
Corporation's corporate and portfolio holdings incurred a loss of $24.4
million in the first quarter of 2013, inclusive of marked-to-market
depreciation in investments, compared with earnings of $32.3 million
generated in the same period of the prior year.
-- Fee Earning Assets under Management and Administration - Fee earning
assets under management and administration increased to $17.1 billion at
March 31, 2013, compared with $15.8 billion at December 31, 2012.
-- Equity Accounted Investments - Earnings from equity accounted
investments were $12.0 million during the three months ended March 31,
2013, compared with $10.6 million earned during the same period of the
prior year. At March 31, 2013, the market value of equity accounted
investments was $678.9 million, compared with $685.8 million at December
31, 2012.
-- Market Value of Investments - The market value of the Corporation's
portfolio of investments, excluding equity accounted investments, was
$1.3 billion at March 31, 2013.
-- Corporate Debt at March 31, 2013 was $481.0 million, of which $344.1
million was borrowed by the Corporation's operating subsidiaries,
primarily Dundee Realty Corporation and Dundee Energy Limited. This
compares with corporate debt of $333.1 million at December 31, 2012.
ABOUT THE CORPORATION
Dundee Corporation is a public Canadian independent holding
company listed on the Toronto Stock Exchange ("TSX") under the
symbol "DC.A." Through its operating subsidiaries, Dundee
Corporation is engaged in diverse business activities in the areas
of its core competencies including investment advisory and
corporate finance, real estate and infrastructure, energy,
resources and agriculture. Dundee Corporation also holds, directly
and indirectly, a portfolio of investments mostly in these core
focus areas, as well as other select investments in both publicly
listed and private companies.
Contacts: 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
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