11:06:01 EDT Fri 29 Mar 2024
Enter Symbol
or Name
USA
CA



Dundee Corp
Symbol DC
Shares Issued 3,598,203
Close 2017-05-11 C$ 23.60
Market Cap C$ 84,917,591
Recent Sedar Documents

Dundee earns $27.6-million in Q1

2017-05-11 19:14 ET - News Release

Mr. David Goodman reports

DUNDEE CORPORATION REPORTS FIRST QUARTER 2017 FINANCIAL RESULTS

Dundee Corp. has released its financial results for the three months ended March 31, 2017.

During the first quarter of 2017, the corporation generated net earnings attributable to owners of Dundee of $29.0-million, or earnings of 44 cents per share on a fully diluted basis, compared with a net loss of $6.1-million, or 13 cents per share, incurred during the same period of the prior year.

Operating results during the first three months of 2017 benefited from improved market performance in certain of the corporation's investments that are carried in the consolidated financial statements at fair value through profit or loss (FVTPL).

"In the first quarter of 2017, stronger market performance by some of our public company investments contributed to improved financial results," said David Goodman, chief executive officer of the corporation. "In addition, we are encouraged by the improved performance of each of our subsidiaries, all of which delivered stronger results compared to the first quarter of 2016. While some subsidiaries are still in a loss position, we see some positive trends emerging and will continue actively supporting the management teams leading these businesses."

Financial results:

  • Market appreciation in the company's portfolio of investments was $57.5-million in the first quarter of 2017, compared with market appreciation of $51.1-million generated in the same period of the prior year.
  • First quarter consolidated revenues totalled $66.1-million, compared with revenues of $61.0-million in the first quarter of the prior year.
  • The corporation generated net earnings, before non-controlling interests, of $27.6-million in the first quarter of 2017, compared with net earnings of $3.4-million in the same period of 2016.
  • During the quarter, the corporation incurred a loss from its equity-accounted investments of $900,000, compared with a loss of $100,000 in the same period of the prior year.
  • At the head office level, debt was $61.3-million, compared with debt of $54.6-million at the end of 2016. Debt has since been reduced to $48.8-million on May 10, 2017, and the corporation has cash accessibility and bank debt availability of $23.9-million, and a portfolio of publicly traded securities with a total value of over $300-million.
  • The corporation is reporting a mark-to-market value per share of approximately $12.85 at March 31, 2017, compared with $12.25 as at Dec. 31, 2016.

Operational achievements:

  • Goodman & Company Investment Counsel Inc. grew its assets under management to $200.9-million at March 31, 2017, compared with $173.8-million at Dec. 31, 2016. During the first quarter of 2017, it launched CMP 2017 Resource Limited Partnership, a tax-sheltered limited partnership that raised capital of $31.3-million.
  • Blue Goose Capital Corp. incurred a net operating loss before taxes of $2.6-million during the current quarter, compared with a net operating loss before taxes of $5.3-million in the first quarter of the prior year. Included in operating results are revenues of $22.3-million and a contribution margin of $2.2-million generated from operations at Tender Choice Foods Inc., which was acquired by Blue Goose Capital in the fourth quarter of 2016.
  • During the first quarter, United Hydrocarbon International Corp. advanced its negotiations with its preferred strategic partner, and on May 10, 2017, it announced an agreement pursuant to which Delonex Energy Ltd. will acquire United Hydrocarbon (Chad) Ltd., UHIC's wholly owned subsidiary and owner of its production-sharing contract, in exchange for an upfront cash payment of $35-million (U.S.), certain bonus payments of up to $50-million (U.S.) on first oil production and a continuing royalty interest. During the first quarter of 2017, UHIC incurred pretax operating losses of $3.3-million, compared with pretax operating losses of $3.9-million incurred in the first quarter of 2016.
  • On May 1, 2017, the corporation announced that it has entered into a 365-day revolving credit facility with a Canadian Schedule 1 chartered bank for up to $80-million.

First quarter 2017 conference call and webcast details

The corporation's unaudited condensed interim consolidated financial statements, along with the accompanying management's discussion and analysis, have been filed on SEDAR and may be viewed by interested parties under the corporation's profile or the corporation's website.

The corporation will host a conference call and webcast to discuss its first quarter 2017 financial results. The details for the event are as follows:

Date:  May 12, 2017

Time:  10 a.m. ET

Webcast:  at the Dundee website

Live call:  1-888-231-8191 or 1-647-427-7450

The conference call will be archived for replay until May 19, 2017, at midnight. To access the archived conference call, please dial 1-855-859-2056 or 1-416-849-0833 and enter the encore code 17380297. An archive of the audio webcast will also be posted to Dundee's website.

About Dundee Corp.

Through its operating subsidiaries, Dundee is engaged in diverse business activities in the areas of investment advisory, corporate finance, energy, resources, agriculture, real estate and infrastructure. Dundee also holds, directly and indirectly, a portfolio of investments mostly in these key areas, as well as other select investments in both publicly listed and private enterprises.

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