This item is part of Stockwatch's value added news feed and is only available to Stockwatch subscribers.Here is a sample of this item:GMP Capital earns $8.4-million in third quarter 2009-11-05 11:11 ET - News Release Mr. Rocco Colella reports GMP CAPITAL INC. REPORTS A 21% YEAR-OVER-YEAR INCREASE IN THIRD QUARTER 2009 NET INCOME GMP Capital Inc. had revenue of $71.5-million in the third quarter ended Sept. 30, 2009, a decrease of 4 per cent compared with third quarter 2008 due primarily to lower investment banking and commission revenue, partly offset by higher returns from principal activities. Income before income taxes was $12-million (18 cents per basic share) compared with $6.4-million (10 cents per basic unit) during the same period a year ago, an increase of 89 per cent. Net income increased 21 per cent to $8.4-million (12 cents per basic share) compared with $6.9-million (11 cents per basic unit) reported in the same period a year ago.
For the nine-month period ended Sept. 30, 2009, GMP reported revenue of $239.7-million, a decrease of 7 per cent, compared with the same period in 2008, largely due to lower mergers and acquisitions revenue, lower commission revenue and lower interest income, which was partly offset by higher returns from principal activities and stronger equity underwriting revenue. Income before income taxes of $45.9-million remained relatively unchanged year over year. Net income was $23.6-million (35 cents per basic share) compared with $43.7-million (68 cents per basic unit) in the same period in 2008. First nine months 2009 included adjustments to the provision for income taxes to reflect the impact of the completion of the conversion from an income trust back to a corporation during second quarter 2009, which in total reduced net income by $11.6-million.
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