REG-Canaccord Gen Grp: 3rd Quarter Results <Origin Href="QuoteRef">CF.TO</Origin>
12/02/2016 07:10
Canaccord Genuity Group Inc. reports third quarter fiscal 2016 results
Excluding significant items, third quarter loss per common share of $0.25(1) as
weakened conditions in global equity markets continue
Restructuring program and headcount reductions expected to deliver significant
cost savings
(All dollar amounts are stated in Canadian dollars unless otherwise indicated)
TORONTO, Feb. 11, 2016 /CNW/ - During the third quarter of fiscal 2016, the
quarter ended December 31, 2015, Canaccord Genuity Group Inc. (Canaccord
Genuity, the Company, TSX: CF, LSE: CF.) generated $181.8 million in revenue.
Excluding significant items (1), the Company recorded a net loss of $19.1
million or a net loss of $22.2 million attributable to common shareholders (2)
(a loss per common share of $0.25). These results include certain charges for
impairment of an investment in Canadian First Financial Group Inc. and a
software development impairment charge in the aggregate amount of $6.3 million
as further described below.
During the quarter the Company also recorded, as significant items, an
impairment charge to the carrying value of its goodwill and other assets in the
amount of $321.0 million and restructuring charges of $4.3 million. Including
the goodwill and other assets impairment charge, the restructuring expenses and
other significant items (amortization of intangible assets acquired in
connection with a business combination), on an IFRS basis, the Company recorded
a net loss of $346.4 million or a net loss attributable to common shareholders
(2) of $349.3 million (a loss per common share of $3.91).
"A number of cyclical factors in the broader economy continued to put pressure
on revenue and negatively impacted our third quarter performance," said Dan
Daviau, President & Chief Executive Officer of Canaccord Genuity Group Inc. "We
are making significant progress to reposition our business, with a strategy
that is centered around improving our operational efficiencies and better
aligning our core strengths, so that we can return to profitability and
steadily improve our bottom-line returns."
As referred to above, in addition to the recurring significant item related to
amortization of intangible assets acquired in connection with a business
combination, the following significant items were recorded during the third
quarter of fiscal 2016:
Impairment of goodwill and other assets: Canaccord Genuity, our capital
markets division provides sales and trading, research, advisory and corporate
finance services to institutional and corporate clients in the UK and Europe,
Canada, the US and in the Asia-Pacific region. Due to the combined effect of
weak equity market conditions globally and in each of our principal operating
regions, these reporting units have experienced declines in business
activity, revenue and profitability. With these adverse changes in the
business environment, continued weakness in commodity prices and a
challenging outlook through calendar 2016 as negative economic conditions
persist, it was determined that the carrying value in each of our capital
markets business units exceeded their fair values as determined in accordance
with applicable accounting standards (i.e. an exit price as of December 31,
2015 under market conditions as at that date). This determination resulted in
the recognition of a non-cash charge for the impairment of goodwill and other
assets related to these reporting units of $321.0 million. These impairment
charges will have no impact on regulatory capital or on the ongoing
operations of these business units.
Restructuring costs: The Company has implemented a restructuring program that
will reduce capital markets and infrastructure staff in Canada, the UK and
the US. The Q3/16 charges recorded in connection with this restructuring
program were $4.3 million. Costs associated with the closure of our office in
Barbados have also been included in the restructuring charges recorded during
the quarter. It is expected that an additional restructuring charge of
approximately $14.0 million will be recorded in Q4/16. With this
restructuring program overall headcount is expected to be reduced by
approximately 125 or 12% of the capital markets and infrastructure staff in
Canada, the UK and the US (7% of staff firm-wide).
In addition to the significant items recorded above, during the quarter the
Company also recorded charges in respect of:
Incentive compensation: With the weak market conditions experienced through
fiscal 2016, certain incentive compensation pools as recorded under our
normal methodology were determined to be lower than would be required to
provide necessary compensation to selective key production staff and, as a
result of adjustments to these pools our compensation expense as a percentage
of revenue was higher than in previous fiscal periods. It is expected that
this higher compensation ratio will continue through fiscal Q4/16.
Software development: A decision was made during the quarter to choose an
alternative solution in connection with certain software development projects
which led to a charge of $2.3 million. This charge was recorded as a
development cost.
Canadian First Financial: In fiscal 2014 the Company made an investment in
Canadian First Financial Group Inc., a financial services firm that operates
a number of financial centres in Canada offering mortgage and other financial
services to retail customers. During the quarter, the Company made a
determination that the fair value of its investment in Canadian First
Financial exceeded its carrying cost and as a result a charge of $4.0 million
was recorded under principal trading revenue during the quarter.
In response to the current business conditions and economic climate, the
Company is undertaking a thorough review of its operations and cost structure.
With the restructuring program and headcount reductions described above and
other cost savings initiatives, the Company has identified more than $30
million of annual costs savings that it expects to realize through fiscal 2017.
Approximately $10 million in respect of general and administrative expenses
including promotion and travel, communications and technology and trading costs
has been identified and approximately $20 million in respect of savings in
compensation expense is expected to be realized as a result of the
restructuring program described above.
Third Quarter of Fiscal 2016 vs. Third Quarter of Fiscal 2015
* Revenue of $181.8 million, an increase of 9% or $15.4 from $166.5 million
* Excluding significant items, expenses of $204.2 million, an increase of 11%
or $20.1 million from $184.1 million(1)
* Expenses of $532.5 million, an increase of 177% or $340.5 million from
$192.0 million
* Excluding significant items, loss per common share of $0.25 compared to a
loss per common share of $0.19(1)
* Excluding significant items, net loss of $19.1 million compared to a net
loss of $14.3 million (1)
* Net loss of $346.4 million compared to a net loss of $21.5 million
* Loss per common share of $3.91 compared to a loss per common share of $0.27
Third Quarter of Fiscal 2016 vs Second Quarter of Fiscal 2016
* Revenue of $181.8 million, a decrease of 5% or $8.8 million from $190.6
million
* Excluding significant items, expenses of $204.2 million, an increase of 10%
or $18.0 million from $186.2 million(1)
* Expenses of $532.5 million, an increase of 182% or $343.4 million from
$189.1 million
* Excluding significant items, loss per common share of $0.25 compared to a
loss per common share of $0.01(1)
* Excluding significant items, net loss of $19.1 million compared to a net
income of $1.9 million (1)
* Net loss of $346.4 million compared to a net loss of $0.4 million
* Loss per common share of $3.91 compared to a loss per common share of $0.03
Year-to-Date Fiscal 2016 vs. Year-to-Date Fiscal 2015
(Nine months ended December 31, 2015 vs. Nine months ended December 31, 2014)
* Revenue of $586.9 million, a decrease of 10% or $61.4 million from $648.3
million
* Excluding significant items, expenses of $589.6 million, a decrease of 3%
or $17.8 million from $607.4 million(1)
* Expenses of $923.6 million, an increase of 48% or $298.0 million from
$625.6 million
* Excluding significant items, loss per common share of $0.15 compared to
diluted EPS of $0.20 (1)
* Excluding significant items, net loss of $2.7 million compared to net
income of $40.9 million (1)
* Net loss of $335.9 million compared to net income of $15.0 million
* Loss per common share of $3.78 compared to diluted EPS of $0.05
Financial Condition at End of Third Quarter Fiscal 2016 vs. Fourth Quarter
Fiscal 2015
* Cash and cash equivalents balance of $413.6 million, an increase of $91.3
million from $322.3 million
* Working capital of $408.3 million, a decrease of $18.9 million from $427.2
million
* Total shareholders' equity of $789.2 million, a decrease of $328.3 million
from $1.12 billion
* Book value per diluted common share of $5.33, a decrease of $3.38 from
$8.71(3)
* On February 11, 2016, the Board of Directors considered the Company's
dividend policy in the context of the market environment and Canaccord's
business activity and approved a suspension of the quarterly common
dividend. This suspension will be reviewed quarterly and a determination
made on the basis of business conditions and profitability.
* On February 11, 2016, the Board of Directors also approved a cash dividend
of $0.34375 per Series A Preferred Share payable on March 31, 2016 with a
record date of March 18, 2016, and a cash dividend of $0.359375 per Series
C Preferred Share payable on March 31, 2016 to Series C Preferred
shareholders of record as at March 18, 2016.
SUMMARY OF OPERATIONS
Corporate
* On August 4, 2015, the Board of Directors approved the filing of an
application to renew the normal course issuer bid ("NCIB") to provide for
the ability to purchase, at the Company's discretion, up to a maximum of
5,163,737 common shares through the facilities of the TSX and on
alternative trading systems during the period from August 13, 2015 to
August 12, 2016. The purpose of any purchases under this program is to
enable the Company to acquire shares for cancellation. The maximum number
of shares that may be purchased represents 5.0% of the Company's
outstanding common shares. A total of 624,350 shares have been purchased
and cancelled under the terms of the NCIB during the nine months ended
December 31, 2015.
* In light of current market conditions the Company determined that the
Company's office in Barbados was no longer required and accordingly that
office was closed during the quarter.
Capital Markets
* Canaccord Genuity participated in 47 transactions globally, raising total
proceeds of C$11.9 billion(4) during fiscal Q3/16
* Canaccord Genuity led or co-led in 13 transactions globally, raising total
proceeds of C$0.93 billion(4) during fiscal Q3/16
* Significant investment banking transactions for Canaccord Genuity during
fiscal Q3/16 include:
+ £2.45 billion for Worldpay Group PLC on the LSE
+ US$531.3 million for Atlassian Corporation PLC on NASDAQ
+ C$460.1 million for Pembina Pipeline Corporation on the TSX
+ C$300.0 million for National Bank of Canada on the TSX
+ C$250.3 million for Canadian Apartment Properties Real Estate
Investment Trust on the TSX
+ C$200.0 million for AltaGas Ltd. on the TSX
+ £121 million sell down for Paysafe Group plc on the LSE
+ £78 million for The Renewables Infrastructure Group on the LSE
+ C$104.3 million for Cara Operations Limited. on the TSX
+ US$86.3 million for Advanced Accelerator Applications S.A. on NASDAQ
+ US$72.9 million for Dimension Therapeutics, Inc. on NASDAQ
+ £51.0 million for HICL Infrastructure Company Limited on the LSE
+ C$69.0 million for Pine Cliff Energy Ltd. on the TSXV
+ C$53.5 million for NorthWest Healthcare Properties REIT on the TSX
+ C$40.3 million for Dalradian Resources Inc. on the TSX
+ US$36.0 million for T2 Biosystems, Inc. on NASDAQ
+ AUD$32.0 million for Starpharma Holdings Limited on the ASX
+ SGD$18.4 million for Asia-Pacific Strategic Investments Limited on the
SGX
+ AUD$18.0 million for LatAm Autos Limited on the ASX
* In Canada, Canaccord Genuity participated in raising $198.0 million for
government and corporate bond issuances during fiscal Q3/16
* Canaccord Genuity generated advisory revenues of $37.8 million during
fiscal Q3/16, an increase of $15.2 million or 67% compared to the same
quarter last year
* During fiscal Q3/16, significant M&A and advisory transactions included :
+ Ashley Park Financial Services Corp. on its cross-border debt financing
+ Amica Mature Lifestyles Inc. on its C$986 million sale to BayBridge
Seniors Housing Inc.
+ Corsair Capital and Palamon Capital Partners on the acquisition of
Currencies Direct
+ Ephesus Lighting, Inc. on its sale to Eaton Corporation PLC
+ American Eagle Energy on its sale to Resource Energy Can-AM LLC
+ Linxens SAS in the €1.5 billion sale to CVC Capital Partners from
Astorg Partners
+ Investcorp, through its investment vehicle, Orca Bidco Limited, in the
£66.7 million acquisition of OpSec Security Group PLC
+ Response Genetics, Inc. on its sale to Cancer Genetics, Inc.
+ Retroficiency, Inc. on its sale to Ecova, Inc.
Canaccord Genuity Wealth Management (Global)
* Globally, Canaccord Genuity Wealth Management generated $61.8 million in
revenue in Q3/16
* Assets under administration in Canada and assets under management in the UK
& Europe and Australia were $34.4 billion at the end of Q3/16(3)
Canaccord Genuity Wealth Management (North America)
* Canaccord Genuity Wealth Management (North America) generated $25.6 million
in revenue and, after intersegment allocations and before taxes, recorded a
net loss of $2.4 million in Q3/16
* Assets under administration in Canada were $9.04 billion as at December 31,
2015, a decrease of 5% from $9.48 billion at the end of the previous
quarter and a decrease of 12% from $10.31 billion at the end of fiscal Q3/
15(3)
* Assets under management in Canada (discretionary) were $1.26 billion as at
December 31, 2015, a decrease of 7% from $1.36 billion at the end of the
previous quarter and a decrease of 12% from $1.44 billion at the end of
fiscal Q3/15(3)
* Canaccord Genuity Wealth Management had 140 Advisory Teams(5), a decrease
of one Advisory Team from September 30, 2015 and a decrease of 21 from
December 31, 2014
Canaccord Genuity Wealth Management (UK & Europe)
* Wealth management operations in the UK & Europe generated $35.0 million in
revenue and, after intersegment allocations, and excluding significant
items, recorded net income of $6.5 million before taxes in Q3/16(1)
* Assets under management (discretionary and non-discretionary) were $24.5
billion (£11.9 billion) as at December 31, 2015, an increase of 7% from
$22.9 billion (£11.4 billion) at the end of the previous quarter and an
increase of 21% from $20.3 billion (£11.2 billion) from December 31, 2014
(3). In local currency (GBP), these increases were 4% and 6% respectively.
Non-IFRS Measures
The non-International Financial Reporting Standards (IFRS) measures presented
include assets under administration, assets under management, book value per
diluted common share and figures that exclude significant items. Significant
items include restructuring costs, amortization of intangible assets acquired
in connection with a business combination, impairment of goodwill and other
assets and acquisition-related expense items, which include costs recognized in
relation to both prospective and completed acquisitions. Book value per diluted
common share is calculated as total common shareholders' equity divided by the
number of diluted common shares outstanding including estimated amounts in
respect of share issuance commitments and, commencing in Q1/14, adjusted for
shares purchased under the NCIB and not yet cancelled and estimated forfeitures
in respect of unvested share awards under share-based payment plans.
Management believes that these non-IFRS measures will allow for a better
evaluation of the operating performance of the Company's business and
facilitate meaningful comparison of results in the current period to those in
prior periods and future periods. Figures that exclude significant items
provide useful information by excluding certain items that may not be
indicative of the Company's core operating results. A limitation of utilizing
these figures that exclude significant items is that the IFRS accounting
effects of these items do in fact reflect the underlying financial results of
the Company's business; thus, these effects should not be ignored in evaluating
and analyzing the Company's financial results. Therefore, management believes
that the Company's IFRS measures of financial performance and the respective
non-IFRS measures should be considered together.
Selected financial information
excluding significant items(1)
Three months ended Quarter- Nine months ended YTD -
December 31 over- December 31 over -
quarter YTD
change change
(C$ thousands, 2015 2014 2015 2014
except per share and
% amounts)
Total revenue per $181,837 $166,471 9.2% $586,893 $648,298 (9.5)%
IFRS
Total expenses per $532,456 $191,991 177.3% $923,566 $625,585 47.6%
IFRS
Significant items
recorded in
Canaccord Genuity
Amortization of 1,333 1,684 (20.8)% 4,063 5,132 (20.8)%
intangible assets
Impairment of 321,037 4,535 n.m. 321,037 4,535 n.m.
goodwill and other
assets
Restructuring costs 2,977 - n.m. 2,977 - n.m.
Significant items
recorded in
Canaccord Genuity
Wealth Management
Amortization of 1,560 1,660 (6.0)% 4,584 6,124 (25.1)%
intangible assets
Restructuring costs - - - - 783 (100.0)
%
Significant items
recorded in
Corporate and Other
Restructuring costs 1,300 - n.m. 1,300 1,600 (18.8)%
Total significant 328,207 7,879 n.m. 333,961 18,174 n.m.
items
Total expenses 204,249 184,112 10.9% 589,605 607,411 (2.9)%
excluding
significant items
Net (loss) income $ $ (27.0)% $(2,712) $40,887 (106.6)
before taxes - (22,412) (17,641) %
adjusted
Income taxes (3,268) (3,388) 3.5% 1,170 10,377 (88.7)%
(recovery) -
adjusted
Net (loss) income - $ $ (34.3)% $(3,882) $30,510 (112.7)
adjusted (19,144) (14,253) %
(Loss) earnings per $(0.25) $(0.19) (31.6)% $(0.15) $0.21 (171.4)
common share - %
basic, adjusted
(Loss) earnings per $(0.25) $(0.19) (31.6)% $(0.15) $0.20 (175.0)
common share - %
diluted, adjusted
(1) Figures excluding significant items are non-IFRS measures. See Non-IFRS
Measures above.
n.m.: not meaningful
Fellow Shareholders:
During our third fiscal quarter, numerous cyclical factors and persistent broad
market volatility materially impacted our industry and continued to put
pressure on activity levels in many areas of our business. While we have
announced restructuring measures, we continue to use this period productively,
to reposition our global operations for long-term success.
For the third fiscal quarter of 2016, Canaccord Genuity Group Inc. earned
revenue of $181.8 million. Excluding significant items, the company recorded a
net loss of $19.1 million, which translated into a loss per common share of
$0.25. While revenues for the period increased by $15.4 million, or 9% when
compared to the same period last year, the net loss was primarily attributable
to certain software development charges, an impairment loss in our investment
in Canadian First Financial Group Inc. and higher compensation expenses as a
percentage of revenue.
From 2010 to 2012, we made strategic acquisitions which have helped us
successfully expand our global footprint and deliver differentiated service
levels for our clients. Since that period, changes in global economic
conditions led to operating losses and reduced our revenue forecasts, such that
the Company incurred goodwill impairment charges of $321.0 million with respect
to our global capital markets operations. We continue to see material value in
these operations over a cycle, however, accounting standards require a fair
value test during a time that we perceive to be the bottom of a cycle.
The performance we are reporting today is not what we are accustomed to seeing
for our industry or for our business. Importantly, it does not reflect the
vision we have for our company going forward.
Positioning our business for stronger bottom line performance
We are moving aggressively to streamline our company and drive operating
efficiencies. During the quarter, we took steps to rationalize our global
infrastructure and exit underperforming business lines, so that we can
significantly reduce our fixed cost base and stabilize our business for the
future. While these developments will negatively impact our results in the near
term, we expect to realize over $30 million in annualized savings in the next
fiscal year.
While our review of operations is still ongoing, we have made steady progress
in reducing general and administrative, communication and technology and
trading costs across our operations. We have also taken steps to focus our
business in the areas where we can achieve dominance as an independent
midmarket global investment bank. As a result of these developments,
approximately 125 professionals, or 12% of our workforce from front and back
office operations in our Canadian, US and UK & Europe Capital Markets
businesses have left or will be leaving the firm under various termination
arrangements throughout the remainder of fiscal 2016.
Following a careful review of the impact the market environment has had on our
business activity, the Board of Directors made the prudent decision to suspend
our quarterly common share dividend. We remain committed to returning capital
to our shareholders and look forward to reinstating this dividend payment under
more positive market conditions and when profitability returns.
We believe these actions are in the best interests of the Company and our
shareholders. Looking ahead, we expect to maximize shareholder value by
creating a more efficient and aligned global business, while making disciplined
investments in our key focus areas so that we can optimize our client
relationships and provide meaningful opportunities for our employees.
Aligning global Capital Markets operations to improve cross-border capabilities
and return to profitability
In the third quarter of fiscal 2016, Canaccord Genuity participated in 60
transactions and raised total proceeds of $12.8 billion for our clients.
Revenues for our capital markets business were $122.1 million, an increase of
18% from the same period a year ago, with the strongest contribution coming
from our US operations, driven mainly by higher advisory and principal trading
activity. Global advisory fees increased by $15.2 million or 67% compared to
the same period last year, with the most significant contribution from our
Canadian operations. Market conditions continued to challenge investment
banking activity during the quarter and revenues for this segment of our global
capital markets business were 24% lower on a year-over-year basis.
Our Canadian capital markets division experienced the most notable
year-over-year decline in investment banking activity and recorded a 34% drop
in revenues during the fiscal third quarter. While ECM activity in the region
hit its lowest level since 2001, Canaccord Genuity retained its position as the
top independent book runner in the region for the 2015 calendar year. Looking
ahead, we will continue to leverage our strategic position in this market to
deliver on our mission to be the dominant independent investment bank in
Canada.
Revenue in our UK & Europe operations increased by 24% on a year over year
basis, driven by higher advisory and principal trading activity. This
performance was offset by higher expense levels primarily related to
compensation expense. Subsequent to the quarter, we took steps to focus our
operations and better align this business to become a stronger, long-term
contributor to our global franchise. The restructuring initiatives we announced
today will create a leaner, more focused midmarket securities and investment
banking business, capable of delivering stronger returns in the next fiscal
year.
I am also pleased to announce that Quest®, Canaccord Genuity's proprietary
offering of online analytical tools, valuation models and market commentary
will soon be rolled out internationally. Based on the success of the initial
launch in the UK & Europe earlier this year, we expect this to provide
opportunities for revenue growth and a valuable tool for enhancing our client
relationships.
Revenue in our Asia-Pacific capital markets business increased by 15%,
predominantly driven by increased business activity in our Australian
operations. This business has steadily improved its performance since our
initial investment in 2011. Looking ahead, we expect to be able to leverage the
strength of our diversified Australian capital markets business to further
integrate these operations and improve our strength in the region.
While the market environment continues to impact activity levels in our capital
markets business, we are working to align our core offerings across our global
operations with a focus on cross-selling opportunities, which will deepen our
relationships with top-tier clients and ultimately, strengthen our
profitability. We are also fortunate to have cultivated a pipeline of activity
in all of our primary markets, and are well positioned to successfully execute
on these mandates when market conditions permit.
Wealth Management
Globally, Canaccord Genuity Wealth Management generated revenue of $61.8
million during the quarter.
While we continue to experience growth in our fee-based and proprietary asset
management offerings, the ongoing weakness in investment banking activity
continues to put pressure on commissions and fees for our Canadian wealth
management business, a key distribution channel for our capital markets
transactions. Despite challenging market conditions, we maintain a strong focus
on attracting and retaining high quality advisors, investing in training
programs and building a comprehensive suite of high quality products to help
advisors grow their businesses.
In our UK wealth management business, we continue to attract new assets, which
directly support our recurring revenue growth. Client holdings in our in-house
investment management products exceed $1 billion and are attracting growing
interest from domestic intermediaries and international fund companies.
Additionally, we are increasingly attracting established and reputable
professionals to our differentiated platform and have welcomed three senior
advisors to our London and Isle of Man wealth management operations during the
quarter. We continue to actively review opportunities to strategically expand
this business to improve its contribution to our performance.
Strengthening alignment with our shareholders to improve our net-income focus
Our independence provides a level of agility in our business that allows us to
stay competitive and exceed our clients' expectations while adjusting to new
market realities.
Reducing our costs is an important priority. We remain diligent on expenses and
are carefully reviewing our staffing mix, to ensure that our business is
appropriately positioned for success in our operating environment. With an
enhanced leadership team in place, we are actively examining additional
opportunities to improve efficiencies across our organization. Our renewed
commitment to managing our costs is not in response to the changes in our
operating environment- this is quite simply how we intend to manage our
business from now on. Additionally, we will continue to adjust our long-term
incentive plan structure, to better align our compensation strategy with our
performance.
We are acutely aware that we are operating in a new reality. Canaccord Genuity
has an outstanding set of assets to draw upon - a more integrated business
model, an established track record of delivering world-class ideas and
solutions for our clients, ample working capital and a leadership team that is
closely aligned with our shareholders through direct investment and a stronger
net income focus.
While we reshape our business to perform in a continuously evolving market
environment, we will also make careful adjustments to our global brand
strategy, to ensure that our corporate identity resonates strongly with current
and prospective clients, employees and shareholders.
In any market environment, we are focused and committed to improving long-term
shareholder value. By continuing to strategically reposition our business in
this challenging market, I am confident that Canaccord Genuity is well
positioned to emerge as the dominant independent midmarket investment bank and
wealth management firm, capable of improving our revenues, achieving
above-average market share and delivering growing long-term returns for our
shareholders.
Kind regards,
Dan Daviau
President & CEO
Canaccord Genuity Group Inc.
ACCESS TO QUARTERLY RESULTS INFORMATION
Interested investors, the media and others may review this quarterly earnings
release and supplementary financial information at http://
www.canaccordgenuitygroup.com/EN/IR/Pages/default.aspx.
CONFERENCE CALL AND WEBCAST PRESENTATION
Interested parties are invited to listen to Canaccord Genuity's fiscal third
quarter 2016 results conference call, via live webcast or a toll free number.
The conference call is scheduled for Friday, February 12, 2016 at 5:00 a.m.
Pacific time, 8:00 a.m. Eastern time, 1:00 p.m. UK time, 9:00 p.m. China
Standard Time, and on February 13, 2016, at 12:00 am Australia EST. During the
call, senior executives will comment on the results and respond to questions
from analysts and institutional investors.
The conference call may be accessed live and archived on a listen-only basis
via the Internet at: http://www.canaccordgenuitygroup.com/EN/NewsEvents/Pages/
Events.aspx.
Analysts and institutional investors can call in via telephone at:
* 647-427-7450 (within Toronto)
* 1-888-231-8191 (toll free in North America)
* 0-800-051-7107 (toll free from the UK)
* 1-800-760-620 (toll free from Ireland)
* 0-800-917-449 (toll free from France)
* 0-800-183-0171 (toll free from Germany)
* 10-800-714-1191 (toll free from Northern China)
* 10-800-140-1195 (toll free from Southern China)
* 1-800-287-011 (toll free from Australia)
Please request to participate in Canaccord Genuity Group Inc.'s Q3/16 earnings
call. If a passcode is requested, please use 14912660.
A replay of the conference call will be available on February 12, 2016, after
8:00 a.m. (Pacific Time), 11:00 a.m. (Eastern Time) 4:00 p.m. (UK Time), and on
February 13, 2016, at 12:00 a.m. (China Standard Time) and at 3:00 a.m.
(Australia EST Time) until April 15, 2016 at 416-849-0833 or 1-855-859-2056 by
entering passcode 14912660 followed by the pound (#) sign.
ABOUT CANACCORD GENUITY GROUP INC.:
Through its principal subsidiaries, Canaccord Genuity Group Inc. (the Company)
is a leading independent, full-service financial services firm, with operations
in two principal segments of the securities industry: wealth management and
capital markets. Since its establishment in 1950, the Company has been driven
by an unwavering commitment to building lasting client relationships. We
achieve this by generating value for our individual, institutional and
corporate clients through comprehensive investment solutions, brokerage
services and investment banking services. The Company has offices in 10
countries worldwide, including wealth management offices located in Canada,
Australia, the UK , Guernsey, Jersey, and the Isle of Man. Canaccord Genuity,
the international capital markets division, operates in Canada, the US, the UK,
France, Ireland, Hong Kong, China, Singapore, Australia and Dubai. To us there
are no foreign markets.TM
Canaccord Genuity Group Inc. is publicly traded under the symbol CF on the TSX
and the symbol CF. on the London Stock Exchange. Canaccord Genuity Series A
Preferred Shares are listed on the TSX under the symbol CF.PR.A. Canaccord
Genuity Series C Preferred Shares are listed on the TSX under the symbol
CF.PR.C.
None of the information on the Company's websites at www.canaccordgenuity.com,
www.canaccordgenuitygroup.com, and www.canaccordgenuity.com/cm should be
considered incorporated herein by reference.
______________________________________
1 Figures excluding significant items are non-IFRS measures. See Non-IFRS
measures above.
2 Net (loss) income attributable to common shareholders is calculated as the
net (loss) income adjusted for non-controlling interests and preferred share
dividends.
3 See Non-IFRS Measures above.
4 Source: Transactions over $1.5 million. Internally sourced information.
5 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 licensed 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 of business.
Image with caption: "Canaccord Genuity Group Inc. (CNW Group/Canaccord Genuity
Group Inc.)". Image available at: http://photos.newswire.ca/images/download/
20160211_C9831_PHOTO_EN_44626.jpg
SOURCE: Canaccord Genuity Group Inc.
For further information:
Investor and media relations inquiries:
Christina Marinoff
Vice President, Investor Relations and Communications
Phone: 416-687-5507
Email: christina.marinoff@canaccord.com
London media:
Robert Morgan
Teneo Strategy
Phone: +44 (0) 20 7240 2483
Email: robert.morgan@teneostrategy.com
TSX: CF, LSE: CF
END
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