Newsroom

rss

GMP Announces Second Quarter 2018 Results

Toronto, August 3, 2018 - GMP Capital Inc. (GMP) (TSX: GMP) today reported revenue of $43.8 million in second quarter 2018, down 1% compared with the same period a year ago.  Second quarter 2018 net income was $0.5 million and a diluted loss per share of $0.01, compared with a net loss of $54.2 million and a diluted loss per share of $0.79 in second quarter 2017. The improvement largely reflects a $52.0 million non-cash goodwill impairment charge recorded in second quarter 2017.  On an adjusted basis1, second quarter 2018 net income was $4.0 million and EPS was $0.04.

“Improved net income highlights the benefit of the firm’s enhanced operating leverage and our leadership position in emerging industries.  Adjusted EPS was $0.04 this quarter compared with $0.01 in the same period a year ago while revenues were relatively unchanged.  There are two things we are particularly proud of in second quarter 2018: Our Canadian Capital Markets business grew revenue by 15% led by improved origination activity in cannabis and mining, and our Wealth Management continues to deliver solid profitability while growing client assets. We are also encouraged by improving capital markets activity levels,” said Harris Fricker, President and CEO of GMP.

First half 2018 revenue was $96.4 million, up 3% compared with the same period last year.  GMP recorded net income of $4.6 million and EPS of $0.03 in first half 2018 compared with a net loss of $50.8 million and a diluted loss per share of $0.76 in first half 2017.  First half 2017 included the non-cash goodwill impairment charge. On an adjusted basis1, net income was $11.4 million in first half 2018, generating EPS of $0.12, compared with net income of $8.6 million and EPS of $0.08 in first half 2017. 

1. Considered to be a non-GAAP financial measure. This measure does not have any standardized meaning prescribed by generally accepted accounting principles (GAAP) under IFRS and is therefore unlikely to be comparable to similar measures presented by other issuers.  This data should be read in conjunction with the “Non-GAAP Measures” section at the end of this press release and the “Presentation of Financial Information and Non-GAAP Measures” section in the Second Quarter 2018 MD&A.

Read More...

Archives

Review our forward-looking statements disclosure. 

If you wish to receive notification of news and events at GMP Capital Inc., please email us at investorrelations@gmpcapital.com.