TORONTO, August 6, 2019 – GMP Capital Inc. (“GMP” or the “Company”) (TSX: GMP) is pleased to announce that, at the special meeting of holders (“Common Shareholders”) of the Company’s common shares (the “Common Shares”) held earlier today (the “Meeting”), Common Shareholders voted overwhelmingly to approve the special resolution (the “Transaction Resolution”) authorizing the previously announced sale of substantially all of the Company’s capital markets business to a subsidiary of Stifel Financial Corporation (the “Sale Transaction”). Common Shareholders also voted overwhelmingly to approve the special resolution (the “Stated Capital Reduction Resolution”) authorizing a reduction of the stated capital of the Common Shares by $0.275 per Common Share (approximately $20.7 million in the aggregate) to permit a special distribution of equal amount to be paid to Common Shareholders, contingent upon the completion of the Sale Transaction.
TORONTO, ON. (July 17, 2019) – GMP Capital Inc. (GMP) (TSX:GMP) will release its second quarter 2019 financial results on Friday, August 9, 2019, in Toronto. Second quarter results are expected to be released at approximately 6:00 a.m. (EST).
SECOND QUARTER 2019 CONFERENCE CALL
A conference call and live audio webcast to discuss GMP’s second quarter 2019 results will be held that morning at 10:00 a.m. (EST). Interested parties are invited to access the quarterly conference call on a listen-only basis by dialing 416-204-1547 or 1-866-215-0058 (toll free), or via live audio webcast at http://gmpcapital.com/Investor-Relations/Quarterly-Information.
GMP CAPITAL INC. ANNOUNCES MAILING OF MEETING MATERIALS FOR SALE OF ITS CAPITAL MARKETS BUSINESS AND FUTURE LEADERSHIP TRANSITION
TORONTO, July 10, 2019 – GMP Capital Inc. (“GMP” or the “Company”) (TSX: GMP) announced today that it has commenced mailing the management information circular (“Information Circular”) to the holders (“Common Shareholders”) of the Company’s common shares (“Common Shares”) in connection with the special meeting (the “Meeting”) of Common Shareholders to approve the sale of substantially all of the Company’s capital markets business to Stifel Financial Corporation (“Stifel”) (the “Transaction”). The Meeting will be held on August 6, 2019 at 10:00 a.m. at the offices of Stikeman Elliott LLP at 5300 Commerce Court West, 199 Bay Street, Toronto, Ontario, M5L 1B9. The Information Circular has also been filed under the Company’s profile on SEDAR at www.sedar.com and is available on the Company’s website at gmpcapital.com.
YOUR VOTE IS IMPORTANT ‐ PLEASE VOTE TODAY. Your vote is important regardless of the number of Common Shares you own. Common Shareholders are encouraged to read the Information Circular in detail.
TORONTO, June 17, 2019 – GMP Capital Inc. (“GMP” or the “Corporation”) (TSX: GMP) announced today that it has entered into a definitive agreement (the “Agreement”) to sell substantially all of its capital markets business to Stifel Financial Corp. (“Stifel”) (the “Transaction”) in an all cash transaction.
The entering into of the Agreement follows a comprehensive strategic review process overseen by a committee of GMP’s board of directors (the “GMP Board”) comprised exclusively of independent directors (the "Special Committee"). In its review, the Special Committee considered numerous alternatives and recommended to the GMP Board that the Transaction is in the best interest of the Corporation.
TORONTO, ON. (May 2, 2019) – GMP Capital Inc. (GMP) (TSX: GMP or the Company) today announced that the nine nominees listed in the Company’s management information circular (the Circular) dated March 22, 2019, were elected as directors of GMP. The detailed results of the vote for the election of directors held at GMP’s Annual Meeting of Common Shareholders (the Meeting) on Thursday, May 2, 2019, in Toronto, Ontario, are set out below.
Toronto, May 2, 2019 - GMP Capital Inc. (GMP) (TSX: GMP) today reported a net loss from continuing operations of $22.9 million primarily due to a $28.5 million non-cash goodwill impairment charge in our Capital Markets segment recorded in first quarter 2019. Revenue from continuing operations was $37.5 million in first quarter 2019. On an adjusted basis1, net income from continuing operations was $6.8 million in first quarter 2019 compared with net income of $8.6 million in first quarter 2018.
On a consolidated basis, GMP recorded a net loss of $15.5 million in first quarter 2019 compared with net income of $4.1 million in first quarter 2018. The decline in performance was primarily due to the non-cash goodwill impairment charge recorded in first quarter 2019. Additionally, first quarter 2019 included an $8.3 million non-cash gain relating to reclassification of cumulative foreign currency translation adjustments in connection with the sale of discontinued operations. On an adjusted basis1, GMP recorded net income of $14.2 million in first quarter 2019 compared with net income of $7.3 million in first quarter 2018.
“We delivered adjusted earnings from continuing operations of nearly $7 million this quarter despite a challenging business environment for capital raisings in first quarter 2019, which contributed to weaker performance in our underwriting franchise. Revenue from principal transactions rebounded significantly from the immediately preceding quarter and we grew advisory revenue by 8% year-over-year, driven largely by continued momentum in the cannabis sector. In Wealth Management, our partners at Richardson GMP reported another solid quarterly performance, increasing net income by 12% this quarter compared with the first quarter last year," said Harris Fricker, President and CEO of GMP.
Commenting further, Fricker said "We also remain encouraged that our efforts on the cost side of the business continue to benefit our bottom line. In particular, the ratio of employee compensation to revenue is at its lowest level in over a decade. GMP remains on the right path with strong franchises in both Canadian capital markets and wealth management."
- First quarter 2019 results affected by non-cash goodwill impairment charge
- Adjusted net income1 from continuing operations was $6.8 million in first quarter 2019 and adjusted diluted earnings per share from continuing operations was $0.07
- Board of Directors approved a quarterly cash dividend of $0.025 per common share
First Quarter 2019 vs. First Quarter 2018
• Revenue of $37.5 million decreased from $47.0 million.
• Non-cash goodwill impairment charge of $28.5 million recorded in first quarter 2019.
• Net loss of $22.9 million decreased from net income of $5.4 million.
• On an adjusted basis1, net income of $6.8 million decreased from $8.6 million.
• Diluted loss per share of $0.34 decreased from diluted earnings per share (EPS) of $0.06.
• On an adjusted basis1, EPS of $0.07 decreased from $0.10.
• Adjusted return on equity (ROE)1 of 12.6% decreased from 18.3%
TORONTO, ON. (April 10, 2019) – GMP Capital Inc. (GMP) (TSX:GMP) will release its first quarter 2019 financial results and hold its annual general meeting of common shareholders (Annual Meeting) on Thursday, May 2, 2019, in Toronto. First quarter results are expected to be released at approximately 6:00 a.m. (EST).
TORONTO, ON. (April 8, 2019) – GMP Securities L.P. (GMP Securities), a wholly-owned subsidiary of GMP Capital Inc. (TSX: GMP), today announced it will be hosting its 3rd annual Cannabis Conference on Tuesday, April 16, 2019, at The Ritz-Carlton, Toronto.
The GMP Securities Cannabis Conference will explore current investing trends, industry perspectives on consumer trends and key developments. This unmissable event includes company presentations, panel discussions and one-on-one meetings with senior management teams. The conference will also provide the opportunity for key industry participants and institutional investors to network and interact with a diverse group of highly regarded experts, leaders and visionaries from leading public and private cannabis companies.
• Earned net income from continuing operations of $3.7 million and diluted earnings per share of $0.03 in fourth quarter 2018
• On an adjusted basis, fourth quarter 2018 net income from continuing operations was $8.2 million and diluted earnings per share1 was $0.09
• Fiscal 2018 revenues grew 15%, adjusted net income from continuing operations was $34.8 million and diluted earnings per share1 was $0.40
• Board of directors approved a quarterly cash dividend of $0.025 per common share
Toronto, March 1, 2019 - GMP Capital Inc. (GMP) (TSX: GMP) today reported net income from continuing operations of $3.7 million and EPS of $0.03 in fourth quarter 2018 compared with net income of $8.0 million and EPS of $0.09 in fourth quarter 2017. Adjusted EPS1 was $0.09 in fourth quarter 2018 compared with $0.13 in the prior year quarter. Revenue from continuing operations was $38.3 million in fourth quarter 2018.
GMP recorded a net loss from consolidated operations of $5.0 million in fourth quarter 2018 including a net loss of $8.7 million in our U.S. fixed income business, which was classified as a discontinued operation following our agreement to sell to a third party late last year.
“We are pleased to have delivered adjusted EPS of 9 cents in fourth quarter 2018 despite challenging market conditions, which led to negative performance across virtually all asset classes. Our performance this quarter is a testament to the strength and resiliency of our core Canadian capital market business and the continued profitability and scale of our industry-leading Wealth Management business. Our strategy moving forward is clear: we are focused on Canada. This is a market we know better than most and where we are consistently top tier and profitable," said Harris Fricker, President and Chief Executive Officer, GMP.
2018 revenue from continuing operations was $177.8 million, up 15% compared with 2017. GMP recorded net income from continuing operations of $15.2 million and EPS of $0.14 in 2018 compared with a net loss of $44.3 million and a diluted loss per share of $0.70 in 2017. 2017 included a $52.0 million non-cash goodwill impairment charge recorded in our Capital Markets business segment. On an adjusted basis1 net income was $34.8 million in 2018, generating EPS of $0.40 compared with net income1 of $21.6 million and EPS of $0.22 in 2017.
Commenting further, Mr. Fricker said, “We are encouraged with both the solid earnings growth we reported in 2018 and considerable strides made toward sharpening the firm's focus on our highly profitable, scalable and core Canadian capital markets and wealth management businesses. Leading the way was a 46% increase in investment banking revenue with growth from cannabis, blockchain and energy sectors. Of note, our non-commodities businesses accounted for 70% of total investment banking revenue in 2018. Heading into 2019, the opportunity for our firm is continuing to do what we do best, namely helping small- to mid-cap companies efficiently access the requisite capital needed to grow their business."
For further information about GMP Capital Inc., our results for fourth quarter and year-end 2018 and the meaning of certain references, this earnings release should be read in conjunction with our audited annual consolidated financial statements as at and for the year ended December 31, 2018 (2018 Annual Financial Statements), our management's discussion and analysis for the year ended December 31, 2018 (2018 Annual MD&A) and our annual information form, which can be accessed on our website at gmpcapital.com and on SEDAR at sedar.com. Unless otherwise indicated, all dollar amounts are expressed in Canadian dollars and have been taken from our 2018 Annual Financial Statements prepared in accordance with generally accepted accounting principles (GAAP) under International Financial Reporting Standards (IFRS).
TORONTO, ON. (February 7, 2019) – GMP Capital Inc. (GMP) (TSX: GMP) will release its fourth quarter and fiscal 2018 financial results and host an earnings conference call on Friday, March 1, 2019. Financial results are expected to be released at approximately 6:00 a.m. (ET).