Dundee Corporation Reports 2010 Financial Results
March 24 2011 - 7:40AM
Marketwired
Dundee Corporation (TSX: DC.A)(TSX: DC.PR.A)(TSX: DC.PR.B) (the
"Company") is today reporting its financial results as at and for
the year ended December 31, 2010. Net earnings during 2010 were
$193.3 million, or $2.46 per share on a fully diluted basis,
representing a three-fold increase over net earnings of $62.5
million or $0.77 per fully diluted share earned in the prior year.
Net earnings from continuing operations were $152.7 million or
$1.94 per fully diluted share during 2010, compared with $45.4
million or $0.56 per fully diluted share in the prior year. The
Company's annual audited consolidated financial statements, along
with Management's Discussion and Analysis as at and for the year
ended December 31, 2010 have been filed on SEDAR on March 24, 2011
and may be accessed at www.sedar.com or www.dundeecorporation.com.
Subsequent to December 31, 2010, Dundee Corporation completed
the previously announced sale of its interest in DundeeWealth Inc.
("DundeeWealth") to The Bank of Nova Scotia ("Scotiabank") in
exchange for 18.6 million common shares and 14.9 million preferred
shares of Scotiabank. Pursuant to distributions made by
DundeeWealth immediately prior to the transaction with Scotiabank,
Dundee Corporation also received cash of $149.0 million and 74.5
million common shares of Dundee Capital Markets Inc., a new entity
established for the purpose of carrying on the capital markets
business previously conducted through DundeeWealth.
The Company is now focused on the development of new strategic
initiatives in its core areas of competencies including resources,
real estate and infrastructure. These strategic initiatives will be
supported by the expertise of a team of successful investment
bankers and brokers at Dundee Capital Markets Inc.
Shareholders and other interested parties are invited to attend
the Company's annual general meeting, which will be held on June 3,
2011 at the King Edward Hotel, Sovereign Ballroom, 37 King Street
East, Toronto, ON M5C 1E9.
Contacts: Dundee Corporation Ned Goodman President and Chief
Executive Officer (416) 365-5665 Dundee Corporation Lucie Presot
Vice President and Chief Financial Officer (416) 365-5157
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