Canaccord Genuity Group Reports $7.2 Million Loss in Fourth Quarter
TORONTO – Canaccord Genuity Group Inc. says net loss attributable to common stockholders for the fourth quarter was $7.2 million, down 113 percent from net income of $56.3 million a year earlier.
The Toronto-based financial services company says it lost eight cents per diluted common share, compared to gains of 53 cents per diluted common share in the year-ago quarter.
Revenue for the quarter ended March 31 was $430.4 million, down from $499.8 million a year earlier.
President and CEO Dan Daviau says in a press release that the company’s fiscal 2023 results were below expectations in a challenging operating environment, but the company remains on solid foundations.
The company says its fourth-quarter results were impacted by several factors, including the amortization of intangible assets, costs associated with acquisition and growth, and costs associated with an overdue management acquisition.
Earlier this week, Canaccord said a proposed management buyout of the company would fall through after key terms of the offer were not received by the due date.
This report from The Canadian Press was first published on June 16, 2023.
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