Business
Financial results for 2008 and dividends
Readers are referred to the sections entitled "Forward-looking Statements" and "Non-GAAP Financia...
About this update from Power Corporation Of Canada
[{"type":"text","content":"\n\n\n\nReaders are referred to the sections entitled "Forward-looking\nStatements" and "Non-GAAP Financial Measures" at the end of this release.\n\n\nMONTREAL, March 11 /CNW Telbec/ - Power Corporation of Canada reported\ntoday operating earnings of $1,271 million or $2.70 per participating share\nfor the year ended December 31, 2008, compared with $1,458 million or $3.12\nper share in 2007.\n\n\nOther items, not included in operating earnings, were a net charge of\n$403 million or $0.89 per share in 2008, compared with $5 million or $0.01 per\nshare in 2007. Other items in the period in 2008 include the Corporation's\nshare of other items recorded by Power Financial, as well as other items\nrecorded by the Corporation and by Power Technology Investment Corporation, a\nsubsidiary.\n\n\nAs a result, net earnings were $868 million or $1.81 per share in 2008,\ncompared with $1,463 million or $3.13 per share in 2007.\n\n\nFOURTH-QUARTER RESULTS\n----------------------\n\n\nThe Corporation's operating earnings for the three-month period ended\nDecember 31, 2008 were $252 million or $0.53 per share, compared with $309\nmillion or $0.66 per share in the same period in 2007.\n\n\nOther items in the fourth quarter of 2008 were a net charge $787 million\nor $1.73 per share, compared with $41 million or $0.09 per share in the same\nperiod in 2007.\n\n\nAs a result, the net loss for the fourth quarter of 2008 was $535 million\nor $1.20 per share, compared with net earnings of $350 million or $0.75 per\nshare for the same period in 2007.\n\n\nRESULTS OF POWER FINANCIAL CORPORATION\n--------------------------------------\n\n\nPower Financial Corporation's operating earnings for the year ended\nDecember 31, 2008 were $1,974 million or $2.69 per share, compared with $2,082\nmillion or $2.84 per share in 2007.\n\n\nOther items, not included in operating earnings, were a net charge of\n$637 million or $0.90 per share in 2008, compared with a net charge of $38\nmillion or $0.05 in 2007. Other items in 2008 consisted of Power Financial's\nshare of non-recurring items recorded by Lifeco, IGM and Pargesa. The main\ncomponents of other items in 2008 were the write-down of intangibles assets\nand goodwill relating to the acquisition of Putnam in 2007 ($983 million), the\ngain from the sale of health business at Great-West Life &...