Business
Power Corporation of Canada Reports First Quarter 2013 Financial Results and Dividends
Readers are referred to the sections entitled "Non-IFRS Financial Measures" and "Forward-Look...
About this update from Power Corporation Of Canada
[{"type":"text","content":"\n\n\n\n\n\nReaders are referred to the sections entitled \"Non-IFRS Financial\n Measures\" and \"Forward-Looking Statements\" at the end of this release.\n\n\nWINNIPEG, May 15, 2013 /CNW Telbec/ - Power Corporation of Canada (TSX:\n POW) today reported earnings results for the three months ended March\n 31, 2013.\n\n\n\nFIRST QUARTER RESULTS\n\n\nOperating earnings attributable to participating shareholders, a\n non-IFRS financial measure, for the quarter ended March 31, 2013 were\n $247 million or $0.54 per share, compared with $205 million or $0.45\n per share in the corresponding period in 2012, an increase of 20.2% on\n a per share basis.\n\n\nSubsidiaries contributed $259 million to Power Corporation's operating\n earnings for the quarter ended March 31, 2013, compared with $240\n million in the same period in 2012. Results from corporate activities\n were a contribution of $1 million, compared with a net charge of\n $23 million in the corresponding period in 2012.\n\n\nOther items in the quarter, not included in operating earnings,\n represented a net charge of $22 million. Power Corporation's share of\n other items at Power Financial Corporation (Power Financial), a\n subsidiary, was a charge of $9 million. In addition, other items\n included a restructuring provision totalling $13 million recorded by\n Square Victoria Communications Group Inc., a subsidiary of the\n Corporation. In the corresponding quarter of 2012, other items\n represented a net contribution of $55 million. Additional details on\n other items can be found in the sections entitled \"Results of Power\n Financial\" and \"Earnings Summary\" below.\n\n\nNet earnings attributable to participating shareholders for the quarter\n ended March 31, 2013 were $225 million or $0.49 per share, compared\n with $260 million or $0.57 per share in the corresponding period in\n 2012.\n\n\nRESULTS OF POWER FINANCIAL\n\n\nPower Financial reported operating earnings attributable to common\n shareholders for the quarter ended March 31, 2013 of $407 million or\n $0.57 per share, compared with $371 million or $0.52 per share in the\n corresponding period in 2012.\n\n\nOther items, not included in operating earnings, in the first quarter of\n 2013 were a net charge of $13 million which represented Power\n Financial's share of an impairmen...