Business
Power Corporation of Canada Reports First Quarter 2014 Financial Results and Dividends
Readers are referred to the sections entitled "Non-IFRS Financial Measures" and "Forward-Lo...
About this update from Power Corporation Of Canada
[{"type":"text","content":"\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\nMONTREAL, May 15, 2014 /CNW Telbec/ - Power Corporation of Canada (TSX:\n POW) today reported earnings results for the three months ended March\n 31, 2014.\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, 2014 were\n $224 million or $0.49 per share, compared with $247 million or $0.54\n per share in 2013.\n\n\nOther items, not included in operating earnings, were a contribution of\n $18 million, representing the Corporation's share of the gain realized\n by Groupe Bruxelles Lambert (GBL) on the sale of a part of its interest\n in Total SA (Total). In 2013, other items represented a net charge of\n $22 million. Additional details on other items can be found in the\n table entitled \"Other Items\" below.\n\n\nNet earnings attributable to participating shareholders were\n $242 million or $0.53 per share, compared with $225 million or $0.49\n per share in 2013.\n\n\nRESULTS OF POWER FINANCIAL CORPORATION\n\n\nPower Financial reported operating earnings attributable to common\n shareholders for the quarter ended March 31, 2014 of $440 million or\n $0.62 per share, compared with $407 million or $0.57 per share in 2013.\n\n\nOther items, not included in operating earnings, resulted in a\n contribution of $27 million, representing Power Financial's share of\n the gain on the sale by GBL of Total shares as discussed above,\n compared with a net charge of $13 million in 2013.\n\n\nNet earnings attributable to common shareholders were $467 million or\n $0.66 per share, compared with $394 million or $0.55 per share in the\n first quarter of 2013.\n\n\nAt March 31, 2014, Power Corporation held a 65.8% economic interest in\n Power Financial. Power Financial's contribution to Power Corporation's\n operating earnings was $290 million for the quarter ended March 31,\n 2014, compared with $268 million in 2013.\n\n\nDIVIDENDS ON NON-PARTICIPATING PREFERRED SHARES\n\n\nThe Board of Directors today declared quarterly dividends on the\n Corporation's preferred shares, as follows:\n\n\n\n\nSERIES - STOCK SYMBOL\n\n\nRECORD DATE\n\n\nPAYMENT DATE\n\n\nAMOUNT\n\n\n...