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Dundee Corporation Reports Fourth Quarter and Year End 2016 Financial Results






TORONTO, ONTARIO — (Marketwired) — 03/30/17 — Dundee Corporation (TSX: DC.A) (the “Corporation” or “Dundee”) is reporting its financial results for the three months and the year ended December 31, 2016.

During 2016, the Corporation incurred a net loss attributable to owners of Dundee Corporation of $142.1 million, or a loss of $2.54 per share, compared to the prior year–s net loss attributable to owners of Dundee Corporation of $459.1 million or $7.99 per share. Prior year results included an impairment of $215.2 million relating to the Corporation–s investment in United Hydrocarbon International Corp.

The net loss attributable to owners of Dundee Corporation during the fourth quarter of 2016 was $106.9 million or a loss of $1.85 per share, compared with a net loss of $54.9 million or $0.97 per share incurred during the same period of the prior year. Losses incurred during the fourth quarter of 2016 included market depreciation from investments of $102.7 million, compared with losses from investments of $37.8 million incurred in the fourth quarter of the prior year.

“While 2016 was another challenging year, we have made progress against a number of key longer-term objectives,” said David Goodman, Chief Executive Officer of the Corporation. “We exited non-core businesses, successfully sourced third-party capital to invest alongside ours, reduced our cost profile and injected more discipline into our capital allocation process. In 2017, we will continue to rationalize our portfolio, transition our business to take on more of a holding company profile and support various growth initiatives that are aligned with our longer-term strategy.”

FINANCIAL RESULTS

OPERATIONAL ACHIEVEMENTS IN THE FOURTH QUARTER OF 2016

SHAREHOLDERS– EQUITY ON A PER SHARE BASIS

FOURTH QUARTER AND YEAR END 2016 CONFERENCE CALL AND WEBCAST DETAILS

The Corporation–s audited consolidated financial statements as at and for the year ended December 31, 2016, along with the accompanying management–s discussion and analysis, and the Corporation–s 2016 Annual Information Form have been filed on the System for Electronic Document Analysis and Retrieval (“SEDAR”) and may be viewed by interested parties under the Corporation–s profile at or the Corporation–s website at .

The Corporation will host a conference call and webcast to discuss its fourth quarter and year end 2016 financial results. The details for the event are as follows:

The conference call will be archived for replay until Friday, April 7, 2017 at midnight. To access the archived conference call, please dial 1.855.859.2056 or 1.416.849.0833 and enter the encore code 17328972. An archive of the audio webcast will also be posted to Dundee Corporation–s website.

ABOUT DUNDEE CORPORATION

Dundee Corporation is a public Canadian independent holding company, listed on the Toronto Stock Exchange under the symbol “DC.A”. Through its operating subsidiaries, Dundee Corporation is engaged in diverse business activities in the areas of energy, resources, agriculture, real estate and infrastructure, and corporate finance. Dundee Corporation also holds, directly and indirectly, a portfolio of investments mostly in these key areas, as well as other select investments in both publicly listed and private enterprises.

FORWARD-LOOKING STATEMENTS

This press release may contain forward-looking information within the meaning of applicable securities legislation, which reflects Dundee Corporation–s current expectations regarding future events. Forward-looking information is based on a number of assumptions and is subject to a number of risks and uncertainties, many of which are beyond Dundee Corporation–s control, which could cause actual results and events to differ materially from those that are disclosed in or implied by such forward-looking information. Such risks and uncertainties include, but are not limited to, the factors discussed under “Risk Factors” in the 2016 Annual Information Form of Dundee Corporation and subsequent filings made with securities commissions in Canada. Dundee Corporation does not undertake any obligation to update such forward-looking information, whether as a result of new information, future events or otherwise, except as expressly required by applicable law.

Contacts:
John Vincic
Investor and Media Relations
Dundee Corporation
(647) 402-6375

Lucie Presot
Executive Vice President and Chief Financial Officer
Dundee Corporation
(416) 365-5157

Short URL: https://www.88finance.com/?p=533603





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