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Found 5 results

  1. CGI profit rises 10.5 per cent The Canadian Press January 27, 2009 at 11:27 AM EST MONTREAL — CGI Group Inc. has reported a 10.5 per cent profit increase in its latest quarter to $79.5-million as revenue rose 11.7 per cent from a year earlier to just over $1-billion. The 25,000-employee international information technology service provider said Tuesday that foreign exchange shifts boosted the top line by 7.4 per cent in its first quarter ended Dec. 31. Pre-tax earnings were up six per cent to $105.2-million. CGI recorded bookings of $775-million in the quarter, down from $1.13-billion a year earlier, while its operating profit margin slipped to 11.4 per cent from 11.8 per cent. The quarter's net income of $79.5-million, 26 cents per share, compared with $71.9-million or 22 cents per share a year earlier, when revenue was $895.4-million. The latest quarter's earnings adjusted for one-time items came in at 22 cents per share, in line with market expectations. The company said it plans to continue a stock buyback which in the past year cancelled 18.5 million shares at an average price of $10.68. CGI ended the quarter with $216-million in cash and $1.3-billion available in a credit line, which CEO Michael Roach said provides “the financial flexibility to execute our profitable growth strategy.” Desjardins Securities analyst Eric Bernofsky commented that investors will likely be concerned about the 31.7 per cent drop in bookings, but noted that year-ago business signings were unusually strong and there is quarter-to-quarter “lumpiness” in new contracts. On the bright side, Mr. Bernofsky wrote in a note, revenue from American clients grew 14.1 per cent on a constant-currency basis, which “should be viewed very positively in light of the current economic climate. As we had anticipated, higher work volumes from the government and health-care verticals contributed to the strong revenue growth.”
  2. CAE wins military training contracts The Gazette Published: 32 minutes ago Montreal flight simulator builder CAE Inc. said today it has won a series of military training contracts worth up to $106 million and including $71 million in firm orders. The contracts are with Canada's Department of National Defence, L-3 Communications of the U.S., the U.S. Navy, Eurofighter Simulation Systems and contractor C2 Technologies. CAE said it sees strong opportunities ahead in the global military market- normally more stable than the civil aviation sector. CAE also said earnings for the first quarter ended June 30 rose 19 per cent to $46.1 million or 18 cents a share from $38.7 million or 15 cents a share a year earlier, because of strong Asian and European civil aircraft training business and rising military orders. Revenue climbed 9.4 per cent to $392 million.
  3. Montreal is 39th (GDP: USD$120B GDP). Expected to be 47th in 2050 (GDP: USD$180B) 2005: http://www.citymayors.com/statistics/richest-cities-2005.html 2020: http://www.citymayors.com/statistics/richest-cities-2020.html The world's richest cities by personal net earnings in 2008 (per capita) This survey performed by UBS puts New York at "100 level" and compares cities as having net earnings as how much higher or how much lower. Montreal fared reasonably well in the world at 21st position (Toronto 19th). http://www.citymayors.com/economics/richest_cities.html The world's richest cities by purchasing power in 2008 (per capita) This survey performed by UBS puts New York at "100 level" and compares cities as having purchasing power as how much higher or how much lower. Montreal fared really, and ranked 18th position in the world (Toronto 15th). http://www.citymayors.com/economics/usb-purchasing-power.html
  4. Insurance giant wants to build Canadian operations with Standard's Quebec assets CBC News Posted: Sep 03, 2014 5:13 PM ET Last Updated: Sep 03, 2014 6:45 PM ET Manulife Financial Corp. says its life insurance division is buying the Canadian-based assets of Standard Life Plc for $4 billion in cash. The deal combines Manulife, one of the largest life insurance companies in the world with 84,000 employees, and Standard Life Canada, this country's fifth-largest insurer with 2,000 employees. "Several months ago, Standard Life decided to explore the sale of its Canadian operations through a competitive process," Manulife CEO Donald A. Guloien said. "We are delighted to be named the successful bidder." Standard Life provides long term savings, investment and insurance products to about 1.4 million Canadians, with $52 billion of assets under management. Manulife said it was particularly keen to acquire Standard Life’s Quebec assets. "One of the key reasons we were interested in this company is its people in Quebec. We want to increase our presence in the province and use the very talented employee base to grow and expand our business in Quebec, throughout Canada and indeed the world,” Guloien said in a statement announcing the deal late Wednesday. Caisse contributes to deal Manulife plans to pay for the deal with a combination of a public offering, a private placement, internal resources and possible future debt, it said. Later in the day, the Caisse de dépôt et placement du Québec, the Quebec provincial pension fund investment arm, announced a $500‑million equity investment in Manulife Financial to contribute to the financing of the acquisition. Manulife and Standard Life have previously collaborated in distributing investment products around the world, through a relationship between Standard Life Investments and John Hancock. Manulife said it would take 18 to 24 months to consolidate the new operations and it did not foresee any job losses in the near future. The company expects the deal to add three cents to its earnings per share every year over each of the next three years and to build earnings capacity beyond the 2016 core earnings target of $4 billion. The deal closes in the first quarter of next year, pending regulatory approval. http://www.cbc.ca/news/business/manulife-buys-standard-life-s-canadian-assets-for-4b-1.2754776
  5. TD and Royal downgraded to sell Posted: January 16, 2009, 8:47 AM by Jonathan Ratner Both Royal Bank and Toronto-Dominion Bank were downgraded to a “sell” at Dundee Securities on expectations for weaker credit quality, bringing them in line with the firm’s bearish view on the sector as a whole and its recommendations for all of the Big 5 banks. Despite significant deterioration in its U.S. loan portfolio’s credit quality, Royal’s earnings have held up reasonably well on the back of its domestic retail banking programs, analyst John Aiken told clients. However, since Canada is unlikely to escape the “economic carnage” occurring in the U.S., he said it is only a matter of time before domestic credit quality begins to weaken materially, as credit card exposures have already started to show. “Consequently, although Royal will likely fair relatively well and should retain a premium to the group, absolute risk still exists,” Mr. Aiken said, cutting his price target on the stock from $38 per share to $35. It closed at $34.04 on Thursday. His forecast for TD moves from $51 to $44 as a result of expectations for a challenged outlook in the coming quarters as a result of additional deterioration in credit quality. It ended the day at $44.05. While Mr. Aiken said TD’s operations remain strong and its long-term prospects are solid based on its U.S. growth platform, he thinks 2009 will be the second straight year of declining earnings. “TD will not be immune and we believe that there is a risk that current expectations for credit losses have a significantly greater chance of being too low rather than too conservative,” the analyst said. Mr. Aiken did upgrade Laurentian Bank from a “sell” to “neutral,” but lowered his price target from $36 to $33. The stock closed at $31.41 on Thursday. “We believe that Laurentian’s valuation is much more reasonable at these levels,” he said, adding that while the bank does not have any direct exposure to the U.S., it will still feel pain on the domestic front. In general, Mr. Aiken feels the impact of underlying economic weakness and credit woes in the U.S., which has produced an earnings drag, increased write-downs and higher loan loss provisions, has also filtered into the Canadian market and will likely linger into the first half of 2009. “Consequently, we believe that headwinds to the banks’ earnings and concerns of capital adequacy will remain in the forefront as the banks begin the journey into 2009, and with it, the remaining perils from the past year, plus those yet unknown,” he said. As a result, the analyst said now is not the time to change his cautionary stance on the sector. Instead, he said it is time to remain “selective and mindful.” Mr. Aiken suggested that strong domestic operations should bode well for the retail market leaders TD, Royal and to a lesser extent CIBC. He also expects higher provisioning will come from the U.S. exposures of TD, Royal and Bank of Montreal, as well as the ripple effects to Bank of Nova Scotia’s Latin America assets. “Overall, valuation outlook will be largely predicated on the depth and breadth of the U.S. economic slowdown,” the analyst said. “Further credit deterioration will result in higher provisions, while added margin compressions will also depress earnings, offering little justification for any meaningful near term increase in valuations.”