Canaccord Genuity Group (CF) has reported that its net income fell 113% in its latest quarter.
The Toronto-based financial services firm announced a net loss of -$7.2 million for its fiscal fourth quarter, which was down 113% from net income of $56.3 million a year earlier.
The company said it lost -$0.08 per share in the quarter, down from positive earnings of $0.53 a share in the same quarter a year ago.
Revenue for the quarter ended March 31 totaled $430.4 million, down 14% from $499.8 million 12 months earlier.
In a news release, the company said that its results were impacted by the amortization of intangible assets and costs related to acquisition and growth.
Earlier in June, Canaccord Genuity said a proposed management buyout of the firm and plans to take the company private would not proceed as planned.
Canaccord Genuity’s stock has declined 6% over the last 12 months and currently trades at $8.05 per share
