May 23, 2012 / 10:58 AM / 5 years ago

Canaccord reports loss on lower revenue, higher costs

TORONTO, May 23 (Reuters) - Canaccord Financial Inc reported a fiscal fourth-quarter net loss on Wednesday, hurt by lower revenues and higher costs tied to restructuring and acquisition-related items.

The Toronto-based financial services provider reported a net loss of C$31.8 million, or 42 Canadian cents a share, in the quarter ended March 31. A year earlier, it posted profit of C$41.3 million, or 49 Canadian cents a share.

Excluding one-time items, the company reported earnings of C$2.1 million, or 2 Canadian cents a share, down from a year-ago profit of C$42.3 million, or 50 Canadian cents a share.

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