B.C. Pacific Capital Corporation
TSX VENTURE : BPQ.A

B.C. Pacific Capital Corporation

May 26, 2006 12:57 ET

B.C. Pacific Capital Corporation Announces First Quarter Results

VANCOUVER, BRITISH COLUMBIA--(CCNMatthews - May 26, 2006) - B.C. Pacific Capital Corporation (TSX VENTURE:BPQ.A) announced today its first quarter financial results for 2006. B.C. Pacific reported net income for the three months ended of $0.1 million, compared to $2.4 million for the same period in 2005. This was attributable primarily to a drop in revenue levels of $2.2 million year over year. During the first quarter of 2005, the company earned fees based on its investment in a bridge loan that was successfully repaid at the end of 2005, and realized higher income level from its equity investment. After providing for dividends on the company's preferred shares, earnings per Class A Subordinate Voting share and Class B Common share were $0.01 in 2006, compared to earnings per share of $0.03 in the same period of the prior year.



FINANCIAL RESULTS
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Three months ended March 31
(unaudited) ------------------------------
$thousands, except per share amounts 2006 2005
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Revenue $ 1,574 $ 3,792

Expenses 1,540 1,430
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Net income before the following 34 2,362

Income taxes - -
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Net income $ 34 $ 2,362
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Net income per common share $ 0.01 $ 0.03

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B.C. Pacific Capital Corporation ("B.C. Pacific" or the "company") is a British Columbia based financial and investment corporation that uses its own capital to invest in undervalued companies and assets, primarily in the natural resource, real estate and financial service areas. B.C. Pacific also provides mezzanine bridge loans to corporations encountering financial difficulties, requiring merger advice and operational evaluation.

Brian G. Kenning, Chairman and President, will be available at (604) 669-3141 to answer any questions on the company's financial results.

This news release contains forward-looking statements concerning the company's business and operations. The company cautions that, by their nature, forward-looking statements involve risk and uncertainty and the company's actual results could differ materially from those expressed or implied in such statements. Reference should be made to the most recent Annual Information Form for a description of the major risk factors.


Contact Information

  • B.C. Pacific Capital Corporation
    Brian G. Kenning
    Chairman and President
    (604) 669-3141