Diversified Canadian Financial II Corp.
TSX : DCC.PR.A

Diversified Canadian Financial II Corp.

May 31, 2006 16:15 ET

Diversified Canadian Financial II Corp. Announces Year-End Results

TORONTO, ONTARIO--(CCNMatthews - May 31, 2006) - Diversified Canadian Financial II Corp. (TSX:DCC.PR.A) today announced that income available for distribution for the year ended March 31, 2006 was $19.2 million, an increase from $18.4 million last year due to increased dividends received on the investment portfolio. During the year ended March 31, 2006, the company paid dividends of $12.2 million and $6.4 million to its Senior Preferred and Capital shareholders, respectively.

On May 25, 2006, the company's Board of Directors declared the regular quarterly dividend of $0.38125 per Senior Preferred share, payable June 30, 2006 to shareholders of record on June 20, 2006.

Diversified Canadian Financial II Corp. owns a portfolio of preferred shares issued by companies within the Brookfield Asset Management group.



STATEMENT OF INCOME
---------------------------------------------------------------------
Three months ended Year ended
March 31 March 31
(unaudited) ------------------ ----------
$ thousands 2006 2005 2006 2005
---------------------------------------------------------------------

Revenue
Investment $ 4,963 $ 4,628 $ 19,332 $ 18,579
Expenses
Operating 60 30 155 148
---------------------------------------------------------------------
Income available for
distribution $ 4,903 $ 4,598 $ 19,177 $ 18,431
---------------------------------------------------------------------
---------------------------------------------------------------------

BALANCE SHEET
---------------------------------------------------------------------
($ thousands) March 31, 2006 March 31, 2005
---------------------------------------------------------------------
Assets
Cash and cash equivalents $ 123 $ 244
Investment portfolio 334,775 334,075
---------------------------------------------------------------------
$ 334,898 $ 334,319
---------------------------------------------------------------------
---------------------------------------------------------------------
Liabilities
Accounts payable $ 2 $ -
Class A shares 1 1
Senior Preferred shares 200,000 200,000
Shareholders' Equity
Share capital 140,960 140,960
Deficit (6,065) (6,642)
---------------------------------------------------------------------
$ 334,898 $ 334,319
---------------------------------------------------------------------
---------------------------------------------------------------------


Bruce K. Robertson, President and Chief Executive Officer, will be available at (416) 363-9491 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

  • Diversified Canadian Financial II Corp.
    Bruce K. Robertson
    President and Chief Executive Officer
    (416) 363-9491