Wilmington Capital Management Inc.
TSX : WCM.A

Wilmington Capital Management Inc.

May 12, 2005 10:14 ET

Wilmington Announces 2005 First Quarter Results

TORONTO, ONTARIO--(CCNMatthews - May 12, 2005) - Wilmington Capital Management Inc. (TSX:WCM) today announced net income of $0.3 million for the three months ended March 31, 2005, compared to $2.8 million in the same period in 2004. Net income per Class A and Class B share for the quarter was $0.04, compared to $0.26 per share in the same period last year. The prior period results include a gain of $2.2 million on the disposition of securities.

Wilmington owns a 34% interest in Parkbridge Lifestyle Communities Inc. (PRK.TO), an owner operator of manufactured home and recreational communities, and 1.5 million Class A shares of Brascan Corporation (BNN - TSX; NYSE), an asset management company. Wilmington also owns lands leased to commercial property owners which are located at 181 University Avenue in Toronto, Ontario and 370 Third Street in San Francisco, California. Wilmington is considering alternatives to maximize the value for shareholders of its real estate investments, which could include the sale or restructuring of these holdings.

The company's Board of Directors declared a semi-annual dividend of $0.08 per Class A and Class B share payable on June 30, 2005 to shareholders of record on June 14, 2005.

Wilmington is a Canadian investment company whose principal objective is to acquire and hold assets which are capable of providing stable cash flows and value creation over the longer term.



CONSOLIDATED BALANCE SHEETS

(unaudited)
March 31 December 31
In thousands 2005 2004
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Assets
Cash and cash equivalents $ 10,765 $ 10,665
Investment in Brascan Corporation(1) 28,500 28,500
Investment in Parkbridge Lifestyle
Communities Inc.(2) 25,284 25,307
Income producing properties 40,898 40,716
Other assets 1,631 1,594
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$ 107,078 $ 106,782
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Liabilities & Shareholders' Equity
Accounts payable and other liabilities $ 10,301 $ 10,395
Secured debt 40,600 40,470
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50,901 50,865
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Shareholders' equity
Preferred securities 727 768
Class A and Class B shares 55,450 55,149
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56,177 55,917
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$ 107,078 $ 106,782
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(1) Investment in Brascan Corporation consists of 1.5 million Class A
shares with a market value on May 10, 2005 of $71 million.
(2) Investment in Parkbridge Lifestyle Communities Inc. consists of
16.2 million common and non-voting shares with a market value
of $73 million based on the May 10, 2005 market price of the
common shares.


CONSOLIDATED STATEMENT OF OPERATIONS

(unaudited) Three months ended March 31
In thousands, except per share amounts 2005 2004
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Income
Income producing properties revenue $ 656 $ 676
Investment and other income 288 726
Disposition gain - 2,167
Equity accounted loss (23) (149)
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921 3,420
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Expenses
Operating 187 104
Interest 439 475
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626 579
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Income before income taxes 295 2,841
Income taxes - 11
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Net income $ 295 $ 2,830
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Net income per Class A and Class B share (3) $ 0.04 $ 0.26
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(3) Net income per Class A and Class B share is after payment of
preferred security distributions.


Brian D. Lawson, President and Chief Executive Officer will be available at 416-867-9370 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

  • Wilmington Capital Management Inc.
    Brian D. Lawson
    President and Chief Executive Officer
    416-867-9370