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

B.C. Pacific Capital Corporation

November 28, 2006 10:41 ET

B.C. Pacific Capital Corporation Announces Third Quarter Results

VANCOUVER, BRITISH COLUMBIA--(CCNMatthews - Nov. 28, 2006) - B.C. Pacific Capital Corporation (TSX VENTURE:BPQ.A) (the "company") announced today its third quarter financial results for 2006. B.C. Pacific reported income for the three months and nine months ended September 30, 2006 of $21.2 million and $12.4 million respectively, compared to a net income of $0.4 million and $3.6 million, respectively, for the same periods in 2005. During the quarter, the company recorded revenues of $22.6 million compared to $0.8 million in the same period last year. This increase is primarily attributable to the successful monetization of an investment position for a gain of $23.3 million. Net income for the quarter ended September 30, 2006 was $21.2 million, compared to $0.4 million in the corresponding period in 2005. After providing for dividends on the company's preferred shares, income per Class A Subordinate Voting share and Class B Common share were $0.16 for the three months and $0.10 for the nine months ended September 30, 2006, compared to earnings per share of $0.01 and $0.05, in the same periods of the prior year.



FINANCIAL RESULTS
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Three months ended Nine months ended
(unaudited) September 30 September 30
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$thousands, except per share amounts 2006 2005 2006 2005
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Revenue $ 22,546 $ 799 $ 29,148 $ 7,092

Expenses 1,382 418 16,798 3,501
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Net income $ 21,164 $ 381 $ 12,350 $ 3,591
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Net income per Class A and
Class B common shares $ 0.16 $ 0.01 $ 0.10 $ 0.05
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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