Brookfield Investments Corporation
TSX VENTURE : BRN.PR.A

Brookfield Investments Corporation

November 29, 2013 18:33 ET

Brookfield Investments Corporation Announces Third Quarter Financial Results

TORONTO, ONTARIO--(Marketwired - Nov. 29, 2013) - Brookfield Investments Corporation (the "company") (TSX VENTURE:BRN.PR.A) reported $68 million of net income or $1.37 per common share for the three months ended September 30, 2013 compared to $23 million or $0.47 per common share in the same period in 2012. Net income increased by $45 million primarily due to $52 million of disposition gains prior to deferred taxes, including a $37 million gain on partial sale of the company's investment in Western Forest Products Inc. common shares.

Comprehensive income, which consists of net income and other comprehensive income was $19 million compared to $11 million in the same period of the prior year. Other comprehensive income was a $49 million loss during the quarter, compared to a $12 million loss in the 2012 quarter. The current period included mark-to-market losses on the company's indirectly held investments in Brookfield Property Partners L.P.

Brookfield Investments Corporation holds investments in the property and forest products sectors, as well as a portfolio of preferred shares issued by companies within the Brookfield group. The common shares of Brookfield Investments Corporation are wholly owned by Brookfield Asset Management Inc. Brookfield Asset Management Inc. is a global alternative asset manager with over $175 billion in assets under management, has over 100-year history of owning and operating assets with a focus on property, renewable power, infrastructure and private equity and is co-listed on the New York and Toronto Stock Exchanges under the symbol BAM and BAM.A, respectively.

Derek Gorgi, Vice President and Chief Financial Officer, will be available at 416-363-9491 to answer any questions on the company's financial results.

CONSOLIDATED BALANCE SHEETS
(unaudited)
September 30 December 31
(US$ millions) 2013 2012
Assets
Current assets
Deposits receivable $ 447 $ 180
Securities 46 224
Investments - Securities - 943
Non-current assets
Investments - Securities 316 245
Investments - Associates 1,291 740
$ 2,100 $ 2,332
Liabilities
Current liabilities
Accounts payable $ 10 $ 1
Retractable preferred shares 1,120 1,142
Deferred income tax liabilities 9 58
Equity 961 1,131
$ 2,100 $ 2,322
CONSOLIDATED STATEMENTS OF OPERATIONS
Three months ended Nine months ended
(unaudited) September 30 September 30
(US$ millions, except per share amounts) 2013 2012 2013 2012
Investment Income
Equity accounted income $ 25 $ 23 $ 99 $ 20
Disposition gains 52 - 52 -
Dividend and interest income 3 11 17 32
Foreign exchange income (loss) 2 (3 ) 4 (1 )
82 31 172 51
Expenses
Interest (7 ) (8 ) (22 ) (22 )
Net income before income taxes 75 23 150 29
Income tax expense (7 ) - (11 ) -
Net income $ 68 $ 23 $ 139 $ 29
Net income per common share $ 1.37 $ 0.47 $ 2.79 $ 0.59
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS)
Three months ended Nine months ended
(unaudited) September 30 September 30
(US$ millions) 2013 2012 2013 2012
Net income $ 68 $ 23 $ 139 $ 29
Other comprehensive income (loss)
Items that may be reclassified to net income
Foreign currency translation - 18 (39 ) 24
Available-for-sale securities - fair value changes 9 (28 ) (5 ) 94
Equity accounted other comprehensive loss (71 ) (2 ) (431 ) (5 )
Deferred income tax 13 - 53 (3 )
(49 ) (12 ) (422 ) 110
Comprehensive income (loss) $ 19 $ 11 $ (283 ) $ 139

Contact Information

  • Brookfield Investments Corporation
    Derek Gorgi
    Vice President and Chief Financial Officer
    416-363-9491