Diversified Canadian Financial Corp.
TSX : DCF.PR.A

Diversified Canadian Financial Corp.

November 10, 2005 18:03 ET

Diversified Canadian Financial Corp. Announces its Second Quarter Results

TORONTO, ONTARIO--(CCNMatthews - Nov. 10, 2005) - Diversified Canadian Financial Corp. (TSX:DCF.PR.A) today announced that income available for distribution for the six months ended September 30, 2005 was $7.2 million, up from $5.5 million in the same period last year due to a gain earned on the disposition of preferred shares. During the six months ended September 30, 2005 dividends of $4.4 million and $1.3 million were paid to the company's Senior Preferred and Capital shareholders, respectively.

On October 21, 2005, the board of directors of Diversified Canadian Financial Corp. approved the redemption of its Class A Preferred Shares, Series 1. The shares will be redeemed on Thursday, December 1, 2005 for C$25.50 per share plus accrued dividends of C$0.2925 per share.

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



STATEMENT OF INCOME
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Three months ended Six months ended
unaudited September 30 September 30
($ thousands) 2005 2004 2005 2004
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INCOME
Investment $ 2,752 $ 2,858 $ 5,752 $ 5,561
Gain on disposition - - 1,534 -
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2,752 2,858 7,286 -

EXPENSES
Operating 36 26 73 78
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INCOME AVAILABLE FOR
DISTRIBUTION $ 2,716 $ 2,83 $ 7,213 $ 5,483
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BALANCE SHEET
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(unaudited)
($ thousands) September 30, 2005 March 31, 2005
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ASSETS
Cash and cash equivalents $ 26,546 $ 242
Investment portfolio 190,604 215,320
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$ 217,150 $ 215,562
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LIABILITIES
Senior Preferred shares $ 125,000 $ 125,000

SHAREHOLDERS' EQUITY
Share capital 94,001 94,001
Deficit (1,851) (3,439)
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$ 217,150 $ 215,562
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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 Corp.
    Bruce K. Robertson
    President and Chief Executive Officer
    (416) 363-9491