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

Diversified Canadian Financial II Corp.

November 10, 2005 17:50 ET

Diversified Canadian Financial II Corp. Announces Its Second Quarter Results

TORONTO, ONTARIO--(CCNMatthews - Nov. 10, 2005) - Diversified Canadian Financial II Corp. (TSX:DCC.PR.A) today announced that income available for distribution for the six months ended September 30, 2005 was $9.6 million, up from $9.3 million in the same period last year due to a gain on the disposition of preferred shares and a higher overall yield on the preferred share portfolio. During the six months ended September 30, 2005, the company paid dividends of $6.1 million and $3.3 million to its Senior Preferred and Capital shareholders, respectively.

On November 10, 2005, the company's Board of Directors declared the regular quarterly dividend of $0.38125 per Senior Preferred share, payable December 31, 2005 to shareholders of record on December 20, 2005.

Diversified Canadian Financial II 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 $4,715 $4,805 $9,470 $9,351
Gain on disposition - - 200 -
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4,715 4,805 9,670 9,351
EXPENSES
Operating 35 32 83 95
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INCOME AVAILABLE FOR
DISTRIBUTION $4,680 $4,773 $9,587 $9,256
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BALANCE SHEET
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(unaudited)

($ thousands) September 30, March 31,
2005 2005
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ASSETS
Cash and cash equivalents $ 12,731 $ 244
Investment portfolio 321,775 334,075
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$ 334,506 $ 334,319
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LIABILITIES
Class A shares $ 1 $ 1
Senior Preferred shares 200,000 200,000
SHAREHOLDERS' EQUITY
Share capital 140,960 140,960
Deficit (6,455) (6,642)
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$ 334,506 $ 334,319
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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 II Corp.
    Bruce K. Robertson
    President and Chief Executive Officer
    (416) 363-9491