GLP NT Corporation
TSX : GP.A

August 10, 2006 12:38 ET

GLP NT Corporation Announces First Quarter Results

TORONTO, ONTARIO--(CCNMatthews - Aug. 10, 2006) - GLP NT Corporation (TSX:GP.A) today announced that income available for distribution for the three months ended June 30, 2006 was $2.5 million, compared to $2.7 million for the prior year. During the quarter ended June 30, 2006, dividends of $2.6 million were paid to the company's Class A shareholders, unchanged from last year.

As previously announced, on July 25, 2006 the Company's shareholders approved an amalgamation with Great Lakes Holdings Inc. and GLP Financial Limited. This amalgamation is expected to be effective October 1, 2006, following which the Company's Class A Non-Voting Redeemable Retractable shares will be delisted from the Toronto Stock Exchange.



STATEMENT OF NET EARNINGS
-------------------------

-------------------------------------------------------------
Three months ended June 30
(unaudited) --------------------------
$ thousands 2006 2005
-------------------------------------------------------------
Revenue
Investment income $ 2,547 $ 2,809

Expenses
Operating 37 123
-------------------------------------------------------------

Income available for distribution $ 2,510 $ 2,686
-------------------------------------------------------------
-------------------------------------------------------------


GLP NT Corporation is an equity dividend investment company, with an ownership interest in 17 million common shares of Brookfield Power Inc., a power generating company operating mainly in Canada and the United States.

George E. Myhal, the company's Chairman and President, 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

  • GLP NT Corporation
    George E. Myhal
    Chairman and President
    (416) 363-9491