GLP NT Corporation
TSX : GP.NV.A

May 31, 2006 16:15 ET

GLP NT Corporation Announces Year-End Results

TORONTO, ONTARIO--(CCNMatthews - May 31, 2006) - GLP NT Corporation (TSX:GP.NV.A) today announced that income available for distribution for the year ended March 31, 2006 was $8.0 million, compared to $10.9 million for the prior year. During the year ended March 31, 2006, dividends of $10.2 million were paid to the company's Class A shareholders, unchanged from last year. The company settled an outstanding tax litigation during the quarter resulting in an increase in operating expenses of approximately $2.6 million.

The company's Board of Directors declared the regular quarterly dividend of $0.15 per Class A share, payable August 31, 2006 to shareholders of record on August 15, 2006.



STATEMENT OF NET EARNINGS
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Three months ended Year ended
March 31 March 31
(unaudited) -----------------------------------------
$ thousands 2006 2005 2006 2005
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Revenue
Investment $ 2,674 $ 2,809 $ 10,968 $ 11,224

Expenses
Operating 2,629 29 2,954 333
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Income available for
distribution $ 45 $ 2,780 $ 8,014 $ 10,891
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GLP NT Corporation is an equity dividend investment company, with an ownership interest in 17 million common shares of Brookfield Power Inc. (formerly Brascan 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