MICC Investments Limited

April 10, 2007 16:42 ET

MICC Investments Announces 2006 Year-End Results

TORONTO, ONTARIO--(CCNMatthews - April 10, 2007) - MICC Investments Limited (the "Company") reported consolidated net income of $40.5 million for the year ended December 31, 2006, compared with consolidated net income of $7.6 million for 2005. The results for 2006 included gains on the sales of investments of $30.2 million compared to $5.1 million in 2005. These gains together with higher interest yields on the company's portfolio and an increase in the size of the investment portfolio, contributed to an increase in revenue levels by $34.1 million.

Expenses for 2006 were $0.7 million, compared to $3.0 million in 2005. The prior year's expenses included foreign currency translation losses of $1.1 million.



MICC INVESTMENTS LIMITED
CONSOLIDATED STATEMENT OF OPERATIONS

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Years Ended
December 31

$thousands, except per share amounts 2006 2005
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Revenues
Interest, dividends and other $ 14,484 $ 5,484
Investment gains 30,215 5,078
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44,699 10,562
Expenses 678 2,985
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Income before income taxes 44,021 7,577
Income taxes 3,546 -
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Net income 40,475 7,577

Preference share dividends 5,585 2,895
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Net income after preference share dividends $ 34,890 $ 4,682
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Net income per common share (1) $ 0.49 $ 0.07
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Note 1: Net income per common share is after preference share dividend
payments.

Contact Information

  • MICC Investments Limited
    David A. Rattee
    President and Chief Executive Officer
    (416) 591-5105