MICC Investments Limited

April 06, 2006 17:20 ET

MICC Investments Announces Fourth Quarter Results

TORONTO, ONTARIO--(CCNMatthews - April 6, 2006) - MICC Investments Limited (the "Company") announced consolidated net income of $7.6 million for the year ended December 31, 2005, compared with consolidated net income of $19.6 million for 2004. The Company recorded lower gains on sale of investments during the year, which coupled with lower interest yields on the Company's portfolio contributed to a decline in revenue levels by $7.8 million. The Company also recorded a tax recovery of $3 million in the prior year, which contributed to the year-over-year decline in consolidated net income.



MICC INVESTMENTS LIMITED
CONSOLIDATED STATEMENT OF OPERATIONS

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Years Ended
December 31

$thousands, except per share amounts 2005 2004
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Revenues
Interest, dividends and other $ 5,484 $ 8,701
Investment gains 5,078 9,674
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10,562 18,375
Expenses 2,985 1,790
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Income Before Taxes 7,577 16,585
Income Tax recovery - 3,000
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Net Income 7,577 19,585

Preference Share Dividends 2,895 2,250
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Net Income After Preference Share Dividends $ 4,682 $ 17,335
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Net Income Per Common Share (1) $ 0.07 $ 0.24
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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