MICC Investments Limited

August 16, 2005 15:07 ET

MICC Investments Limited Announces 2005 Second Quarter Results

TORONTO, ONTARIO--(CCNMatthews - Aug. 16, 2005) - MICC Investments Limited (the "company") announced consolidated net income of $5.0 million for the three months ended June 30, 2005 (the "Quarter") compared with $0.6 million for the corresponding period in 2004. The results for the Quarter included gains on the realization of investment positions of $4.5 million, compared to $0.3 million during the same period in 2004. Net income per common share after preference share dividends, for the Quarter and six months ended June 30, 2005 was $0.063 and $0.061, respectively as compared to $0.001 and $0.061 for the same periods in 2004.

Subsequent to June 30, 2005, the company's short term debt of $50 million provided by CIGL Holdings Ltd. was converted into 2,000,000 Series B Preference shares at $25.00 per share. The Series B Preference shares are non-convertible, non-retractable and bear an 80% of average daily prime per annum cumulative dividend. The Preference shares are also non-voting and redeemable at the company's option at any time at $25.00 per share.



MICC INVESTMENTS LIMITED
CONSOLIDATED STATEMENT OF OPERATIONS

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Three months ended Six months ended
$thousands, except per June 30 June 30
share amounts 2005 2004 2005 2004
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Revenues
Interest, dividends and other $ 985 $ 699 $ 2,221 $ 1,485
Investment gains 4,460 310 4,460 4,746
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5,445 1,009 6,681 6,231

Expenses 447 404 1,259 759
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Income before taxes 4,998 605 5,422 5,472

Income taxes - - - -
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Net income 4,998 605 5,422 5,472

Preference share dividends 563 563 1,125 1,125
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Net income after preference
share dividends $ 4,435 $ 42 $ 4,297 $ 4,347
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Net income per common share(1) $ 0.063 $ 0.001 $ 0.061 $ 0.061
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(1) Net income (loss) 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