MICC Investments Limited

May 29, 2006 16:15 ET

MICC Investments Limited Announces First Quarter Results

TORONTO, ONTARIO--(CCNMatthews - May 29, 2006) - MICC Investments Limited ("MICC") announced net income for the three months ended March 31, 2006 (the "quarter") of $24.4 million compared with $0.4 million for the corresponding period in 2005. The results for the quarter included gains of $22.3 million on the realization of investment positions, and a one-time fee of $2.5 million, compared to nil in the corresponding period in 2005. Net income per common share after preference share dividends, for the three months ended March 31, 2006 was $0.33 as compared to nil for the same period in 2005.



MICC INVESTMENTS LIMITED
CONSOLIDATED STATEMENTS OF OPERATIONS

---------------------------------------------------------------------

Three Months ended March 31
$thousands, except per share amounts 2006 2005
---------------------------------------------------------------------

Revenues
Interest, dividends and fee income $ 3,997 $ 1,237
Investment gains 22,322 -
---------------------------------------------------------------------
26,319 1,237
Expenses 1,040 812
---------------------------------------------------------------------
Income before taxes 25,279 425
Income tax expense (846) -
---------------------------------------------------------------------
Net income 24,433 425
Preference share dividends 1,201 563
---------------------------------------------------------------------
Net income after preference share
dividends $ 23,232 $ (138)
---------------------------------------------------------------------
---------------------------------------------------------------------
Net income per common share(1) $ 0.33 $ -
---------------------------------------------------------------------
---------------------------------------------------------------------
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