MICC Investments Limited

August 28, 2007 16:09 ET

MICC Investments Limited Announces Second Quarter Results

TORONTO, ONTARIO--(Marketwire - Aug. 28, 2007) - MICC Investments Limited ("MICC") announced net income for the three months ended June 30, 2007 (the "quarter") of $0.5 million compared with $0.7 million for the same period in 2006. During the quarter, the company recorded revenues of $1.2 million compared with $7.7 million for the same period last year. Included in revenues for the prior year are investment gains of $5.4 million, as compared to losses of $0.9 million during the current period. Net loss per common share after preference share dividends for the quarter was $0.01 consistent with the same period in 2006.

Expenses for the quarter were $0.7 million, compared to $4.0 million in the same period of 2006. The decrease was primarily attributable to a writedown of an investment position that was recorded in the corresponding period of 2006.

At the end of the period ended June 30, 2007, the Company had an investment portfolio with a fair market value of $175.9 million, of which $162.5 million was held in equity securities.

Looking forward, the company will continue to pursue investment opportunities in order to increase cash flow and enhance shareholder value.



MICC INVESTMENTS LIMITED
CONSOLIDATED STATEMENTS OF OPERATIONS

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Three months ended Six months ended
June 30 June 30
$thousands, except ---------------------- --------------------
per share amounts 2007 2006 2007 2006
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Revenues
Investment income $ 2,090 $ 2,371 $ 4,278 $ 6,368
Investment gains (losses) (853) 5,375 (853) 27,697
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1,237 7,746 3,425 34,065
Expenses 721 3,984 1,459 5,024
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Income before taxes 516 3,762 1,966 29,041
Income tax expense - 3,029 - 3,875
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Net income 516 733 1,966 25,166
Preference share dividends 993 1,225 1,975 2,426
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Net income (loss) after
preference share dividends $ (477) $ (492) $ (9) $ 22,740
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Net income (loss) per
common share(1) $ (0.01) $ (0.01) $ - $ 0.32
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Note 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