MICC Investments Limited

November 28, 2006 17:35 ET

MICC Investments Limited Announces Third Quarter Results

TORONTO, ONTARIO--(CCNMatthews - Nov. 28, 2006) - MICC Investments Limited ("MICC") announced net income for the three months ended September 30, 2006 (the "quarter") of $1.0 million compared with $0.8 million for the corresponding period in 2005. During the quarter, the company recorded revenues and gains of $1.5 million consistent with the same period last year. The company also recorded an income tax expense during the quarter of $0.2 million. Net loss per common share after preference share dividends, for the three months ended September 30, 2006 was $0.01, compared with nil for the same period in 2005.



MICC INVESTMENTS LIMITED
CONSOLIDATED STATEMENTS OF OPERATIONS
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Three months ended Nine months ended
September 30 September 30
$thousands, except per share amounts 2006 2005 2006 2005
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Revenues and gains
Interest, dividends and other $ 984 $ 948 $ 6,520 $ 3,163
Investment gains 487 536 28,184 5,002
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1,471 1,484 34,704 8,165

Expenses 274 635 4,446 1,894
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Net income before taxes 1,197 849 30,258 6,271
Income tax expense 166 - 4,061 -
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Net income 1,031 849 26,197 6,271

Preference share dividends 1,608 704 4,035 1,829
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Net income (loss) after
preference share dividends $ (577) $ 145 $ 22,162 $ 4,442
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Net income (loss) per common
share (1) $ (0.01) $ - $ 0.31 $ 0.06
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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