MICC Investments Limited

November 29, 2007 16:35 ET

MICC Investments Limited Announces Third Quarter Results

TORONTO, ONTARIO--(Marketwire - Nov. 29, 2007) - MICC Investments Limited ("MICC") announced a net loss for the three months ended September 30, 2007 (the "quarter") of $1.1 million compared with net income of $1.0 million for the same period in 2006. During the quarter, the company recorded revenues of $0.9 million compared with $1.5 million for the same period last year. The decline in revenue is primarily attributable to the realization of $0.5 million of investment gains in the prior period. Net loss per common share after preference share dividends for the quarter was $0.02 compared with $0.01 for the same period last year.

As at September 30, 2007, the Company had an investment portfolio with a fair market value of $198.9 million, of which $185.2 million was held in equity securities.

Subsequent to the quarter ended September 30, 2007, the company sold one of its investments for an after-tax gain of approximately $85.0 million.

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 Nine months ended
September 30 September 30
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$thousands, except per share amounts 2007 2006 2007 2006
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Revenues
Investment income $ 856 $ 984 $ 5,134 $ 6,520
Realized investment gains (losses) - 487 (853) 28,184
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856 1,471 4,281 34,704
Expenses 1,928 274 3,387 4,446
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Income before taxes (1,072) 1,197 894 30,258
Income tax expense - 166 - 4,061
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Net income (loss) (1,072) 1,031 894 26,197
Preference share dividends 415 1,608 2,390 4,035
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Net income (loss) after preference
share dividends $ (1,487) $ (577) $(1,496) $22,162
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Net income (loss) per common
share (1) $ (0.02) $ (0.01) $ (0.02) $ 0.31
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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