Premium Income Corporation

Premium Income Corporation

January 17, 2017 16:03 ET

Premium Income Corporation Announces Year End Results

TORONTO, ONTARIO--(Marketwired - Jan. 17, 2017) - (TSX:PIC.A)(TSX:PIC.PR.A) Premium Income Corporation today announces results of operations for the fiscal year ended October 31, 2016. Increase in net assets attributable to holders of Class A shares amounted to $10.9 million or $1.03 per Class A share. Net assets attributable to holders of Class A shares were $63.9 million or $6.00 per Class A share. Cash distributions of $0.86 per Preferred share and $0.81 per Class A share were paid during the year.

Premium Income Corporation is a mutual fund corporation, which invests in a portfolio consisting principally of common shares of Bank of Montreal, The Bank of Nova Scotia, Canadian Imperial Bank of Commerce, National Bank of Canada, Royal Bank of Canada, and the Toronto Dominion Bank. The Fund employs a proprietary investment strategy, Strathbridge Selective Overwriting, to enhance the income generated by the portfolio and to reduce volatility. In addition, the Fund may write cash covered put options in respect of securities in which it is permitted to invest.

The investment portfolio of the Fund is managed by its investment manager, Strathbridge Asset Management Inc. The Fund's Preferred and Class A shares are listed on the Toronto Stock Exchange under the symbols PIC.PR.A and PIC.A respectively.

Selected Financial Information: ($ Millions)
Statement of Financial Position 2016
As at October 31
Assets $ 224.3
Liabilities (160.4 )
Net Assets Attributable to Holders of Class A Shares $ 63.9
Statement of Comprehensive Income
Year ended October 31
Income $ 22.9
Expenses (2.8 )
Operating Profit 20.1
Preferred Share Distributions (9.2 )
Increase in Net Assets Attributable to Holders of Class A Shares $ 10.9

For further information, please contact Investor Relations at 416.681.3966, toll free at 1.800.725.7172 or visit

Commissions, trailing commissions, management fees and expenses all may be associated with investment funds. Please read the prospectus before investing. Investment funds are not guaranteed, their values change frequently and past performance may not be repeated.

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