Wilmington Capital Management Inc.
TSX : WCM

Wilmington Capital Management Inc.

August 12, 2005 13:22 ET

Wilmington Announces 2005 Second Quarter Results

TORONTO, ONTARIO--(CCNMatthews - Aug. 12, 2005) - Wilmington Capital Management Inc. (TSX:WCM) today announced net income of $1.1 million for the three months ended June 30, 2005, compared to $0.8 million in the same period in 2004. Net income per Class A and Class B share for the quarter was $0.13, compared to $0.01 per share in the same period last year.

Net income for the six months ended June 30, 2005 was $1.4 million or $0.17 per Class A and Class B share, compared to $3.7 million or $0.27 per share in the same period last year. The results for the first six months of 2004 included a gain of $2.3 million on the disposition of securities.

Wilmington owns a 34% interest in Parkbridge Lifestyle Communities Inc. (PRK-TSX), an owner-operator of manufactured home and recreational communities, and 1.5 million Class A shares of Brascan Corporation (BNN - TSX; NYSE), an asset management company. Wilmington also owns lands leased to commercial property owners which are located at 181 University Avenue in Toronto, Ontario and 370 Third Street in San Francisco, California. Wilmington is considering alternatives to maximize the value for shareholders of its real estate investments, which could include the sale, distribution or restructuring of these holdings.

Wilmington is a Canadian investment company whose principal objective is to acquire and hold assets which are capable of providing stable cash flows and value creation over the longer term.



CONSOLIDATED BALANCE SHEETS

(unaudited)
June 30 December 31
In thousands 2005 2004
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Assets
Cash and cash equivalents $ 10,652 $ 10,665
Investment in Brascan Corporation(1) 28,500 28,500
Investment in Parkbridge Lifestyle
Communities Inc.(2) 26,032 25,307
Income producing properties 41,263 40,716
Other assets 1,625 1,594
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$ 108,072 $ 106,782
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Liabilities & Shareholders' Equity
Accounts payable and other liabilities $ 10,413 $ 10,395
Secured debt 40,920 40,470
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51,333 50,865
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Shareholders' equity
Preferred securities 720 768
Class A and Class B shares 56,019 55,149
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56,739 55,917
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$ 108,072 $ 106,782
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(1) Investment in Brascan Corporation consists of 1.5 million Class
A shares with a market value on August 11, 2005 of $68.8 million.
(2) Investment in Parkbridge Lifestyle Communities Inc. consists of
16.2 million common and non-voting shares with a market value of
$83.3 million based on the August 11, 2005 market price of the
common shares.


CONSOLIDATED STATEMENT OF OPERATIONS

(unaudited) Three months Six months
In thousands, except per ended June 30 ended June 30
share amounts 2005 2004 2005 2004
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Income
Income producing properties
revenue $ 669 $ 687 $ 1,325 $ 1,363
Investment and other income 352 637 640 1,363
Disposition gain -- 126 -- 2,293
Equity accounted income (loss)
from Parkbridge 753 (149) 730 (298)
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1,774 1,301 2,695 4,721
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Expenses
Operating 199 100 386 204
Interest 448 354 887 829
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647 454 1,273 1,033
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Income before income taxes 1,127 847 1,422 3,688
Income taxes 54 -- 54 11
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Net income $ 1,073 $ 847 $ 1,368 $ 3,677
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Net income per Class A and
Class B share (3) $ 0.13 $ 0.01 $ 0.17 $ 0.27
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(3) Net income per Class A and Class B share is after payment of
preferred security distributions.


Brian D. Lawson, President and Chief Executive Officer will be available at 416-867-9370 to answer any questions on the company's financial results.

This news release contains forward-looking statements concerning the company's business and operations. The company cautions that, by their nature, forward-looking statements involve risk and uncertainty and the company's actual results could differ materially from those expressed or implied in such statements. Reference should be made to the most recent Annual Information Form for a description of the major risk factors.

Contact Information

  • Wilmington Capital Management Inc.
    Brian D. Lawson
    President and Chief Executive Officer
    (416) 867-9370