B.C. Pacific Capital Corporation Announces 3rd Quarter Results.TORONTO Toronto (tərŏn`tō), city (1998 est pop. 2,400,000), provincial capital, S Ont., Canada, on Lake Ontario. Toronto is the largest city in Canada and since the 1970s has been one of the fastest-changing cities in North America, experiencing -- B.C. Pacific Capital Corporation (TSX TSX Toronto Stock Exchange (TSE before April, 2002) TSX Transfer from Stack Pointer to Index TSX True Space Extension VENTURE:BPQ BPQ Bibliothèques Publiques du Québec (French) BPQ Breathing Problems Questionnaire BPQ Buying Power Quota BPQ Behavioral Pediatrics Questionnaire BPQ Behavior Prediction Questionnaire BPQ Body Perception Questionnaire .A) announced today its third quarter results. For the three months ended September September: see month. 30, 2004, B.C. Pacific reported net income of $0.4 million, compared with $3.7 million in the corresponding period of 2003. After providing for preferred share dividends, the company incurred a net loss to common shareholders of $0.2 million or nil per common share for the current quarter compared with a net income of $3.0 million in 2003 or 22 cents in 2003. Earnings for the third quarter of 2003 were higher as a result of equity accounted earnings from the company's investment in Northgate Minerals, which was sold in late 2003. For the nine months ended September 30, 2004, net income totalled $9.1 million compared with a loss of $2.6 million for the same period in 2003. After providing for dividends on the Series 2 preferred shares Preferred shares Preferred shares give investors a fixed dividend from the company's earnings and entitle them to be paid before common shareholders. See: Preferred stock. , the company reported net income of 8 cents per common share in the current period, compared with a loss of 34 cents in the prior period. The increase in earnings for the nine months is a result of a recovery on a merchant banking loan.
FINANCIAL RESULTS
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Three months ended Nine months ended
September 30 September 30
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(unaudited) $thousands, except
per share amounts 2004 2003 2004 2003
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Revenue $ 1,076 $ 1,231 $ 12,395 $ 4,412
Expenses 715 1,998 3,308 6,698
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Net income (loss) before the
following 361 (767) 9,087 (2,286)
Income (loss) from equity
accounted investment - 4,474 - (286)
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Net income (loss) $ 361 $ 3,707 $ 9,087 $ (2,572)
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Net income (loss) per diluted
common share $ - $ 0.22 $ 0.08 $ (0.34)
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B.C. Pacific Capital Corporation is a British Columbia British Columbia, province (2001 pop. 3,907,738), 366,255 sq mi (948,600 sq km), including 6,976 sq mi (18,068 sq km) of water surface, W Canada. Geography based financial and investment corporation providing mezzanine mez·za·nine n. 1. A partial story between two main stories of a building. 2. The lowest balcony in a theater or the first few rows of that balcony. bridge loans and management services to corporations encountering financial difficulties, requiring merger and acquisition advice or operational evaluations The test and analysis of a specific end item or system, insofar as practicable under Service operating conditions, in order to determine if quantity production is warranted considering: a. the increase in military effectiveness to be gained; and b. . B.C. Pacific also uses its own capital to invest in undervalued companies undervalued company A firm whose assets and potential earning power are not adequately reflected in its stock price. Although such firms are more likely to be subject to takeover attempts than others, determining whether a particular firm is actually and assets, primarily in the natural resources, real estate and financial service areas, where management initiatives can enhance longer term prospects. The company is listed on the TSX-Venture Stock Exchange under the symbol BPQ.A and BPQ.B. This news release contains forward-looking statements forward-looking statement A projected financial statement based on management expectations. A forward-looking statement involves risks with regard to the accuracy of assumptions underlying the projections. 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. B.C. PACIFIC CAPITAL CORPORATION (TSX VENTURE:BPQ.A) |
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