BNN Investments Announces Fourth 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 -- BNN BNN Boston Neighborhood Network BNN Boundary Network Node (IBM) BNN Back-Propagation Neural Network BNN Biological Neural Network BNN Bart's Neverending Network (public-service TV network in The Netherlands) Investments Ltd. (TSX TSX Toronto Stock Exchange (TSE before April, 2002) TSX Transfer from Stack Pointer to Index TSX True Space Extension :BNB BNB Bed 'n Breakfast BNB Banco do Nordeste do Brasil (Brazil) BNB Banque Nationale de Belgique BNB Bulgarian National Bank BNB British National Bibliography BNB Bad News Bears (movie) ) today announced its financial results for the year ended December December: see month. 31, 2005. The company recorded a net loss of $1.1 million for the year ended December 31, 2005, compared with a net loss of $0.5 million in 2004. After providing for preferred share dividend obligations, the net loss per common share was $1.48 for 2005, compared with a net loss per common share of $1.46 in 2004. BNN Investments is a publicly listed investment company A listed investment company or LIC is an Australian closed end collective investment scheme similar to investment trusts in the UK. They are traded as other securities on the Australian stock market. See also
A mandate might be issued upon the decision of an appeal, which directs that a particular action be taken, or upon a is to provide its common shareholders with a leveraged investment in the securities of Brookfield Asset Management  This article or section is written like an .Please help [ rewrite this article] from a neutral point of view. Mark blatant advertising for , using . Inc. ("Brookfield Brookfield. 1 Village (1990 pop. 18,876), Cook co., NE Ill., a residential suburb of Chicago; inc. 1893. The noted Chicago Zoological Park (Brookfield Zoo) is there. 2 City (1990 pop. 35,184), Waukesha co., SE Wis. "), which currently consists of 17,418,000 Class A Limited Voting Limited voting is a voting system in which electors have fewer votes than there are positions available. The positions are awarded to the candidates who receive the most votes absolutely. shares of Brookfield. At its meeting on March 1, 2006, the Board of Directors decided to seek shareholder approval to change the name of the company to BAM Bam (bäm), town (1996 pop. 70,100), Kerman prov., SE Iran, on the intermittent Bam River. Located on the western edge of the Dasht-e Lut, Bam is a trade center in a henna-growing region. Dates and other fruits are also grown; camels are raised. Investments Ltd. to reflect new ticker symbol Ticker Symbol An arrangement of characters (usually letters) representing a particular security listed on an exchange or otherwise traded publicly. When a company issues securities to the public marketplace, it selects an available ticker symbol for its securities which investors , BAM, of its principal investee company, Brookfield.
Consolidated Statements of Operations
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Three months ended Year ended
December 31 December 31
$thousands, except per ------------------------------------------
share amounts 2005 2004 2005 2004
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Investment income $ 3,140 $ 2,821 $ 12,693 $ 12,042
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Expenses
Operating 187 77 534 681
Interest - - - 56
Amortization of
deferred
financing costs 377 258 1,511 1,319
Retractable preferred
share dividends 2,944 2,943 11,773 10,517
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3,508 3,278 13,818 12,573
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Net loss (368) (457) (1,125) (531)
Preferred share
dividends (1,248) (1,239) (4,969) (5,202)
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Net loss for common
Shareholders $ (1,616) $ (1,696) $ (6,094) $ (5,733)
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Net loss per
common share $ (0.39) $ (0.38) $ (1.48) $ (1.46)
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Net Asset Value The calculated net asset value of the company's common shares as at December 31, 2005 based on the stock market price of Brookfield's Class A shares of $58.61 was $137.37 per share. A $1.00 change in the value of Brookfield's Class A shares results in a $3.20 change in the calculated net asset value of a BNN Investments common share. The net asset value per common share does not take into account tax and transaction costs Transaction Costs Costs incurred when buying or selling securities. These include brokers' commissions and spreads (the difference between the price the dealer paid for a security and the price they can sell it). on disposition Act of disposing; transferring to the care or possession of another. The parting with, alienation of, or giving up of property. The final settlement of a matter and, with reference to decisions announced by a court, a judge's ruling is commonly referred to as disposition, regardless of .
Statement of Financial Position
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As at December 31, 2005
$thousands, except ----------------------------------
per share amounts Net Asset Value(5) Book Value
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Assets
Cash and equivalents $ 4,425 $ 4,425
Brookfield Asset
Management Inc.(1) 1,020,869 333,967
Deferred financing costs - 2,683
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1,025,294 341,075
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Liabilities(2)
Accounts payable and provisions 1,974 1,974
Retractable preferred shares(3) 205,000 205,000
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206,974 206,974
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Shareholders' Equity
Preferred shares 70,750 70,750
Common shares 747,570 63,351
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818,320 134,101
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$ 1,025,294 $ 341,075
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Per Common Share(4) $ 137.37 $ 11.64
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1) The investment in Brookfield Asset Management Inc. ("Brookfield")
represents 17,418,000 Class A Limited Voting shares of Brookfield
with a market value of $58.61 per share as at December 31, 2005.
2) The net asset value of liabilities approximates their respective
book values.
3) Represents $205.0 million retractable preferred shares issued by
BNN Split Corp., which is a subsidiary of the company.
4) As at December 31, 2005, there were 5,433,918 common shares of the
company issued and outstanding.
5) The company has access to $91.4 million of available tax shield
as a result of the tax value of the company's assets exceeding
book value and non-capital losses.
Note: 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. ". The words "believe", "expect", "anticipate", "intend", "estimate" and other expressions which are predictions of or indicate future events and trends and which do not relate to historical matters identify forward-looking statements. Reliance should not be placed on forward-looking statements because they involve known and unknown risks, uncertainties and other factors, which may cause the actual results, performance or achievements of the company to differ materially from anticipated future results, performance or achievements expressed or implied Inferred from circumstances; known indirectly. In its legal application, the term implied is used in contrast with express, where the intention regarding the subject matter is explicitly and directly indicated. by such forward-looking statements. Factors that could cause actual results to differ materially from those set forth in the forward-looking statements include general economic conditions, interest rates, availability of equity and debt financing Debt Financing When a firm raises money for working capital or capital expenditures by selling bonds, bills, or notes to individual and/or institutional investors. In return for lending the money, the individuals or institutions become creditors and receive a promise to repay and other risks detailed from time to time in the company's continuous disclosure documents. The company undertakes no obligation to publicly update or revise any forward-looking statement, whether as a result of new information, future events or otherwise. BNN Investments Ltd. (TSX:BNB) |
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