BNN Split Corp. Announces 2005 Second Quarter Results.TORONTO -- 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) Split Corp. (TSX TSX Toronto Stock Exchange (TSE before April, 2002) TSX Transfer from Stack Pointer to Index TSX True Space Extension :BNA BNA Bureau of National Affairs, Inc. BNA Birds of North America BNA block numbering area (US Census) BNA British North America BNA Banco Nacional de Angola (National Bank of Angola) ) announced today that income available for distribution for the six months ended March 31, 2005 was $6.2 million, compared to $4.7 million in the same period last year. Investment income for this period increased from $5.0 million to $6.4 million due principally to dividends received on 3 million additional Brascan 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 acquired in 2004. Operating expenses Operating expenses The amount paid for asset maintenance or the cost of doing business, excluding depreciation. Earnings are distributed after operating expenses are deducted. decreased to $0.1 million in 2005 compared to $0.3 million in 2004 due to costs associated with the additional Preferred share issue in 2004. For the quarter ended March 31, 2005, the company paid dividends of $2.9 million and $0.1 million to its Preferred and Capital shareholders respectively, compared with $2.0 million and $0.6 million for the same period in 2004. The Board of Directors declared quarterly dividends of $0.390625, $0.309375 and $0.01477 per Preferred share Class A, and Class AA Series 1 and Capital share of the company, respectively, payable on June 7, 2005 to shareholders of record on May 22, 2005. The net asset value per unit, consisting of one Preferred share and one Capital share, was $84.53 based on a Brascan share price of $45.70 as at March 31, 2005. The net asset value per Preferred share is posted monthly on www.bnnsplit.ca.
STATEMENTS OF INCOME AND DEFICIT
Three months ended Six months ended
(unaudited) March 31 March 31
$thousands 2005 2004 2005 2004
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Income
Investment $ 3,080 $ 2,501 $ 6,363 $ 5,005
Expenses
Operating 44 52 124 284
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Income available for
distribution 3,036 2,449 6,239 4,721
Dividends paid on
Senior Preferred
shares (2,944) (1,953) (5,886) (3,907)
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Income available for
distribution on Capital
and Class A Voting
shares 92 496 353 814
Dividends paid on
Capital shares (92) (600) (353) (1,200)
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- (104) - (386)
Deficit, beginning of
period (7,774) (4,164) (7,774) (3,882)
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Share issue costs - (2,600) - (2,600)
Deficit, end of
period $ (7,774) $ (6,868) $ (7,774) $ (6,868)
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Dividends per Senior
Preferred share -
Class A $ 0.3906 $ 0.3906 $ 0.7813 $ 0.7813
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Dividends per Senior
Preferred share -
Class AA, Series 1 $ 0.3094 $ - $ 0.6188 $ -
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BNN Split Corp. owns a portfolio consisting of 17,418,000 Class A Limited Voting Shares of Brascan Corporation in order to generate quarterly fixed cumulative preferential pref·er·en·tial adj. 1. Of, relating to, or giving advantage or preference: preferential treatment. 2. dividends for the holders of the company's 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. and to enable the holders of the company's Capital shares to participate in any capital appreciation of Brascan Shares. Brascan Corporation is an asset management company, with a focus on property, power and other infrastructure assets. Brascan has direct investments of US$20 billion and a further US$20 billion of assets under management Assets Under Management (AUM) is a term used by financial services companies in the mutual fund and money management or investment management business to gauge how much money they are managing. . This includes 70 premier office properties and over 120 power generating plants. Brascan is listed on the New York New York, state, United States New York, Middle Atlantic state of the United States. It is bordered by Vermont, Massachusetts, Connecticut, and the Atlantic Ocean (E), New Jersey and Pennsylvania (S), Lakes Erie and Ontario and the Canadian province of and Toronto stock exchanges Toronto Stock Exchange (TSE) Canada's largest stock exchange, trading approximately 1,200 company stocks and 33 options. under the symbols BNN and BNN.LV.A, respectively. Sachin G. Shah Shah is a Persian term for a monarch (ruler) that has been adopted in many other languages. This term is a Post Islamic Revolution term for monarchs in Iran which is replaced by valie faghih or Supreme Leader. , Chief Financial Officer, will be available at (416) 363-0061 to answer any questions on the company's financial results. 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. BNN Split Corp. (TSX:BNA) |
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