BNN Split Corp. Announces First 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 three months ended December 31, 2004 was $3.2 million, compared to $2.3 million in the same period last year. Investment income for this period increased from $2.5 million to $3.3 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 March, 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 $80,000 in 2004 compared to $0.2 million in 2003. For the quarter ended December 31, 2004, the company paid dividends of $2.9 million and $0.3 million to its Preferred and Capital shareholders respectively, compared with $1.9 million and $0.6 million for the same period in 2003. The Board of Directors declared quarterly dividends of $0.390625, $0.309375 and $0.01367 per Preferred share Class A, and Class AA Series 1 and Capital share of the company, respectively, payable on March 7, 2005 to shareholders of record on February 22, 2005. The net asset value per unit, consisting of one Preferred share and one Capital share, was $79.85 based on a Brascan share price of $43.15 as at December 31, 2004. The net asset value per Preferred share is posted monthly on www.bnnsplit.ca.
STATEMENTS OF INCOME AND DEFICIT
(unaudited) Three months ended December 31
$thousands, except per share amounts 2004 2003
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Income
Investment $ 3,283 $ 2,503
Expenses
Operating 80 231
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Income available for
distribution 3,203 2,272
Dividends paid on Senior
Preferred shares (2,942) (1,954)
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Income available for
distribution on Capital
and Class A shares 261 318
Dividends paid on Capital
shares (261) (600)
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- (282)
Deficit, beginning of
period (7,774) (3,882)
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Deficit, end of period $ (7,774) $ (4,164)
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Dividends per Senior
Preferred share - Class A $ 0.3906 $ 0.3906
Dividends per Senior
Preferred share - Class
AA $ 0.3094 $ -
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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$19 billion and a further US$7 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, 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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