CONTINENTAL BANK OF Canada announces financial results.TORONTO--(BUSINESS WIRE)--Dec. 16, 1994--CONTINENTAL BANK(TSE See Tokyo Stock Exchange. TSE 1. See Tokyo Stock Exchange (TSE). 2. See Toronto Stock Exchange (TSE). :CTL See control key. 1. CTL - Checkout Test language. 2. CTL - Compiler Target Language. 3. CTL - Computational Tree Logic ) Continental Bank of Canada The Continental Bank of Canada was a chartered bank formed in Canada when IAC, a financing company, decided to expand the scope of operations in the 1980s. This small bank struggled for several years before being acquired by Lloyds Bank of the United Kingdom. announced its financial results for the fiscal year ended October 31, 1994 and at the same time has mailed its Annual Report for 1994 to its shareholders. The net realizable value Net realizable value (NRV) is a commonly used method of evaluating an asset's worth in the field of inventory accounting. NRV is part of GAAP rules that apply to valuing inventory, so as to not overstate or understate the value of inventory goods. of shareholders' equity at year end was $6.9 million or $0.51 per share. In its Annual Report, the Bank reported that the tax litigation An action brought in court to enforce a particular right. The act or process of bringing a lawsuit in and of itself; a judicial contest; any dispute. When a person begins a civil lawsuit, the person enters into a process called litigation. trial took place in May 1994 and the resulting judgment of the Tax Court of Canada The Tax Court of Canada, established in 1983 by the Tax Court of Canada Act, is a superior court which deals with matters involving companies or individuals and tax issues with the Government of Canada. sustained the Bank's appeal from the assessments for federal income tax for its 1986 and 1987 taxation years, on substantially all of the issues before the Court. On October 14, 1994, Revenue Canada filed a Notice of Appeal in the Federal Court of Appeal in respect of that judgment. The date of the appeal has not been set. The Bank has previously paid to the taxation authorities and charged to income all outstanding taxes and interest in dispute. Assuming that Revenue Canada's appeal is dismissed by the Federal Court, based on the judgment of the Tax Court and assuming that the result is accepted by provincial revenue authorities the amount recoverable by the Bank, as at October 31, 1994, from these deposits will be approximately $45 million net of tax, or about $3.30 per share. The Federal Court of Appeal has a variety of options in rendering its judgment and the outcome of the appeal cannot be determined at this time. The annual meeting of the bank will be held on Thursday, January 19, 1995, at 11:00 a.m. in the Main Boardroom of Tory Tory DesLauriers & Binnington, 32nd Floor, Aetna Tower, Toronto Dominion Centre, Toronto. CONTACT: George Begic, 416/864-1019 INDUSTRY KEYWORD: BANKING REPEATS: New York 212-575-8822 or 800-221-2462; Boston 617-330-5311 or |
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