Canadian General Investments Reports 2005 First Quarter Results.TORONTO -- Canadian General Investments, Limited's (CGI CGI in full Common Gateway Interface. Specification by which a Web server passes data between itself and an application program. Typically, a Web user will make a request of the Web server, which in turn passes the request to a CGI application program. ) (TSX TSX Toronto Stock Exchange (TSE before April, 2002) TSX Transfer from Stack Pointer to Index TSX True Space Extension :CGI)(TSX:CGI.PR.A)(TSX:CGI.PR.B)(TSX:CGI.WT)(LSE LSE - Language Sensitive Editor :CGI)(LSE:CGIW) diluted di·lute tr.v. di·lut·ed, di·lut·ing, di·lutes 1. To make thinner or less concentrated by adding a liquid such as water. 2. To lessen the force, strength, purity, or brilliance of, especially by admixture. net asset value (NAV See navigation system and navigation bar. ) return, with dividends reinvested, for the three months ended March 31, 2005 was 5.9%, outperforming the 4.4% experienced by the benchmark S&P/TSX Composite Total Return Index (S&P/TSX). CGI's market return, including the reinvestment Reinvestment Using dividends, interest and capital gains earned in an investment or mutual fund to purchase additional shares or units, rather than receiving the distributions in cash. 1. In terms of stocks, it is the reinvestment of dividends to purchase additional shares. of dividends, was 10.5% for the same period. At March 31, 2005, net assets Net assets The difference between total assets on the one hand and current liabilities and noncapitalized long-term liabilities on the other hand. net assets See owners' equity. were $505,253,000, up 6.2% from the 2004 year-end value of $475,976,000. For the first quarter of 2005, CGI had an increase in net assets resulting from operations of $34,762,000, or $1.52 per common share on a diluted basis. For the corresponding period in 2004, the amounts were $37,923,000 and $1.68, respectively. The net gain on investments for the first three months of 2005 was $34,583,000, comprised of a net realized gain Realized Gain A gain resulting from selling an asset at a price higher than the original purchase price. Notes: There may be tax consequences for a realized profit. of $20,216,000 and a change in unrealized gain Unrealized Gain A profit that results from holding on to an asset rather than cashing it in and using the funds. Notes: Let's say you own a stock that has doubled, but you haven't sold it yet. This is said to be an unrealized gain. on investments of $14,367,000. There was a net gain on investments of $35,517,000 during the comparable period in 2004. Net investment income for the first quarter of 2005 was $179,000, down from the $2,406,000 recorded in the three-month period in 2004. This decrease was primarily the result of a special dividend of $3.3 million received from BPO BPO Business Process Outsourcing BPO Benevolent & Protective Order (of Elks of the USA) BPO Benzoyl Peroxide BPO Business Process Optimization BPO Broker Price Opinions BPO Buffalo Philharmonic Orchestra Properties Limited in March 2004. During the first quarter of both 2005 and 2004, CGI paid a regular income dividend of $0.06 per share to its common shareholders. Subsequent to quarter-end, the Board approved a second quarter income dividend of $0.06 to be paid on June 15, 2005 to common shareholders of record on May 31. In order to increase NAV, CGI purchased 36,600 of its warrants for cancellation during the first quarter of 2005 as a result of its normal course issuer bid. The corresponding purchase during 2004 was 69,700 warrants.
FINANCIAL HIGHLIGHTS
(in thousands of dollars, except per share amounts)
Three Months Ended
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March 31, March 31,
2005 2004
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Net investment income for the period 179 2,406
Net realized gain on investments 20,216 8,869
Change in unrealized gain on investments 14,367 26,648
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Increase in net assets resulting
from operations 34,762 37,923
Increase in net assets resulting from
operations per common share - basic 1.70 1.85
Increase in net assets resulting from
operations per common share - diluted 1.52 1.68
As at
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March 31, December 31, March 31,
2005 2004 2004
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Net assets 505,253 475,976 423,253
Net asset value per
share - basic 24.65 23.22 20.66
Net asset value per
share - diluted 21.87 20.71 18.47
In the United Kingdom, copies of the Corporation's first quarter report will be made available at the U.K. branch transfer agent, Computershare Investor Services PLC, P.O. Box 82, The Pavilions, Bridgwater Road, Bristol, BS99 7NH. Phone 0117-941-7781. Canadian General Investments, Limited (TSX:CGI) (TSX:CGI.PR.A) (TSX:CGI.WT) (TSX:CGI.PR.B) (LSE:CGI) (LSE:CGIW) |
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