Canadian General Investments Reports 2005 Second Quarter Results.TORONTO -- Canadian Canadian (kənā`dēən), river, 906 mi (1,458 km) long, rising in NE New Mexico. and flowing E across N Texas and central Oklahoma into the Arkansas River in E Oklahoma. 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 per share (NAV See navigation system and navigation bar. ) return, with dividends reinvested, for the three, six and twelve month periods ended June 30, 2005 were 1.9%, 7.9% and 29.3%, respectively. By comparison, the returns of the benchmark S&P/TSX Composite Total Return Index (S&P/TSX) for the same periods were 3.6%, 8.1% and 18.0%. CGI's market returns to common shareholders were 9.2% for the second quarter, 20.7% year-to-date and nearly 50% over the twelve months to June 30, 2005. At June 30, 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 $513,215,000, up 7.8% from the 2004 year-end value of $475,976,000. For the first six months of 2005, CGI had an increase in net assets resulting from operations of $47,610,000, or $2.09 per common share on a diluted basis. For the corresponding period in 2004, the increase was $27,933,000 or $1.24 per share. The net gain on investments for the first six months of 2005 was $47,116,000, 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 $38,845,000 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 $8,271,000. There was a net gain on investments of $25,325,000 during the comparable period in 2004. Net investment income for the first half of 2005 was $494,000, down from the $2,608,000 recorded in the six-month period in 2004. This decrease was due to a special dividend of $3.3 million that was 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. In order to increase NAV, CGI purchased 85,800 of its warrants for cancellation during the first half of 2005 pursuant to its normal course issuer bid which was renewed in April 2005. Also, on June 30, 2005, warrant holders exercised 74,302 warrants at $5.22 per share. Outstanding warrants continue to be exercisable on June 30 of each year until their expiration EXPIRATION. Cessation; end. As, the expiration of, a lease, of a contract, or statute. 2. In general, the expiration of a contract puts an end to all the engagements of the parties, except to those which arise from the non- fulfillment of obligations created in 2007. During each of the first two quarters of both 2005 and 2004, CGI paid regular income dividends of $0.06 per share to its common shareholders.
FINANCIAL HIGHLIGHTS
(in thousands of dollars, except per share amounts)
Three Months Ended Six Months Ended
------------------ ----------------
June 30, June 30, June 30, June 30,
2005 2004 2005 2004
------------------------------------
Net investment income for
the period 315 202 494 2,608
Net realized gain on investments 18,629 13,145 38,845 22,014
Change in unrealized gain on
investments (6,096) (23,337) 8,271 3,311
------ ------- ------ ------
Increase (decrease) in net
assets resulting from operations 12,848 (9,990) 47,610 27,933
Increase (decrease) in net
assets resulting from operations
per common share - basic 0.63 (0.49) 2.32 1.36
Increase (decrease) in net
assets resulting from operations
per common share - diluted 0.56 (0.45) 2.09 1.24
As at
-----
June 30, December 31, June 30,
2005 2004 2004
---------------------------------
Net assets 513,215 475,976 409,589
Net asset value per share - basic 24.94 23.22 19.98
Net asset value per share - diluted 22.22 20.71 17.91
In the United Kingdom, copies of the Corporation's quarterly 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) |
|
||||||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion