Central Capital Corporation Announces Financial Results.TORONTO--(BUSINESS WIRE)--Aug. 22, 1996--CENTRAL CAPITAL CORP.(TSE See Tokyo Stock Exchange. TSE 1. See Tokyo Stock Exchange (TSE). 2. See Toronto Stock Exchange (TSE). :CEH CEH Certified Ethical Hacker CEH Centre for Ecology and Hydrology CEH Comisión de Esclarecimiento Histórico CEH Centre for Environmental Health CEH Continuing Education Hour CEH Complex Electronic Hardware CEH Colorado Evidentiary Hearing ) announces financial results. -0-
CENTRAL CAPITAL CORPORATION
Three Months Ended Six Months Ended
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June 30 June 30
(unaudited, $ thousands) 1996 1995 1996 1995
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Revenue $ 2,301 $ 364 $ 4,586 $ 1,850
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Income before income
taxes $ 1,299 $ 993 $ 3,036 $ 1,981
Income tax expense 0 0 0 0
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Net Income $ 1,299 $ 993 $ 3,036 $ 1,981
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Shareholders' Equity $ 17,247 $ 12,234 $ 17,247 $ 12,234
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Pro-forma income per
common share $ 0.06 $ 0.05 $ 0.15 $ 0.10
Central Capital Corporation reported an unaudited net income of $1,299,000 ($0.06 per share) for the three months ended June 30, 1996 compared to an unaudited net income for the three months ended June 30, 1995 of $993,000 ($0.05 per share). The Corporation reported an unaudited net income of $3,036,000 ($0.15 per share) for the six months ended June 30, 1996 compared to an unaudited net income for the six months ended June 30, 1995 of $1,981,000 ($0.10 per share). The Corporation is pleased to announce that its Plan of Arrangement (the "Plan") was finalized See finalization. as a result of an Order by the Court dated May 21, 1996. The Order authorized au·thor·ize tr.v. au·thor·ized, au·thor·iz·ing, au·thor·iz·es 1. To grant authority or power to. 2. To give permission for; sanction: the issue of the final tranches Tranches A piece, portion or slice of a deal or structured financing. This portion is one of several related securities that are offered at the same time but have different risks, rewards and/or maturities. "Tranche" is the French word for "slice". of the Corporation's new common shares and First Secured Notes prior to the quarter's end. The repayment of all secured debt and related interest was made on June 30, 1996. Restructuring restructuring - The transformation from one representation form to another at the same relative abstraction level, while preserving the subject system's external behaviour (functionality and semantics). expenses related to the finalization Writing the table of contents (TOC) on a recordable CD or DVD disc. The finalization process ensures that the disc can be played back on most CD and DVD players. See disc-at-once. of the Plan have been accrued ac·crue v. ac·crued, ac·cru·ing, ac·crues v.intr. 1. To come to one as a gain, addition, or increment: interest accruing in my savings account. 2. by the Corporation in the second quarter. Pro-forma income per share calculations for the current and comparative periods are based on the weighted average of 20 million shares, the number of the new class of common shares allocated and issued to creditors and shareholders under the Plan, and the number of shares issued pursuant to the Corporation's stock option plan. As at June 30, 1996, the Corporation had 20,075,652 outstanding shares and a portfolio of cash, marketable securities Marketable Securities Very liquid securities that can be converted into cash quickly at a reasonable price. Notes: Marketable securities are very liquid as they tend to have maturities less than one year, and the rate at which these securities can be bought or sold has and a real estate investment with an aggregate net book value of $17.2 million. The Corporation has no corporate or recourse debt. The Corporation also has approximately $97.9 million in non-capital loss carry forwards and $112.8 million in net capital loss carry forwards for tax purposes. Finalization of the Plan has resulted in the discharge of the "Trust Deed A legal document that evidences an agreement of a borrower to transfer legal title to real property to an impartial third party, a trustee, for the benefit of a lender, as security for the borrower's debt. " which secured the debt and restricted the activities of the Corporation. Management is now free to consider new venues for the Corporation. In this regard, the firm of Richardson Greenshields of Canada Limited has been retained by the Corporation as an advisor to assist in generating, reviewing and assessing strategic alternatives. The Corporation and Richardson Greenshields will review a wide range of possibilities to enhance shareholder value. CONTACT: Central Capital Corporation Richard Hazell, 416/214-2206 |
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