Diversified Canadian Financial Corp. Announces its Second Quarter Results.TORONTO -- Diversified diversified (di·verˑ·s Canadian Financial Corp. (TSX TSX Toronto Stock Exchange (TSE before April, 2002) TSX Transfer from Stack Pointer to Index TSX True Space Extension :DCF DCF See: Discounted Cash Flows .PR.A) today announced that income available for distribution for the six months ended September 30, 2005 was $7.2 million, up from $5.5 million in the same period last year due to a gain earned on the disposition of 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. . During the six months ended September 30, 2005 dividends of $4.4 million and $1.3 million were paid to the company's Senior Preferred and Capital shareholders, respectively. On October 21, 2005, the board of directors of Diversified Canadian Financial Corp. approved the redemption of its Class A Preferred Shares, Series 1. The shares will be redeemed re·deem tr.v. re·deemed, re·deem·ing, re·deems 1. To recover ownership of by paying a specified sum. 2. To pay off (a promissory note, for example). 3. on Thursday, December 1, 2005 for C$25.50 per share plus 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. dividends of C$0.2925 per share. Diversified Canadian Financial Corp. owns a portfolio of cumulative, redeemable Redeemable Eligible for redemption under the terms of an indenture. , perpetual PERPETUAL. That which is to last without limitation as to time; as, a perpetual statute, which is one without limit as to time, although not expressed to be so. preferred shares issued by companies within the Brookfield Asset Management  This article or section is written like an .Please help [ rewrite this article] from a neutral point of view. Mark blatant advertising for , using . group.
STATEMENT OF INCOME
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Three months ended Six months ended
unaudited September 30 September 30
($ thousands) 2005 2004 2005 2004
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INCOME
Investment $ 2,752 $ 2,858 $ 5,752 $ 5,561
Gain on disposition - - 1,534 -
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2,752 2,858 7,286 -
EXPENSES
Operating 36 26 73 78
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INCOME AVAILABLE FOR
DISTRIBUTION $ 2,716 $ 2,83 $ 7,213 $ 5,483
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BALANCE SHEET
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(unaudited)
($ thousands) September 30, 2005 March 31, 2005
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ASSETS
Cash and cash equivalents $ 26,546 $ 242
Investment portfolio 190,604 215,320
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$ 217,150 $ 215,562
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LIABILITIES
Senior Preferred shares $ 125,000 $ 125,000
SHAREHOLDERS' EQUITY
Share capital 94,001 94,001
Deficit (1,851) (3,439)
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$ 217,150 $ 215,562
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Bruce K. Robertson, President and Chief Executive Officer, will be available at 416-363-9491 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. Diversified Canadian Financial Corp. (TSX:DCF.PR.A) |
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