Diversified Canadian Financial Corp. Announces its Third Quarter Results.TORONTO Toronto (tərŏn`tō), city (1998 est pop. 2,400,000), provincial capital, S Ont., Canada, on Lake Ontario. Toronto is the largest city in Canada and since the 1970s has been one of the fastest-changing cities in North America, experiencing -- Diversified diversified (di·verˑ·s 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. 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 nine months ended December 31, 2004 was $8.2 million compared with $9.4 million in the same period last year. Dividend yields on the company's floating rate investments were higher in the prior year. During the nine months ended December 31, 2004 dividends of $6.6 million and $1.6 million were paid to the company's Senior Preferred and Capital shareholders, respectively. On February 10, 2005 the company's Board of Directors declared the regular quarterly dividend of $0.4375 per Senior Preferred share, payable March 31, 2005 to shareholders of record on March 20, 2005. Diversified Canadian Financial Corp. owns a portfolio of cumulative, redeemable Redeemable Eligible for redemption under the terms of an indenture. , perpetual PERPETUAL. That which is to last without limitation as to time; as, a perpetual statute, which is one without limit as to time, although not expressed to be so. preferred shares Preferred shares Preferred shares give investors a fixed dividend from the company's earnings and entitle them to be paid before common shareholders. See: Preferred stock. issued by companies within the Brascan group.
STATEMENT OF INCOME
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Three months Nine months
ended ended
(unaudited) December 31 December 31
($thousands) 2004 2003 2004 2003
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REVENUE
Investment $2,744 $3,094 $8,305 $9,508
EXPENSES
Operating 10 14 88 78
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INCOME AVAILABLE FOR DISTRIBUTION $2,734 $3,080 $8,217 $9,430
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BALANCE SHEET
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(unaudited)
December 31, March 31,
($thousands) 2004 2004
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ASSETS
Cash and cash equivalents $208 $164
Investment portfolio 215,320 215,320
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$215,528 $215,484
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LIABILITIES
Senior Preferred shares $125,000 $125,000
SHAREHOLDERS' EQUITY
Share capital 94,001 94,001
Deficit (3,473) (3,517)
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$215,528 $215,484
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Bruce Bruce, Scottish royal family descended from an 11th-century Norman duke, Robert de Brus. He aided William I in his conquest of England (1066) and was given lands in England. 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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