Diversified Canadian Financial Corp. Second Quarter Results.Business Editors TORONTO--(BUSINESS WIRE)--Nov. 13, 2002 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, 2002 was $5.9 million, down from $7.4 million in the same period last year due to lower short-term interest rates Short-term interest rates Interest rates on loan contracts-or debt instruments such as Treasury bills, bank certificates of deposit or commerical paper-having maturities of less than one year. Often called money market rates. . During the six months ended September 30, 2002, dividends of $4.4 million and $1.5 million were paid to the company's Senior Preferred and Capital shareholders, respectively. On November 13, 2002, the company's Board of Directors declared the regular quarterly dividend of $0.4375 per Senior Preferred Share, payable December 31, 2002 to shareholders of record on December 20, 2002.
STATEMENT OF NET EARNINGS
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Six months ended September 30
($ thousands) unaudited 2002 2001
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REVENUE
Investment $ 5,932 $ 7,459
EXPENSES
Operating 46 45
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INCOME AVAILABLE FOR
DISTRIBUTION $ 5,886 $ 7,414
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Diversified Canadian Financial Corp. owns a portfolio of cumulative, redeemable Redeemable Eligible for redemption under the terms of an indenture. , perpetual 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. 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. |
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