Diversified Canadian Financial II Announces its Year End 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 II Corp. (TSX TSX Toronto Stock Exchange (TSE before April, 2002) TSX Transfer from Stack Pointer to Index TSX True Space Extension :DCC (1) (Direct Cable Connection) A Windows 95/98 feature that allows PCs to be cabled together for data transfer. DCC actually sets up a network connection between the two machines. .PR.A) today announced that income available for distribution for the year ended March 31, 2005 was $18.4 million, down from $19.6 million last year due to lower dividends received on the investment portfolio. During the year ended March 31, 2005, the company paid dividends of $12.2 million and $6.2 million to its Senior Preferred and Capital shareholders, respectively. On May 25, 2005, the company's Board of Directors declared de·clare v. de·clared, de·clar·ing, de·clares v.tr. 1. To make known formally or officially. See Synonyms at announce. 2. To state emphatically or authoritatively; affirm. 3. the regular quarterly dividend of $0.38125 per Senior Preferred share, payable June June: see month. 30, 2005 to shareholders of record on June 20, 2005. Diversified Canadian Financial II Corp. owns a portfolio of preferred shares Preferred shares Preferred shares give investors a fixed dividend from the company's earnings and entitle them to be paid before common shareholders. See: Preferred stock. issued by companies within the Brascan group.
STATEMENT OF INCOME
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Years Ended March 31
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($ thousands) 2005 2004
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Revenue
Investment $ 18,579 $ 19,708
Expenses
Operating 148 140
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Income Available for Distribution $ 18,431 $ 19,568
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BALANCE SHEET
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($ thousands) March 31, 2005 March 31, 2004
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ASSETS
Cash and cash equivalents $ 244 $ 163
Investment portfolio 334,075 334,075
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$334,319 $334,238
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LIABILITIES
Class A shares $ 1 $ 1
Senior Preferred shares 200,000 200,000
SHAREHOLDERS' EQUITY
Share capital 140,960 140,960
Deficit (6,642) (6,723)
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$334,319 $334,238
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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 II Corp. (TSX:DCC.PR.A) |
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