J.U.M. Capital Reports First Half Results.BURLINGTON, Ontario Burlington (2006 population 164,415) is a city located in the Golden Horseshoe, across Lake Ontario and Burlington Bay harbour from Hamilton, in Halton Region, Ontario, Canada. -- J.U.M. Capital Inc. ("JUM JUM Journal of Ultrasound in Medicine ") (Toronto Stock Exchange Toronto Stock Exchange (TSE) Canada's largest stock exchange, trading approximately 1,200 company stocks and 33 options. : JUM) reported its first half results today. During the second quarter, JUM, on July 9, 2004, completed the previously announced sale of substantially all of its assets. JUM reported a gain on sale of these assets of $1,386,398 and after accounting for expenses related thereto of $881,882, that included legal costs and expenses associated with the deal and employee severance costs, a net gain on sale of $504,576 or $0.007 per share resulted. As previously reported, the net proceeds Net Proceeds The amount received after all costs are deducted from the sale of a piece of property or security. Notes: In the case of an investor selling a security, net proceeds represent the proceeds from the sale minus any trading costs (i.e. commissions). were used to pay outstanding liabilities and redeem the outstanding Class A Special Shares. For the quarter ended August 31, 2004 net income was $323,813 ($0.004 per share) and $307,237 ($0.004 per share) for the six month period ended August 31, 2004 compared to net income of $69,404 ($0.001 per share) and $13,478 ($0.00 per share) respectively for the comparable periods last year. As a result of the sale of the Corporation's operating and franchise assets, the operating results related to these assets, along with the associated net gain on the sale were recorded in the financial statements as discontinued operations Discontinued operations Divisions of a business that have been sold or written off and that no longer are maintained by the business. . Income from these discontinued operations was $433,517 ($0.006 per share) for the second quarter and $535,668 ($0.007 per share) for the six month period ended August 31, 2004 compared to income of $204,592 ($0.003 per share) and $341,210 ($0.005 per share) respectively for the comparable periods ended August 31, 2003. JUM previously announced that it had, on September 20, 2004, entered into a definitive agreement to acquire all of the shares of West 49 Inc., a Canadian clothing and accessories retailer, for consideration valued at approximately $24 million. The Corporation expects to release a forthcoming information circular Information Circular A document sent to shareholders outlining important matters to be discussed at the annual shareholders' meeting. Notes: Sent along with a proxy, the information circular may cover matters such as the election of the Board of Directors, possible that will contain the particulars of the transaction. The Corporation anticipates that a special meeting of shareholders will be held in November, which, assuming the required shareholder and other approvals are obtained is expected to allow for the transaction to close prior to the end of December 2004. Information in this news release that is not current or historical factual information may constitute forward-looking information. Implicit in Adj. 1. implicit in - in the nature of something though not readily apparent; "shortcomings inherent in our approach"; "an underlying meaning" underlying, inherent this information are assumptions which, although considered reasonable by JUM at the time of preparation, may prove to be incorrect. Readers are cautioned that actual results are subject to a number of risks and uncertainties and could differ materially from what is currently expected. J.U.M. Capital Inc. (TSX TSX Toronto Stock Exchange (TSE before April, 2002) TSX Transfer from Stack Pointer to Index TSX True Space Extension :JUM) |
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