MFC Bancorp Ltd Reports Increased 2001 Fouth Quarter and Year End Results.Business Editors NEW YORK New York, state, United States New York, Middle Atlantic state of the United States. It is bordered by Vermont, Massachusetts, Connecticut, and the Atlantic Ocean (E), New Jersey and Pennsylvania (S), Lakes Erie and Ontario and the Canadian province of CITY--(BUSINESS WIRE)--April 1, 2002 MFC (Microsoft Foundation Class) An application framework for writing Microsoft C/C++ and Visual C++ applications. See application framework. MFC - Microsoft Foundation Class Bancorp Ltd (Nasdaq:MXBIF) and (Frankfurt Stock Exchange Frankfurt Stock Exchange The largest of Germany's eight securities exchanges, operated by Deutsche Borse AS. :MFC GR), which operates a merchant bank, reported today its financial results for the year ended Dec. 31, 2001. All figures are in U.S. dollars. Revenues for the fourth quarter 2001 increased to $56.4 million, compared with $38.5 million in the fourth quarter of 2000. Net income for the fourth quarter 2001 increased to $12.5 million, or $0.88 per share on a diluted di·lute tr.v. di·lut·ed, di·lut·ing, di·lutes 1. To make thinner or less concentrated by adding a liquid such as water. 2. To lessen the force, strength, purity, or brilliance of, especially by admixture. basis, compared with $8.5 million, or $0.65 per share on a diluted basis in the same quarter last year. For the year ended Dec. 31, 2001, revenues increased to $134.5 million compared with $104.1 million in the previous year. Net income for 2001 was $28.4 million, or $2.10 per share on a diluted basis, compared with $26.1 million, or $2.02 per share on a diluted basis in the prior year. Michael Smith Michael or Mike Smith may refer to: Journalists
Smith continued: "In our continuing effort to improve efficiency we have consolidated con·sol·i·date v. con·sol·i·dat·ed, con·sol·i·dat·ing, con·sol·i·dates v.tr. 1. To unite into one system or whole; combine: the Geneva Geneva, canton and city, Switzerland Geneva (jənē`və), Fr. Genève, canton (1990 pop. 373,019), 109 sq mi (282 sq km), SW Switzerland, surrounding the southwest tip of the Lake of Geneva. and Zurich offices of our wholly owned subsidiary Wholly Owned Subsidiary A subsidiary whose parent company owns 100% of its common stock. Notes: In other words, the parent company owns the company outright and there are no minority owners. , MFC Merchant Bank SA, into a new office located in Herisau Herisau (hā`rĭzou), town (1990 pop. 15,624), capital of Appenzell Ausser-Rhoden half canton, NE Switzerland. Cotton textiles, paper, wood, blown glass, machinery, and other metal goods are manufactured there. , Switzerland Switzerland (swĭt`sərlənd), Fr. Suisse, Ger. Schweiz, Ital. Svizzera, officially Swiss Confederation, federal republic (2005 est. pop. 7,489,000), 15,941 sq mi (41,287 sq km), central Europe. . We were also pleased to have announced in December December: see month. the special dividend to our shareholders, of the majority shares of Mymetics Corporation owned MFC. These shares may be treated as a reduction in the tax cost basis of each MFC shares." About MFC Bancorp MFC Bancorp Ltd. owns companies that operate in the financial services The examples and perspective in this article or section may not represent a worldwide view of the subject. Please [ improve this article] or discuss the issue on the talk page. industry, specializing in merchant banking internationally. To obtain further information on the company, visit its Web site at http://www.mfcbancorp.com. Certain statements included herein are "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. " as defined by the Private Securities Litigation Reform Act The Private Securities Litigation Reform Act of 1995 (PSLRA) implemented several significant substantive changes affecting certain cases brought under the federal securities laws, including changes related to pleading, discovery, liability, class representation and awards fees and of 1995. Management cautions that forward-looking statements are not guarantees and that actual results could differ materially from those expressed or implied in the forward-looking statements. Important factors that could cause the actual results of operations or financial condition of the company to differ include, but are not necessarily limited to, the risks and uncertainties discussed in documents filed by the company with the Securities and Exchange Commission.
MFC BANCORP LTD
CONSOLIDATED BALANCE SHEETS
as of Dec. 31, 2001 and 2000
(Audited)
(U.S. dollars; in thousands)
2001 2000
ASSETS
Cash and cash equivalents $ 48,453 $45,677
Securities 71,958 53,582
Loans 43,788 79,398
Receivables 27,362 13,546
Commodities 3,420 --
Due from investment dealers 310 9,005
Property held for development
and sale 9,656 6,161
Excess cost of net assets
acquired 17,623 11,353
Property and equipment 24,700 839
Prepaid and other 527 1,785
$247,797 $221,346
LIABILITIES
Deposits $ 329 $ 42,376
Accounts payable and accrued
expenses 29,510 10,769
Debt 61,535 23,611
91,374 76,756
Minority interests 1,960 2,520
SHAREHOLDERS' EQUITY
Common stock 48,143 43,420
Cumulative translation adjustment 2,796 (515)
Retained earnings 103,524 99,165
154,463 142,070
$247,797 $221,346
MFC BANCORP LTD
CONSOLIDATED STATEMENTS OF INCOME
For the Years Ended Dec. 31, 2001 and 2000
(Audited)
(U.S. dollars; in thousands, except per share data)
2001 2000
Financial services revenue $134,526 $ 104,133
Expenses
Financial services 89,186 59,287
General and administrative 14,333 14,127
Interest 3,371 2,812
Total expenses 106,890 76,226
Income before income taxes 27,636 27,907
Income taxes recovery (provision) 485 (1,126)
28,121 26,781
Minority interests 316 (676)
Net income $28,437 $26,105
Earnings per share
Basic $ 2.25 $ 2.16
Diluted $ 2.10 $ 2.02
Weighted average shares outstanding (000's)
Basic 12,622 12,055
Diluted 14,002 13,438
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