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MICC Investments Limited Financial Results.


 Three Months Ended December 31
 1997 1996
 ---- ----
Revenue $0.1 million $8.0 million
Net Income (Loss) $0.1 million ($1.2 million)
Net Income (Loss) Per
 Common Share ($0.01) ($0.04)

 Year Ended December 31
 1997 1996
 ---- ----
Revenue $37.7 million $27.6 million
Net Income (Loss) $25.0 million ($8.7 million)
Net Income (Loss) Per
 Common Share $0.70 ($0.29)


MICC Investments Limited (the "Company") announced its financial results for the three months ended December 31, 1997. The Company reported net income for the quarter of $0.1 million, compared to a net loss of $1.2 million in 1996. Total revenue for the quarter ended December 31, 1997 was $0.1 million, compared to $8.0 million a year ago.

For the year ended December 31, 1997, the Company recorded net income of $25.0 million, compared to a net loss of $8.7 million a year ago. Total revenue for the period was $37.7 million, compared to $27.6 million in 1996. Included in investment income for the current period was a net gain of $44.4 million on the sale of 12,433,456 shares of International Comfort Products Corporation and a loss of $17.6 million on the sale of The Mortgage Insurance Company of Canada ("MICC") to The Bank of Nova Scotia (the "Bank"). Income per common share after preferred dividends of $1,252,000 and preferred dividend recoveries of $1,101,000 was $0.70 compared to a loss per common share of $0.29 in 1996.

The Company currently has outstanding 35,445,495 common shares, 26,836 Series A First Preferred Shares, 377,700 Series C First Preferred Shares and 63,000 Series F First Preferred Shares. First Preferred Shares issued capital at December 31, 1997 totalled $16,413,000. Dividend arrears on these preferred shares were $6,898,000 as of the same date.

The dividends normally payable on the Preferred Shares of the Company on March 16th and March 31st were not approved for payment by the Board. Until paid, the preferred dividends continue to accrue at the applicable rates.

CONTACT: MICC Investments Limited

David A. Rattee, 416/591-5105
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Publication:Business Wire
Date:Feb 26, 1998
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