Partners Value Fund Inc. Announces 2013 Third Quarter Results
2013年11月30日 - 7:34AM
Marketwired
Partners Value Fund Inc. Announces 2013 Third Quarter Results
TORONTO, ONTARIO--(Marketwired - Nov 29, 2013) - Partners Value
Fund Inc. (TSX-VENTURE:PVF) ("Partners Value Fund" the "Company"),
formerly BAM Investments Corp., today announced its financial
results for the third quarter September 30, 2013.
Partners Value Fund
recorded net income of $3.2 million ($0.04 per common share) for
the three months ended September 30, 2013 compared to $4.8 million
($0.07 per common share) in the prior year period of 2012.
Consolidated
Statements of Operations
|
Three months ended |
Nine months ended |
|
September 30 |
September 30 |
Thousands, except per share amounts |
2013 |
2012 |
2013 |
2012 |
Investment income |
|
|
|
|
|
Dividends and interest |
$
11,604 |
$
8,829 |
$
31,824 |
$
25,803 |
|
Cash portion of equity accounted income(1) |
1,220 |
1,220 |
3,660 |
3,660 |
|
Other investment income (loss) |
(1,639) |
- |
(530) |
- |
|
11,185 |
10,049 |
34,954 |
29,463 |
Less: |
|
|
|
|
|
Operating expenses |
133 |
101 |
771 |
550 |
|
Retractable preferred share dividends |
7,493 |
6,494 |
20,614 |
19,482 |
Income from operations(2) |
3,559 |
3,454 |
13,569 |
9,431 |
Adjust for other items: |
|
|
|
|
|
Non-cash portion of equity accounted income(1) |
932 |
2,219 |
7,415 |
7,226 |
|
Amortization of deferred financing costs |
(437) |
(355) |
(1,232) |
(1,066) |
|
Income tax expense |
(903) |
(490) |
(2,678) |
(1,560) |
Net income |
$ 3,151 |
$ 4,828 |
$ 17,074 |
$ 14,031 |
Net income per common share |
$ 0.04 |
$ 0.07 |
$ 0.23 |
$ 0.19 |
Notes:
- Equity accounted income is bifurcated into the Company's
proportionate share of cash distributions and non-cash changes in
value to better reflect the nature of investment income generated
by the investment portfolio.
- Income from operations is a non-IFRS measure used by the
Company to better reflect the operating performance during the
period. The measure is defined as investment income less expenses,
as shown on the Consolidated Statements of Operations, and then
adjusted for cash distributions received from the Company's equity
accounted investment.
Financial Profile
and Net Book Value
The Company's
principal investment is a direct and indirect interest in 56.2
million Class A Limited Voting Shares ("Class A Shares") of
Brookfield Asset Management Inc. ("Brookfield"), representing 7.6
Brookfield Class A Shares for every 10 common shares of Partners
Value Fund.
The net book value
of the Company's common shares as at September 30, 2013, based on
the market price of Brookfield's Class A Shares of $38.54, was
$23.33 per share. The information in the following table shows the
changes in net book value for the three and six months ended
September 30, 2013.
For the period ended September 30, 2013 |
Three months ended |
Nine months ended |
Thousands, except per share amounts |
Total |
Per Share |
Total |
Per Share |
Net book value, beginning of period(1) |
$
1,695,456 |
$
22.85 |
$
1,534,746 |
$
20.68 |
Net income(2) |
3,151 |
0.04 |
17,074 |
0.23 |
Other comprehensive income(2) |
32,688 |
0.44 |
179,475 |
2.42 |
Net book value, end of period(1,3) |
$1,731,295 |
$ 23.33 |
$ 1,731,295 |
$ 23.33 |
Notes:
- Net book value per common share is a non-IFRS
measure.
- The weighted average number of common shares outstanding
during the nine months ended September 30, 2013 was 74,206,510
(September 30, 2012 - 74,206,510) on a fully diluted
basis.
- As of September 30, 2013 there were 74,206,510
voting and non-voting common shares of the Company issued and
outstanding on a fully diluted basis.
The information in
the following table has been extracted from the Company's statement
of financial position as at September 30, 2013:
Statement of
Financial Position
(unaudited) |
|
Thousands, except per share amounts |
Net Book Value |
Assets |
|
|
Investment in Brookfield Asset Management Inc.(1) |
$
2,166,959 |
|
Other securities |
330,019 |
|
Cash and cash equivalents |
4,373 |
|
Accounts receivable and other |
1,902 |
|
$ 2,503,253 |
Liabilities and Shareholders' Equity |
|
|
Accounts payable and other |
$
7,670 |
|
Retractable preferred shares(2) |
537,144 |
|
Deferred taxes(3) |
227,144 |
|
771,958 |
Shareholders' equity |
|
|
Common equity |
1,731,295 |
|
$ 2,503,253 |
Net book value per common share, pre-tax(4,5) |
$
26.39 |
Net book value per common share, after tax(4,5) |
$ 23.33 |
Notes:
- The investment in Brookfield Asset Management Inc. consists
of 56.2 million Class A Shares at a bid price of $38.54 as at
September 30, 2013.
- Represents $542.3 million retractable preferred shares less
$5.2 million unamortized issue costs.
- The deferred tax liability represents the potential future
income tax liability of the Company recorded for accounting
purposes based on the difference between the carrying values of the
Company's assets and liabilities and their respective tax values,
as well as giving effect to estimated capital and non-capital
losses as at the date of this statement.
- As at September 30, 2013, there were 74,206,510
(December 31, 2012 - 74,206,510) voting and non-voting common
shares of the Company issued and outstanding on a fully diluted
basis.
- Net book value per common share is a non-IFRS
measure.
Note: This news
release contains "forward-looking information" within the meaning
of Canadian provincial securities laws and regulations. The words
"potential" and "estimated" and other expressions which are
predictions of or indicate future events, trends or prospects and
which do not relate to historical matters, identify forward-looking
information. Forward-looking information in this news release
includes statements with regard to the Company's potential future
income taxes.
Although the
Company believes that the anticipated future results or
achievements expressed or implied by the forward-looking
information and statements are based upon reasonable assumptions
and expectations, the reader should not place undue reliance on the
forward-looking information and statements because they involve
known and unknown risks, uncertainties and other factors which may
cause the actual results, performance or achievements of the
Company to differ materially from anticipated future results,
performance or achievement expressed or implied by such
forward-looking information and statements.
Factors that
could cause actual results to differ materially from those
contemplated or implied by the forward-looking information and
statements include: the behavior of financial markets, including
fluctuations in interest and exchange rates, availability of equity
and debt financing and other risks and factors detailed from time
to time in the Company's other documents filed with the Canadian
securities regulators.
We caution that
the foregoing list of important factors that may affect future
results is not exhaustive. When relying on our forward-looking
information to make decisions with respect to the Company,
investors and others should carefully consider the foregoing
factors and other uncertainties and potential events. Except as may
be required by law, the Company undertakes no obligation to
publicly update or revise any forward-looking information or
statements, whether written or oral, that may be as a result of new
information, future events or otherwise. Reference should be made
to the company's most recent Annual Information Form for a
description of the major risk factors.
Partners Value Fund Inc.Edward C. KressPresident(416)
956-5140
Partners Value Investments Inc. (TSXV:PVF)
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Partners Value Investments Inc. (TSXV:PVF)
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