(BNB-TSX VENTURE) BAM Investments Reports Third Quarter Results
(firmenpresse) - TORONTO, ONTARIO -- (Marketwire) -- 11/29/11 -- BAM Investments Corp. (TSX VENTURE: BNB) today announced its financial results for the third quarter ended September 30, 2011.
BAM Investments Corp. recorded income from operations of $2.5 million for the three months ended September 30, 2011 compared to $4.4 million in the comparative period in the prior year. The decrease in income from operations compared to the prior year was primarily the result of dividends paid on preferred shares issued in late 2010. Net income, which includes income from operations as well as certain other items, was a loss of $2.8 million ($0.04 per common share) for the current quarter compared to income of $2.1 million ($0.03 per common share) for the same period in the prior year. The company's net book value was $15.42 per share at September 30, 2011 compared to $17.27 per share at June 30, 2011 and $17.78 per share at the beginning of the year. The changes in net book value are primarily the result of changes in the market value of the company's investment portfolio.
The following table reconciles income from operations and net income for the three and nine months ended September 30:
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 BAM Investments Corp.
The net book value of the company's common shares as at September 30, 2011, based on the stock market price of Brookfield's Class A Shares of $28.98, was $15.42 per share. The information in the following table shows the changes in net book value for the three and nine months ended September 30, 2011.
Statement of Financial Position
The information in the following table has been extracted from the company's consolidated balance sheet as at September 30, 2011.
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.
Contacts:
BAM Investments Corp.
Edward C. Kress
President
(416) 956-5140
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Datum: 30.11.2011 - 04:07 Uhr
Sprache: Deutsch
News-ID 92283
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contact information:
Town:
TORONTO, ONTARIO
Kategorie:
Alternative Energy
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