TORONTO, ONTARIO — (Marketwired) — 05/30/13 — BAM Investments Corp. (TSX VENTURE: BNB) today announced its financial results for the first quarter March 31, 2013.
The company recorded net income of $8.8 million ($0.12 per common share) for the first three months of 2013 compared to $5.5 million ($0.07 per common share) for the same period of 2012. The higher net income in the current period was primarily the result of increased dividend income and valuation gains on the company–s other securities investment portfolio.
Consolidated Statements of Operations
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 March 31, 2013, based on the market price of Brookfield–s Class A Shares of $37.10 was $21.51 per share. The information in the following table shows the changes in net book value for the three months ended March 31, 2013.
The information in the following table has been extracted from the company–s balance sheet as at March 31, 2013:
Statement of Financial Position
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