Toronto: C.A. Bancorp Inc. (the “Company”) is pleased to announce its financial results for the second quarter of 2007.
Highlights:
The consolidated financial statements include the accounts of the
Company and its investment in Charter Real Estate Investment Trust
(“Charter REIT” TSX-V: CRH.UN) units (collectively “Consolidated
Entity”).
- On
June 29, 2007, the Company completed a prospectus offering, which
raised gross proceeds of $47.85 million through the issuance of 14.5
million common shares at $3.30 per common share. On July 25, 2007, the
Company issued an additional 0.41 million shares for gross proceeds of
$1.35 million through the exercise by the agents of their
over-allotment option.
- For
the six months ended June 30, 2007, the Consolidated Entity reported
net income of approximately $1.5 million (2006 – loss of $0.389
million) or $0.10 per share (2006 – loss of $0.38 per share) on a basic
and fully diluted basis. Excluding the impact of Charter REIT’s loss
on the Consolidated Entity’s results, the Company would have earned
$0.12 a share.
- For
the three months ended June 30, 2007, the Consolidated Entity had net
income of approximately $0.66 million (2006 – loss of $0.291 million).
This represents earnings of $0.05 per common share on a basic and a
fully diluted basis (2006 – loss of $0.26 per share).
- The
Consolidated Entity had total revenue (excluding net realized and
unrealized gains on direct investments) of $2.1 million (2006 - $0.025
million) comprised of interest and investment income, asset management
fees, deal fees and revenue from rental properties.
- The
Consolidated Entity had net realized and unrealized gains on
investments of approximately $1.2 million (2006 – loss of $0.034
million).
- From
December 31, 2006 to June 30, 2007, the Company’s assets increased from
$38.0 million to $121.5 million while total liabilities increased from
$1.0 million to $36.4 million. The largest factors contributing to
these increases were: consolidating Charter REIT into the Company’s
accounts and the Company’s June 2007 prospectus offering.
- The
Company continues its investments in a portfolio of publicly traded
securities as part of its strategy to invest and be involved, either
directly or indirectly, in catalyst or event-driven opportunities.
These investments have collectively generated realized absolute returns
(not including distributions) of approximately 22%.
- The
Company continues to expand its real estate capital lending business.
In the second quarter, the Company made two Alberta-based real estate
mortgage loans totalling $0.913 million at a 10% rate of interest.
- On
July 11, 2007, the Company announced a $4.0 million investment in
Canadian independent broadcaster High Fidelity HDTV Inc. (“High
Fidelity”) to support the growth and expansion of High Fidelity’s High
Definition television channels. $2.75 million of the investment was
made by the Company and the remaining $1.25 million was made by Sentry
Select Total Strategy Fund. The Company is the Manager of the Sentry
Select Total Strategy Fund.
- On
April 30, 2007, the Company’s shares were consolidated on a 10 for 1
basis and listed on the Toronto Stock Exchange. The trading symbol
remained BKP. As of June 30, 2007, the Company had approximately 28.7
million common shares outstanding.
- On
May 10, 2007, Charter Realty Holdings Ltd. (“Charter”) converted to a
real estate investment trust and changed its name to Charter Real
Estate Investment Trust. Each 10 common shares of Charter were
exchanged for one unit of Charter REIT.
- As
of June 30, 2007 the Company held 27.1% of the common shares
outstanding of two capital pool companies: Universal Infrastructure
Corp. (TSX-V: UIC.P) and Global Alternative Investments Inc.established
as the Company’s infrastructure and financial services investment
platforms.
Q2 financial results : For the complete June 30, 2007 Management’s Discussion and Analysis, and Consolidated Financial Statements, please visit www.SEDAR.com.
C.A. Bancorp Inc.: C.A.
Bancorp Inc. is a publicly traded Canadian merchant bank and asset
manager that provides investors with access to a range of private
equity and alternative asset class investment opportunities, typically
available only to institutional and high-net-worth investors. The
Company is focused on investments in small- and middle-capitalization
public and private companies, with emphasis on the industrials, real
estate, infrastructure and financial services sectors.
More information: Mark Gardhouse, President or Paolo De Luca, Chief Financial Officer
Tel: 1-866-388-5985 Fax: 416-364-2398 info@cabancorp.com
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