Press Release 2004
BNN Split Corp. Announces First Quarter Results
Toronto, February 26, 2004 - BNN Split Corp. announced today that income available for distribution for the three months ended December 31, 2003 was $2.3 million, consistent with the same period last year. Investment income increased from $2.4 million in 2002 to $2.5 million in 2003 due principally to increased dividends received on Brascan common shares during 2003. Operating expenses increased to $0.2 million in 2003 compared to $nil million in 2002 due to the increased costs associated with the amendment to the articles of the corporation at the end of 2003. For the quarter ended December 31, 2003, the company paid dividends of $1.9 million and $0.6 million to its Preferred and Capital shareholders respectively, compared with $1.9 million and $0.3 million for the same period in 2002.
The Board of Directors declared quarterly dividends of $0.390625 and $0.12 per Preferred share and Capital share of the company, respectively, payable on March 7, 2004 to shareholders of record on February 22, 2004.
The net asset value per unit, consisting of one Preferred share and one Capital share, was $76.38 based on a Brascan Corporation Class A Limited Voting share price of $39.73 as at December 31, 2003, compared with a net asset value per unit of $61.04 and a Brascan share price of $31.75 as at December 31, 2002. The net asset value per Preferred share is posted monthly on www.bamsplit.ca
Bruce K. Robertson, President and Chief Executive Officer, will be available at 416-363-0061 to answer any questions on the company's financial results.
This news release contains forward-looking statements concerning the company's business and operations. The company cautions that, by their nature, forward-looking statements involve risk and uncertainty and the company's actual results could differ materially from those expressed or implied in such statements. Reference should be made to the most recent Annual Information Form for a description of the major risk factors.