Extract
BCI Announces First Quarter Results.
MONTREAL -- BCI (NEX:BI.H) - As a result of the adoption on July 17, 2002 of BCI's Plan of Arrangement, BCI's annual unaudited interim consolidated financial statements for the first quarter of 2005 reflect only the activities of BCI as a holding company.Such unaudited interim consolidated financial statements are attached hereto and readers are encouraged to refer to them for additional details.
First Quarter Results Net income for the first quarter of 2005 was $0.2 million, as a result of accrued interest income of $1.4 million partially offset by administrative expenses totaling $1.2 million comprised of employee and office costs of $0.6 million, legal, tax and auditor fees of $0.3 million and other administrative expenses of $0.3 million.BCI's shareholders' equity increased by $0.2 million in the quarter to reach $277.6 million at March 31, 2005. BCI's cash and cash equivalents together with temporary investments and interest thereon as at March 31, 2005 were $223.9 million down slightly from $224.0 million at December 31, 2004.This decline was due principally to working capital requirements exceeding net income in the quarter. Accrued liabilities were $15.4 million at the end of the first quarter of 2005, down $0.5 million from December 31, 2004 mainly as a result of the payment of certain employee related items in the first quarter of 2005. Estimated Future Net Assets Estimated fu...See the full content of this document
Sponsored links
