Welcome!

News Feed Item

Brookfield Investments Corporation Announces First Quarter 2014 Financial Results

TORONTO, ONTARIO -- (Marketwired) -- 05/30/14 -- Brookfield Investments Corporation (the "company") (TSX VENTURE:BRN.PR.A) reported $90 million of net income or $1.80 per common share for the three months ended March 31, 2014 compared with $126 million, or $2.52 per common share for the same period in 2013. Net income in the current quarter included a $90 million gain related to the partial disposition of a forest products investment, whereas the prior year included $87 million of disposition gains. Excluding disposition gains, net income decreased by $39 million due to a higher level of equity earnings recognized in the prior year.

Comprehensive income, which consists of net income and other comprehensive income, was a loss of $67 million compared to income of $190 million in the same period of 2013. Other comprehensive loss was $157 million during the quarter, compared to income of $64 million in the first quarter of 2013. The current period loss consists of mark-to-market losses on the company's investment portfolio and negative currency revaluation.

Brookfield Investments Corporation holds investments in the property and forest products sectors, as well as a portfolio of preferred shares issued by companies within the Brookfield group. The common shares of Brookfield Investments Corporation are wholly owned by Brookfield Asset Management Inc. Brookfield Asset Management Inc. is a global alternative asset manager with over $175 billion in assets under management, has over 100-year history of owning and operating assets with a focus on property, renewable power, infrastructure and private equity and is co-listed on the New York and Toronto Stock Exchanges under the symbol BAM and BAM.A, respectively.

Derek Gorgi, Vice President and Chief Financial Officer, will be available at 416-363-9491 to answer any questions on the company's financial results.


CONSOLIDATED BALANCE SHEETS                                                 
                                                                            
                                               (unaudited)                  
                                                  March 31       December 31
(US$ millions)                                        2014              2013
----------------------------------------------------------------------------
Assets                                                                      
  Current assets                                                            
    Deposits receivable                  $             498 $             442
    Securities                                          42                44
  Non-current assets                                                        
    Investments - Securities                           525               484
    Investments - Associates                         1,249             1,438
----------------------------------------------------------------------------
                                         $           2,314 $           2,408
----------------------------------------------------------------------------
Liabilities                                                                 
  Current liabilities                                                       
    Accounts payable and other           $              17 $              14
    Retractable preferred shares                     1,083             1,104
  Deferred income tax                                   36                45
Equity                                               1,178             1,245
----------------------------------------------------------------------------
                                         $           2,314 $           2,408
----------------------------------------------------------------------------
                                                                            
CONSOLIDATED STATEMENTS OF OPERATIONS                                       
                                                                            
                                                                            
(unaudited)                                                                 
For the three months ended March 31                                         
(US$ millions, except per share amounts)                    2014        2013
----------------------------------------------------------------------------
Investment Income                                                           
  Equity accounted income                            $        17 $        37
  Dividend and interest income                                 6          11
Realized and Unrealized gains                                 90          87
Foreign exchange (loss) income                              (10)           2
Interest expense                                             (7)         (7)
Income tax expense                                           (6)         (4)
----------------------------------------------------------------------------
Net income                                           $        90 $       126
----------------------------------------------------------------------------
Net income per common share                          $      1.80 $      2.52
----------------------------------------------------------------------------

CONSOLIDATED STATEMENTS OF COMPREHENSIVE (LOSS) INCOME


(unaudited)                                                                 
For the three months ended March 31 (US$ millions)          2014        2013
----------------------------------------------------------------------------
Net income                                           $        90 $       126
Other comprehensive (loss) income                                           
  Foreign currency translation                               (1)          36
  Available-for-sale securities - fair value changes        (67)          30
  Equity accounted other comprehensive loss                (103)         (2)
  Deferred income tax                                         14           -
----------------------------------------------------------------------------
                                                           (157)          64
----------------------------------------------------------------------------
Comprehensive (loss) income                          $      (67) $       190
----------------------------------------------------------------------------

Contacts:
Brookfield Investments Corporation
Derek Gorgi
Vice President and Chief Financial Officer
416-363-9491

More Stories By Marketwired .

Copyright © 2009 Marketwired. All rights reserved. All the news releases provided by Marketwired are copyrighted. Any forms of copying other than an individual user's personal reference without express written permission is prohibited. Further distribution of these materials is strictly forbidden, including but not limited to, posting, emailing, faxing, archiving in a public database, redistributing via a computer network or in a printed form.

Latest Stories
Automation is enabling enterprises to design, deploy, and manage more complex, hybrid cloud environments. Yet the people who manage these environments must be trained in and understanding these environments better than ever before. A new era of analytics and cognitive computing is adding intelligence, but also more complexity, to these cloud environments. How smart is your cloud? How smart should it be? In this power panel at 20th Cloud Expo, moderated by Conference Chair Roger Strukhoff, paneli...
Cloud applications are seeing a deluge of requests to support the exploding advanced analytics market. “Open analytics” is the emerging strategy to deliver that data through an open data access layer, in the cloud, to be directly consumed by external analytics tools and popular programming languages. An increasing number of data engineers and data scientists use a variety of platforms and advanced analytics languages such as SAS, R, Python and Java, as well as frameworks such as Hadoop and Spark...
"Loom is applying artificial intelligence and machine learning into the entire log analysis process, from start to finish and at the end you will get a human touch,” explained Sabo Taylor Diab, Vice President, Marketing at Loom Systems, in this SYS-CON.tv interview at 20th Cloud Expo, held June 6-8, 2017, at the Javits Center in New York City, NY.
The current age of digital transformation means that IT organizations must adapt their toolset to cover all digital experiences, beyond just the end users’. Today’s businesses can no longer focus solely on the digital interactions they manage with employees or customers; they must now contend with non-traditional factors. Whether it's the power of brand to make or break a company, the need to monitor across all locations 24/7, or the ability to proactively resolve issues, companies must adapt to...
Cloud promises the agility required by today’s digital businesses. As organizations adopt cloud based infrastructures and services, their IT resources become increasingly dynamic and hybrid in nature. Managing these require modern IT operations and tools. In his session at 20th Cloud Expo, Raj Sundaram, Senior Principal Product Manager at CA Technologies, will discuss how to modernize your IT operations in order to proactively manage your hybrid cloud and IT environments. He will be sharing bes...
A look across the tech landscape at the disruptive technologies that are increasing in prominence and speculate as to which will be most impactful for communications – namely, AI and Cloud Computing. In his session at 20th Cloud Expo, Curtis Peterson, VP of Operations at RingCentral, highlighted the current challenges of these transformative technologies and shared strategies for preparing your organization for these changes. This “view from the top” outlined the latest trends and developments i...
With major technology companies and startups seriously embracing Cloud strategies, now is the perfect time to attend 21st Cloud Expo October 31 - November 2, 2017, at the Santa Clara Convention Center, CA, and June 12-14, 2018, at the Javits Center in New York City, NY, and learn what is going on, contribute to the discussions, and ensure that your enterprise is on the right path to Digital Transformation.
@DevOpsSummit at Cloud Expo taking place Oct 31 - Nov 2, 2017, at the Santa Clara Convention Center, Santa Clara, CA, is co-located with the 21st International Cloud Expo and will feature technical sessions from a rock star conference faculty and the leading industry players in the world. The widespread success of cloud computing is driving the DevOps revolution in enterprise IT. Now as never before, development teams must communicate and collaborate in a dynamic, 24/7/365 environment. There is ...
"We are a monitoring company. We work with Salesforce, BBC, and quite a few other big logos. We basically provide monitoring for them, structure for their cloud services and we fit into the DevOps world" explained David Gildeh, Co-founder and CEO of Outlyer, in this SYS-CON.tv interview at DevOps Summit at 20th Cloud Expo, held June 6-8, 2017, at the Javits Center in New York City, NY.
Join us at Cloud Expo June 6-8 to find out how to securely connect your cloud app to any cloud or on-premises data source – without complex firewall changes. More users are demanding access to on-premises data from their cloud applications. It’s no longer a “nice-to-have” but an important differentiator that drives competitive advantages. It’s the new “must have” in the hybrid era. Users want capabilities that give them a unified view of the data to get closer to customers and grow business. The...
For organizations that have amassed large sums of software complexity, taking a microservices approach is the first step toward DevOps and continuous improvement / development. Integrating system-level analysis with microservices makes it easier to change and add functionality to applications at any time without the increase of risk. Before you start big transformation projects or a cloud migration, make sure these changes won’t take down your entire organization.
Artificial intelligence, machine learning, neural networks. We’re in the midst of a wave of excitement around AI such as hasn’t been seen for a few decades. But those previous periods of inflated expectations led to troughs of disappointment. Will this time be different? Most likely. Applications of AI such as predictive analytics are already decreasing costs and improving reliability of industrial machinery. Furthermore, the funding and research going into AI now comes from a wide range of com...
"When we talk about cloud without compromise what we're talking about is that when people think about 'I need the flexibility of the cloud' - it's the ability to create applications and run them in a cloud environment that's far more flexible,” explained Matthew Finnie, CTO of Interoute, in this SYS-CON.tv interview at 20th Cloud Expo, held June 6-8, 2017, at the Javits Center in New York City, NY.
Internet of @ThingsExpo, taking place October 31 - November 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA, is co-located with 21st Cloud Expo and will feature technical sessions from a rock star conference faculty and the leading industry players in the world. The Internet of Things (IoT) is the most profound change in personal and enterprise IT since the creation of the Worldwide Web more than 20 years ago. All major researchers estimate there will be tens of billions devic...
SYS-CON Events announced today that MobiDev, a client-oriented software development company, will exhibit at SYS-CON's 21st International Cloud Expo®, which will take place October 31-November 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA. MobiDev is a software company that develops and delivers turn-key mobile apps, websites, web services, and complex software systems for startups and enterprises. Since 2009 it has grown from a small group of passionate engineers and business...