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
Security, data privacy, reliability and regulatory compliance are critical factors when evaluating whether to move business applications from in-house client hosted environments to a cloud platform. In her session at 18th Cloud Expo, Vandana Viswanathan, Associate Director at Cognizant, In this session, will provide an orientation to the five stages required to implement a cloud hosted solution validation strategy.
"delaPlex is a software development company. We do team-based outsourcing development," explained Mark Rivers, COO and Co-founder of delaPlex Software, in this SYS-CON.tv interview at 18th Cloud Expo, held June 7-9, 2016, at the Javits Center in New York City, NY.
Ixia (Nasdaq: XXIA) has announced that NoviFlow Inc.has deployed IxNetwork® to validate the company’s designs and accelerate the delivery of its proven, reliable products. Based in Montréal, NoviFlow Inc. supports network carriers, hyperscale data center operators, and enterprises seeking greater network control and flexibility, network scalability, and the capacity to handle extremely large numbers of flows, while maintaining maximum network performance. To meet these requirements, NoviFlow in...
Choosing the right cloud for your workloads is a balancing act that can cost your organization time, money and aggravation - unless you get it right the first time. Economics, speed, performance, accessibility, administrative needs and security all play a vital role in dictating your approach to the cloud. Without knowing the right questions to ask, you could wind up paying for capacity you'll never need or underestimating the resources required to run your applications.
ReadyTalk has expanded the capabilities of the FoxDen collaboration platform announced late last year to include FoxDen Connect, an in-room video collaboration experience that launches with a single touch. With FoxDen Connect, users can now not only engage in HD video conferencing between iOS and Android mobile devices or Chrome browsers, but also set up in-person meeting rooms for video interactions. A host’s mobile device automatically recognizes the presence of a meeting room via beacon tech...
Ovum, a leading technology analyst firm, has published an in-depth report, Ovum Decision Matrix: Selecting a DevOps Release Management Solution, 2016–17. The report focuses on the automation aspects of DevOps, Release Management and compares solutions from the leading vendors.
Continuous testing helps bridge the gap between developing quickly and maintaining high quality products. But to implement continuous testing, CTOs must take a strategic approach to building a testing infrastructure and toolset that empowers their team to move fast. Download our guide to laying the groundwork for a scalable continuous testing strategy.
On Dice.com, the number of job postings asking for skill in Amazon Web Services increased 76 percent between June 2015 and June 2016. Salesforce.com saw its own skill mentions increase 37 percent, while DevOps and Cloud rose 35 percent and 28 percent, respectively. Even as they expand their presence in the cloud, companies are also looking for tech professionals who can manage projects, crunch data, and figure out how to make systems run more autonomously. Mentions of ‘data science’ as a skill ...
Adding public cloud resources to an existing application can be a daunting process. The tools that you currently use to manage the software and hardware outside the cloud aren’t always the best tools to efficiently grow into the cloud. All of the major configuration management tools have cloud orchestration plugins that can be leveraged, but there are also cloud-native tools that can dramatically improve the efficiency of managing your application lifecycle. In his session at 18th Cloud Expo, ...
SYS-CON Events announced today that LeaseWeb USA, a cloud Infrastructure-as-a-Service (IaaS) provider, will exhibit at the 19th International Cloud Expo, which will take place on November 1–3, 2016, at the Santa Clara Convention Center in Santa Clara, CA. LeaseWeb is one of the world's largest hosting brands. The company helps customers define, develop and deploy IT infrastructure tailored to their exact business needs, by combining various kinds cloud solutions.
Amazon has gradually rolled out parts of its IoT offerings in the last year, but these are just the tip of the iceberg. In addition to optimizing their back-end AWS offerings, Amazon is laying the ground work to be a major force in IoT – especially in the connected home and office. Amazon is extending its reach by building on its dominant Cloud IoT platform, its Dash Button strategy, recently announced Replenishment Services, the Echo/Alexa voice recognition control platform, the 6-7 strategic...
Deploying applications in hybrid cloud environments is hard work. Your team spends most of the time maintaining your infrastructure, configuring dev/test and production environments, and deploying applications across environments – which can be both time consuming and error prone. But what if you could automate provisioning and deployment to deliver error free environments faster? What could you do with your free time?
Up until last year, enterprises that were looking into cloud services usually undertook a long-term pilot with one of the large cloud providers, running test and dev workloads in the cloud. With cloud’s transition to mainstream adoption in 2015, and with enterprises migrating more and more workloads into the cloud and in between public and private environments, the single-provider approach must be revisited. In his session at 18th Cloud Expo, Yoav Mor, multi-cloud solution evangelist at Cloudy...
Extreme Computing is the ability to leverage highly performant infrastructure and software to accelerate Big Data, machine learning, HPC, and Enterprise applications. High IOPS Storage, low-latency networks, in-memory databases, GPUs and other parallel accelerators are being used to achieve faster results and help businesses make better decisions. In his session at 18th Cloud Expo, Michael O'Neill, Strategic Business Development at NVIDIA, focused on some of the unique ways extreme computing is...
UpGuard has become a member of the Center for Internet Security (CIS), and will continue to help businesses expand visibility into their cyber risk by providing hardening benchmarks to all customers. By incorporating these benchmarks, UpGuard's CSTAR solution builds on its lead in providing the most complete assessment of both internal and external cyber risk. CIS benchmarks are a widely accepted set of hardening guidelines that have been publicly available for years. Numerous solutions exist t...