also--- $6.9M annual profit, after $18.9M pProprietary Industries has $6.9M annual profit, after $18.9M prior-year loss
12/22/04
CALGARY, Dec 22, 2004 (The Canadian Press via COMTEX) --
Proprietary Industries Inc. has reported an annual profit of $6.9 million, up from a loss of $18.9 million in the previous year thanks to asset sales as the Calgary merchant bank restructures.
Revenue increased to $12.8 million from $2.9 million, and on
a per-share basis the profit in the year ended Sept. 30 was 12 cents, up from a prior-year loss of 32 cents, Proprietary said Wednesday.
The 2004 revenue included various non-recurring items, including $3 million after the judicial sale of Waterton Lakes Lodge, $1.8 million on a reversal of provisions for expenses, and $5.3 million on the collection of interest on notes receivable previously recorded as impaired.
The year also saw $5.3 million in legal, consulting and staff expenses, but these costs "should be reduced considerably in the future due to lower staff levels and a reduction in the use of consultants," Proprietary said.
"Legal fees continue to be unpredictable due to the amount of litigation facing the company."
Proprietary (TSX:PPI), the target of a hostile takeover bid by Northern Financial Corp., said it intends to continue as a public company and merchant bank "with a more rational investment strategy."
It ended its financial year with assets valued at $39.7 million, down from $114.7 million a year earlier, and liabilities of $8.1 million, down from $90 million.
The online source for news sports entertainment finance and business news in Canada