TORONTO, April 28, 2006 – Brookfield Asset Management Inc. (TSX/NYSE: BAM) today announced operating results for the first quarter ended March 31, 2006. Operating cash flow totalled $307 million ($0.75 per share) close to double the $155 million ($0.37 per share) reported last year. Net income totalled $179 million ($0.43 per share) compared with the $165 million ($0.39 per share) reported in the same period last year. The per share results reflect the three-for-two stock split that was announced on April 4, 2006.
The following table presents the results on a total and per share basis.
|
Three months ended March 31 |
| US$ millions |
(except per share amounts) |
2006 |
2005 |
| Net income |
$ |
179 |
$ |
165 |
| – per share 1 |
$ |
0.43 |
$ |
0.39 |
| Cash flows from operations |
$ |
307 |
$ |
155 |
| – per share 1 |
$ |
0.75 |
$ |
0.37 |
|
1 Adjusted to reflect three-for-two stock split |
Dividend Declaration
The Board of Directors declared a dividend of US$0.16 per Class A Share, payable on August 31, 2006, to shareholders of record as at the close of business on August 1, 2006. This dividend reflects the three-for-two stock split of the Class A shares that was announced on April 4, 2006.
Information on Brookfield Asset Management's common and preferred share dividends can be found on the company's web site under Investor Centre/Stock Information.
Additional Information
The Letter to Shareholders and the company's Supplemental Financial Information for the quarter ended March 31, 2006 contains further information on the company's strategy, operations and financial results. Shareholders are encouraged to read these documents, which are available on the company's web site.
* * * * *
Brookfield Asset Management Inc., focused on property, power and infrastructure assets, has approximately $50 billion of assets under management and is co-listed on the New York and Toronto Stock Exchanges under the symbol BAM. For more information, please visit our web site at www.brookfield.com.
For more information, please visit our web site at www.brookfield.com
contact:
|
Katherine C. Vyse
Senior Vice-President
Investor Relations and Communications
Tel: 416-369-8246
e-mail: kvyse@brookfield.com
|
Note: This press release, Letter to Shareholders and Supplemental Information referred to herein contain forward-looking information and other “forward looking statements”, within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. The words “expect”, “will”, “positioned”, “expansion”, “scheduled”, “should” and other expressions which are predictions of or indicate future events, trends or prospects and which do not relate to historical matters identify forward-looking statements. Although Brookfield Asset Management believes that the anticipated future results, performance or achievements expressed or implied by the forward-looking statements and information are based upon reasonable assumptions and expectations, the reader should not place undue reliance on forward-looking statements and information because they involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the company to differ materially from anticipated future results, performance or achievement expressed or implied by such forward-looking statements and information. Factors that could cause actual results to differ materially from those contemplated or implied by forward-looking statements include: general economic conditions; interest rate changes; availability of equity and debt financing; the ability to effectively integrate acquisitions into existing operations; and other risks and factors described from time to time in the documents filed by the company with the securities regulators in Canada and the United States including in the Annual Information Form under the heading “Business Environment and Risks.” The company undertakes no obligation to publicly update or revise any forward-looking statements or information, whether as a result of new information, future events or otherwise.
