TORONTO, November 3, 2006 – Brookfield Asset Management Inc. (TSX/NYSE: BAM) today announced a 29% increase in operating cash flow for the third quarter ended September 30, 2006. Operating cash flow totalled $368 million ($0.91 per share), compared with $286 million ($0.69 per share) reported in the same quarter last year.
The following table presents the results on a total and per share basis:
|
|
Three months
ended September 30 |
|
Nine months
ended September 30 |
US$ millions
(except per share amounts) |
2006 |
2005 |
|
2006 |
2005 |
|
|
|
|
 |
| Cash flow from operations |
$ |
368 |
$ |
286 |
|
$ |
942 |
$ |
656 |
|
– per share 1 |
$ |
0.91 |
$ |
0.69 |
|
$ |
2.30 |
$ |
1.58 |
| Net income |
$ |
245 |
$ |
736 |
|
$ |
559 |
$ |
1,511 |
|
– per share 1 |
$ |
0.60 |
$ |
1.82 |
|
$ |
1.34 |
$ |
3.72 |
| 1 Adjusted to reflect three-for-two stock split |
|
|
|
|
|
|
|
|
|
|
|
|
Net income for the quarter was $245 million. On a comparable basis, net income in the same quarter last year was $84 million prior to including $652 million of after-tax gains and equity earnings from an investment which was sold last year. Net income, including these items, was $736 million.
Bruce Flatt, Managing Partner and CEO of Brookfield Asset Management, commented: “We continue to achieve growth in our management platforms across all of our infrastructure operations.”
Dividend Declaration
The Board of Directors declared a dividend of US$0.16 per Class A Share, payable on February 28, 2007, to shareholders of record as at the close of business on February 1, 2007.
Information on Brookfield Asset Management's common and preferred share dividends can be found on the company's web site under Investor Centre/Stock and Dividend Information.
Additional Information
The Letter to Shareholders and the company's Supplemental Financial Information for the nine months ended September 30, 2006 contain 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 over $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 at www.brookfield.com.
For more information, please 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.
