Tuesday, November 15, 2011

NFI - <span class="simulate_din_font">New Flyer Industries Inc. and New Flyer Industries Canada ULC Announce November Cash Distribution</span> (CAD 0.645)

Company: New Flyer Industries Inc
Stock Name: NFI
Amount: CAD 0.645
Announcement Date: 15/11/2011
Record Date: 28/11/2011

Dividend Detail:




WINNIPEG, Nov. 15, 2011 /CNW/ - (TSX:NFI) (TSX:NFI.UN) New Flyer
Industries Inc. ("New Flyer") declared today a dividend on the common
shares of New Flyer (the "Shares"), including those Shares held
separately and those Shares held in the form of an income deposit
security ("IDS"), in the amount of C$0.07167 per Share, which will be
payable on December 15, 2011, to holders of record at the close of
business on November 30, 2011. The Shares that are held separately
trade on the Toronto Stock Exchange (the "TSX") under the symbol NFI
and the Shares that are held in the form of an IDS trade on the TSX
under the symbol NFI.UN.



The regular monthly cash interest payment of C$0.645 per C$55.30
principal amount of subordinated notes (the "Subordinated Notes") of
New Flyer Industries Canada ULC ("NFI ULC") will also be paid on
December 15, 2011 to holders of Subordinated Notes (including those
held separately and those held in the form of an IDS) of record at the
close of business on November 30, 2011. As a result, holders of record
of IDSs will receive a total distribution of C$0.7167 per IDS,
representing a cash dividend of C$0.07167 per Share and an interest
payment of C$0.645 per C$55.30 principal amount of Subordinated Notes
for the period from November 1, 2011 to November 30, 2011.



The dividends on the Shares (including those Shares forming part of the
IDSs) are designated as "eligible dividends" for purposes of the
enhanced dividend tax credit rules contained in the Income Tax Act (Canada) and any corresponding provincial and territorial tax
legislation.



About New Flyer

New Flyer is the leading manufacturer of heavy-duty transit buses in
Canada and the United States. With a skilled workforce of over 2,000
employees, New Flyer is a technology leader, offering the broadest
product line in the industry, including drive systems powered by clean
diesel, LNG, CNG and electric trolley as well as energy-efficient
diesel-electric hybrid vehicles. All products are supported with an
industry-leading, comprehensive parts and service network. Further
information is available on New Flyer's web site at www.newflyer.com.



Forward-Looking Statements

This press release may contain forward-looking statements relating to
expected future events and financial and operating results of New Flyer
that involve risks and uncertainties. Actual results may differ
materially from management expectations as projected in such
forward-looking statements for a variety of reasons, including market
and general economic conditions, the covenants contained in NFI ULC's
senior credit facility and subordinated note indenture and the other
risks and uncertainties detailed in the disclosure documents filed with
the Canadian securities regulatory authorities. Due to the potential
impact of these factors, New Flyer disclaims any intention or
obligation to update or revise any forward-looking statements, whether
as a result of new information, future events or otherwise, unless
required by applicable law.



For further information:

New Flyer Industries Inc.
Glenn Asham, Chief Financial Officer
Tel: 204-224-1251









CPG - <span class="simulate_din_font">Crescent Point Energy confirms November 2011 dividend</span> (CAD 0.23)

Company: Crescent Point Energy Corp.
Stock Name: CPG
Amount: CAD 0.23
Announcement Date: 15/11/2011
Record Date: 28/11/2011

Dividend Detail:




CALGARY, Nov. 15, 2011 /CNW/ - Crescent Point Energy Corp. ("Crescent
Point" or the "Company") confirms that the cash dividend to be paid on
December 15, 2011 in respect of November 2011 production, for
shareholders of record on November 30, 2011 will be $0.23 per share.
The ex-dividend date is November 28, 2011.



These dividends are designated as "eligible dividends" for Canadian
income tax purposes.



Crescent Point Energy Corp. is a conventional oil and gas producer with
assets strategically focused in properties comprised of high-quality,
long-life, operated light and medium oil and natural gas reserves in
United States and Canada.



CRESCENT POINT ENERGY CORP.



Scott Saxberg,

President and Chief Executive Officer






For further information:

FOR FURTHER INFORMATION ON CRESCENT POINT ENERGY CORP. PLEASE CONTACT:
Greg Tisdale, Chief Financial Officer, or Trent Stangl, Vice President Marketing and Investor Relations.

Telephone: (403) 693-0020 Toll free (U.S. & Canada): 888-693-0020
Fax:  (403) 693-0070  Website:www.crescentpointenergy.com

Crescent Point shares are traded on the Toronto Stock Exchange under the symbol CPG.

Crescent Point Energy Corp.
Suite 2800, 111-5th Avenue S.W.
Calgary, AB., T2P 3Y6









TGA.UN - <span class="simulate_din_font">TransGlobe Apartment REIT announces November 2011 distribution</span> (CAD 0.0625)

Company: Transglobe Apartment Reit
Stock Name: TGA.UN
Amount: CAD 0.0625
Announcement Date: 15/11/2011
Record Date: 28/11/2011

Dividend Detail:




MISSISSAUGA, ON, Nov. 15, 2011 /CNW/ - TransGlobe Apartment Real Estate
Investment Trust (TSX: TGA.UN) (the "REIT") today announced a cash
distribution of $0.0625 per unit for the month of November 2011,
representing an annualized distribution of $0.75 per unit. The
distribution will be payable on December 15, 2011 to Unitholders of
record as at November 30, 2011.



Unitholders can participate in the REIT's Unitholder Distribution
Reinvestment Plan ("DRIP"). Eligible investors registered in the DRIP
will have their monthly cash distributions used to purchase Trust
Units, and will also receive bonus Trust Units equal to 3% of their
monthly cash distributions.



About TransGlobe Apartment Real Estate Investment Trust



TransGlobe Apartment Real Estate Investment Trust is an unincorporated,
open-ended real estate investment trust established under the laws of
the Province of Ontario. The REIT owns a growing portfolio of high
quality apartment and town house properties well-located in urban
centres in Alberta, Ontario, Qubec, New Brunswick and Nova Scotia.



This press release contains forward-looking statements which reflect the
REIT's current expectations regarding future events. The
forward-looking statements involve risks and uncertainties. Actual
results could differ materially from those projected herein. The REIT
disclaims any obligation to update these forward-looking statements
except as required by securities laws.



For further information:

TransGlobe Apartment REIT
Leslie Veiner
Chief Financial Officer
(905) 293-9400 ext. 1985
Email:lveiner@tgareit.com









JFC - <span class="simulate_din_font">Jaguar Financial declares cash dividend, reports results for third quarter of fiscal 2011</span> (CAD 0.0047)

Company: Jaguar Financialcorp.
Stock Name: JFC
Amount: CAD 0.0047
Announcement Date: 15/11/2011
Record Date: 23/11/2011

Dividend Detail:




TORONTO, Nov. 15, 2011 /CNW/ - Jaguar Financial Corporation ("Jaguar" or
the "Company") today announced that its Board of Directors has approved
a dividend of $0.0047 per share on its common shares, payable December
9, 2011
, to shareholders of record at the close of business on November
25, 2011
.



The Company also today reported results for its third quarter ended
September 30, 2011, of its 2011 fiscal year. For the three months ended
September 30, 2011, the Company reported a net loss of $5,106,403
compared to a net loss of $279,450 in the third quarter of 2010.



For the three months ended September 30, 2011, the Company experienced a
net loss on investments of $4,553,964, of which $3,562,356 was
unrealized, compared to a net loss on investments of $381,521 in the
third quarter of 2010. A substantial portion of the unrealized loss is
attributable to Jaguar's investment in Lakeside Steel Inc. The
Company's investment portfolio is classified as held for trading and
recorded on a fair value basis and will experience, at various times,
unrealized gains or losses based on equity market conditions.



For the nine months ended September 30, 2011, the Company reported a net
loss of $3,779,116 compared to net income of $2,297,338 in 2010.



Jaguar had cash and investments of $15,412,343 as at September 30, 2011.



Subsequent to September 30, 2011, the Company sold its investment in
MOSAID Technologies Inc. for gross proceeds of $17,108,815, generating
a realized gain of $2,326,786.



Vic Alboini, Chairman and Chief Executive Officer commented, "We are
pleased to report a gain on our investment in MOSAID and to be able to
reward Jaguar's shareholders with a dividend equal to approximately 10%
of our current share price. The dividend is in keeping with our
objective to pay out a portion of our realized gains on our investments
to our shareholders."



About Jaguar



Jaguar is a Canadian merchant bank that invests in undervalued small
capitalization companies in a variety of industry sectors.



The securities of Jaguar Financial Corporation are listed on the TSX
under the symbol "JFC".



The Toronto Stock Exchange does not accept responsibility for the
adequacy or accuracy of this news release. This news release may
contain certain forward looking statements which involve known and
unknown risks, delays, and uncertainties not under Jaguar's control
which may cause actual results, performances or achievements of Jaguar
to be materially different from those implied by such forward looking
statements.



For further information:

Vic Alboini, Chairman and Chief Executive Officer
416 644-8110

- or -

Kyler Wells, Senior Vice President and General Counsel
416 644-8177









Monday, November 14, 2011

CHL.A - <span class="simulate_din_font">Canadian Helicopters Group Inc. declares monthly dividends</span> (CAD 0.0919)

Company: Canadian Helicopters Group Inc. A
Stock Name: CHL.A
Amount: CAD 0.0919
Announcement Date: 14/11/2011
Record Date: 27/01/2012

Dividend Detail:




MONTREAL, Nov. 14, 2011 /CNW Telbec/ - Canadian Helicopters Group Inc.
("Canadian Helicopters") (TSX: CHL.A, CHL.B) announced today that its
Board of Directors has declared monthly dividends of $0.091875 per
Common Share and Variable Voting Shares, payable on each of February
15, 2012
, March 15, 2012 and April 13, 2012 to holders of record at the
close of business January 31, 2012, February 29, 2012 and March 30,
2012
, respectively.



The foregoing dividends are designated as "eligible" dividends for the
purposes of the Income Tax Act (Canada) and any similar provincial legislation.



Canadian Helicopters' Board of Directors reviews the applicable dividend
rates on a quarterly basis. Shareholders are entitled to receive
dividends only when any such dividends are declared by Canadian
Helicopters' Board of Directors, and there is no entitlement to any
dividend prior thereto.



ABOUT CANADIAN HELICOPTERS GROUP INC



Canadian Helicopters Group is an international provider of helicopter
transportation and related support services with fixed primary
operations in Canada, Australia, New Zealand and regions of Southeast
Asia. The group also delivers contracted on demand support in
Afghanistan and Antarctica. Charter operations are provided under two
brands: Helicopters New Zealand (HNZ) in the Asia Pacific and
Antarctica regions and Canadian Helicopters Limited (CHL) in Canada and
Afghanistan. In addition to charter services, the Company provides
flight training and third party repair and maintenance services. With
headquarters near Montreal, Canada, the Company operates 160
helicopters and employs approximately 800 personnel.





For further information:

Canadian Helicopters Group Inc.
Don Wall
President and Chief Executive Officer
Tel.: 780-429-6919
Tel.: 450-452-3007









OMG - <span class="simulate_din_font">OPMEDIC GROUP Inc. announces its financial results for the fourth quarter and for the year ended August 31, 2011 and declares a dividend on common shares</span> (CAD 0.025)

Company: Opmedic Group Inc.
Stock Name: OMG
Amount: CAD 0.025
Announcement Date: 14/11/2011
Record Date: 17/11/2011

Dividend Detail:




/NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR
DISSEMINATION IN THE UNITED STATES./



MONTREAL, Nov. 14, 2011 /CNW Telbec/ - OPMEDIC GROUP Inc. ("OPMEDIC
GROUP") (TSX: OMG), a healthcare-related company in fertility,
laboratories and surgeries providing services and facilities to
patients and surgeons, is pleased to announce its financial results for
the fourth quarter and for the year ended August 31, 2011.



HIGHLIGHTS FOR THE YEAR ENDED AUGUST 31, 2011:




  • Revenue up by 55%. Revenue for the year ended August 31, 2011 totalled $22.297 million
    compared to $14.348 million in 2010.


  • Gross profit up by 67%. Gross profit for the year ended August 31, 2011 totalled $13.267
    million
    compared to $7.932 million in 2010.


  • Net earnings up by 185%. Net earnings and net earnings per share for the year ended August 31,
    2011
    were respectively $5.355 million and $0.31 compared to $1.877
    million
    and $0.11 in 2010.



Revenues



Revenues for the year ended August 31, 2011 totalled $22.297million, up
55% or $7.949million from $14.348million for the same period in 2010.
The increase in fertility activities as a result of the new free
assisted procreation services program established in the Province of
Quebec generated additional revenues of $7.729million over the same
period in the previous year. Surgical and endoscopic activities
continued to grow with additional revenues of $0.446million, while
prenatal screening was down by $0.412million due to higher competition
in both the public and private sectors.



Cost of Services



The cost of services for the year ended August31, 2011 increased by
$2.614million or 41% from $6.416million in the previous year to
$9.030million in 2011. The higher volume of fertility activities
required additional costs of $1.018million in payroll, of
$0.798million in supplies, and of $0.271million in professional fees.
Surgical and endoscopic activities required extra payroll expenses and
supplies of $0.218million.



Gross Profit



Gross profit totalled $13.267million for the year ended August 31,
2011
, up $5.335million or 67% from $7.932million in 2010. This
improvement was primarily attributable to the upward trend in revenues.
The fertility services segment enhanced gross profit by $5.175million,
while the surgical and endoscopic services and facilities segment
contributed $0.160million to gross profit.



Gross profit in relation to revenues rose to 60% in 2011 from 55% in
2010.



General and Administrative Expenses



General and administrative expenses rose to $4.429million for the year
ended August31, 2011, up $0.573million or 15% from $3.856million in
2010. Professional fees increased by $0.353million mainly because of
external consulting fees to prepare for convergence with the
international accounting standards, legal and consulting fees paid to
open the new fertility clinic in the city of Vaughan (Ontario), and
assessment fees for ISO 15189 accreditation of the laboratories by the Bureau de normalisation du Qubec. In addition, administrative salaries were up by $0.283million as a
result of the extra customer service staff added to handle the higher
volume of activities, which was offset by a $0.082million drop in
advertising expenses.



Net Earnings



Net earnings and net earnings per share for the year ended August 31,
2011
were respectively $5.355million and $0.31, versus $1.877million
and $0.11, respectively, for the previous year.



HIGHLIGHTS FOR THE FOURTH QUARTER:




  • Revenue up by 60%. Revenue for the fourth quarter totalled $5.762 million compared to
    $3.599 million for the same period in 2010.


  • Gross profit up by 65%. Gross profit for the quarter ended August 31, 2011 totalled $3.177
    million
    compared to $1.922 million in 2010.


  • Net earnings up by 174%. Net earnings and net earnings per share for the quarter ended August
    31, 2011
    were respectively $1.166 million and $0.07 compared to $0.425
    million
    and $0.02 in 2010.



Revenues



Revenues for the quarter ended August31, 2011 totalled $5.762million,
up 60% or $2.163million from $3.599million in the previous year.



The increase in fertility activities as a result of the new free
assisted procreation services program established in the Province of
Quebec generated additional revenues of $2.282million, compared to the
same period in the previous year, while prenatal screening activities
were down by $0.129million due to higher competition in both the
public and private sectors.



Cost of Services



The cost of services for the quarter ended August 31, 2011 rose by
$0.908million or 54% from $1.677million in 2010 to $2.585million in
2011.



The higher volume of fertility activities entailed additional costs of
$0.328million in payroll, of $0.247million in supplies, and of
$0.108million in professional fees. In addition, the joint venture for
the clinic in the city of Vaughan (Ontario) has cost $0.169million
mainly in payroll, rent and supplies since the clinic opened on July
11, 2011
.



Gross Profit



Gross profit for the quarter ended August 31, 2011 was up $1.255million
or 65% to $3.177million from $1.922million in 2010. The major
increase in revenue directly affected gross profit because of economies
of scale. For the fertility services segment, gross profit was up
$1.327million, while gross profit was down $0.072million in the
surgical and endoscopic services and facilities segment.



Gross profit in relation to revenues for the fourth quarter was 55% in
2011, versus 53% in 2010.



General and Administrative Expenses



General and administrative expenses for the quarter ended August 31,
2011
totalled $1.230million, up $0.282 million or 30% from
$0.948million in 2010. Administrative salaries increased by
$0.159million following the addition of customer service staff and the
recognition of stock-based compensation. Furthermore, $0.139 million
was required for payroll and the opening of the clinic in the city of
Vaughan (Ontario).



Net Earnings



Net earnings and net earnings per share for the fourth quarter were
respectively $1.166million and $0.07, as opposed to $0.425million and
$0.02 in 2010.



DECLARATION OF DIVIDEND ON COMMON SHARES



The Company's Board of Directors has declared a cash dividend of $0.025
per share payable on November 28, 2011 to shareholders of record at the
close of business on November 21, 2011. Future dividends are subject to
the discretion of the Board of Directors.



The Company designates this dividend to be an "eligible dividend"
pursuant to subsection 89(14) of the Income Tax Act (Canada) and its
equivalent in any provinces of Canada.



Detailed financial results can be accessed on the OPMEDIC GROUP web site
at www.opmedicgroup.com.



About OPMEDIC GROUP



OPMEDIC GROUP is a company incorporated under the laws of the Province
of Quebec which provides healthcare-related services including surgical
and endoscopic facilities and services to patients and surgeons (with
its OPMEDIC division), fertility treatments, medical imaging,
laboratory services and diagnostic procedures (with its PROCREA
Cliniques division and a joint venture 7667264 Canada Inc.) and sperm
banking services (with its PROCREA Cryopreservation Centre subsidiary).
OPMEDIC GROUP's Common Shares trade on the Toronto Stock Exchange under
the symbol "OMG".



This news release does not constitute an offer to sell or to
solicitation of an offer to buy any security and shall not constitute
an offer, solicitation or sale in any jurisdiction in which such
offering would be unlawful. This news release contains certain
forward-looking statements that reflect the current views and/or
expectations of OPMEDIC GROUP with respect to its performance, business
and future events. Such statements are subject to a number of risks,
uncertainties and assumptions. Actual results and events may vary
significantly.



The Content of this press release has not been approved by nor submitted
to the TSX which assumes no liability therefore.



For further information:

Jean-Marc LACHANCE
Vice President Finance and Chief Financial Officer
(514) 345-8535, x 2260
jmlachance@opmedicgroup.com









TCN - <span class="simulate_din_font">Tricon Announces Third Quarter 2011 Results and Declares Quarterly Dividend</span> (CAD 0.06)

Company: Tricon Capital Group Inc
Stock Name: TCN
Amount: CAD 0.06
Announcement Date: 14/11/2011
Record Date: 29/12/2011

Dividend Detail:




/NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR FOR DISTRIBUTION IN
THE UNITED STATES./



TORONTO, Nov. 14, 2011 /CNW/ - Tricon Capital Group Inc. (TSX: TCN)
("Tricon" or the "Company") today announced its results for the third
quarter ended September 30, 2011. Financial Statements and Management's
Discussion and Analysis are available on the Tricon website at
www.triconcapital.com and have been filed on SEDAR. Results are
prepared in accordance with International Financial Reporting Standards
("IFRS") and presented in Canadian dollars rounded to the nearest
thousand, unless otherwise noted.



Highlights:




  • Net Income for the quarter was $993,000, a $878,000 increase from Q3
    2010. As a result, EPS for the quarter improved to $0.05 per share as
    compared to $0.01 per share in Q3 2010.






  • Adjusted Base Revenues for the quarter increased by $264,000 to
    $2,999,000
    when compared to the corresponding period in 2010, while
    Adjusted Base EBITDA decreased from $1,259,000 in Q3 2010 to
    $1,089,000, primarily as a result of formation and legal costs
    associated with the start-up of Canadian fund Tricon XII, which costs
    have been reported as Investment Losses.






  • Adjusted EBITDA declined from $1,377,000 in Q3 2010 to $1,091,000 in Q3
    2011, primarily as a result of the aforementioned Investment Losses and
    the anticipated reduction in performance fees earned.






  • An expression of interest was received for a $100 million lead order for
    US distressed fund Tricon XI from a large U.S. institutional investor,
    with an initial close now anticipated in Q1 2012. Fundraising efforts
    will continue with subsequent closings permitted for a period of one
    year from the date of initial closing.






  • Assets Under Management ("AUM") have continued to grow throughout the
    course of 2011 and were $961,548,000 at September 30, 2011 - an
    increase of $34,114,000 from Q2 2011 and an increase of $108,912,000
    since the end of 2010,






  • A quarterly dividend of 6 cents per share was declared on November 11,
    2011
    to shareholders of record on December 31, 2011 and will be payable
    on January 13, 2012.



"We continue to execute the business plan laid out when we went public
in May 2010 and believe that our fundraising success will continue over
the next 12 - 18 months. We have built a deep pipeline of investment
opportunities for both our Canadian fund and our distressed U.S. fund
which we believe reflects Tricon's position as the capital provider of
choice for the residential development industry" said David Berman,
Chairman and Chief Executive Officer. "Aside from our fundraising
efforts, we are also surveying the market for strategic corporate
opportunities which will further drive shareholder value. Overall, we
believe that Tricon continues to have strong growth prospects going
forward and that we are well positioned to provide our shareholders
with an excellent balance of current yield and long-term growth."


















































































































































































Selected Financial Summary































At Sept. 30

2011

At December 31

2010













Assets Under Management







$961,548,000

$852,636,000





















 Three Months Ended Sept. 30



Nine Months Ended Sept 30



2011

2010



2011

2010













Adjusted Base Revenue

$2,999,000

$2,735,000



$8,412,000

$7,813,000













Net Income (Loss) (1)

$993,000

$115,000



$289,000

($8,975,000)













Adjusted Base EBITDA (2)

$1,089,000

$1,259,000



$3,476,000

$3,839,000

Adjusted EBITDA (2)

$1,091,000

$1,377,000



$3,631,000

$4,561,000

Adjusted Net Income (2)

$592,000

$729,000



$1,931,000

$2,128,000













Net Income (Loss) - Per Share

$0.05

$0.01



$0.02

($0.72)

Adjusted Net Income - Per Share (2)

$0.03

$0.04



$0.11

$0.17

Shares Outstanding

18,240,871

18,240,871



18,240,871

12,442,149


























(1) 

Net Income includes several Non-Recurring and Non-Cash items, including
a significant LTIP accrual as mandated by IFRS. Please see MD&A for
additional detail.

(2) 

Tricon measures the success of its business by employing several key
performance indicators which are not recognized under IFRS, including
AUM, Adjusted Base EBITDA, Adjusted EBITDA and Adjusted Net Income.
These indicators should not be considered an alternative to IFRS
financial measures such as Net Income. Non-IFRS financial measures do
not have standardized definitions prescribed by IFRS and are therefore
unlikely to be comparable with other issuers or companies. Refer to our
Management & Discussion Analysis for a reconciliation of the Non-IFRS
measures to the closest comparable IFRS measures.


Conference Call and Webcast



Management will host a conference call at 10 a.m. ET on November 14,
2011
, to discuss the results. Please call 416-800-1066 or
1-866-212-4491. The conference call will also be accessible via webcast
at www.triconcapital.com (go to Investor Information - Events). A replay of the conference call
will be available until midnight November 21, 2011. To access the
replay, call



1-866-583-1035, followed by pass code 2516643#.



Forward-Looking Statements



This press release may contain forward-looking statements relating to
expected future events and financial and operating results and
projections of the Company, including statements regarding future
plans, objectives or economic performance that involve risks and
uncertainties. Forward-looking information and statements are based on
management's expectations, intentions and assumptions. If unknown
risks arise, or if any of the assumptions underlying the
forward-looking statements prove incorrect, actual results may differ
materially from management expectations as projected in such
forward-looking statements. Examples of such risks include, but are not
limited to, the risks disclosed in the Company's final prospectus dated
May 14, 2010, as available at www.sedar.com and the risks described in
the Company's continuous disclosure materials from time-to-time. The
Company disclaims any intention or obligation to update or revise any
forward-looking statements, whether as a result of new information,
future events or otherwise, unless required by applicable law.



About Tricon Capital Group Inc.



Founded in 1988, Tricon is one of North America's pre-eminent asset
managers focused on the residential real estate development industry
with approximately $1 billion of assets under management. Tricon
participates in the development of residential properties in Canada and
the United States by acting as the manager of limited partnerships that
provide financing, typically in the form of participating loans, to
developers, with a specific focus on residential land development,
single-family homebuilding, multi-family construction and retail
developed in conjunction with residential projects. Since inception,
Tricon has invested in over 140 transactions for development projects
valued at approximately $9 billion. More information about Tricon is
available at www.triconcapital.com.



For further information:
June Alikhan
Chief Financial Officer
Tel: 416-928-4116
Email:jalikhan@triconcapital.com
    Gary Berman
President
Tel: 416-928-4122
Email:gberman@triconcapital.com








Friday, November 11, 2011

MKP - <span class="simulate_din_font">MCAN Mortgage Corporation Reports Third Quarter Earnings</span> (CAD 0.27)

Company: Mcan Mortgage Corporation
Stock Name: MKP
Amount: CAD 0.27
Announcement Date: 11/11/2011
Record Date: 30/11/2011

Dividend Detail:




Stock market symbol

TSX: MKP



TORONTO, Nov. 11, 2011 /CNW/ - MCAN Mortgage Corporation's ("MCAN", the
"Company" or "we") net income for the third quarter of 2011 was $7.6
million
, down from $10.7 million in the prior year. Earnings per share
were $0.45 compared to $0.74 during the same quarter in the prior year.
The decrease from the prior year is primarily due to substantially
lower fee income and equity income from MCAP Commercial LP ("MCLP"),
and the reversal of a significant construction loan individual
allowance in the prior year. Estimated taxable income for the quarter
was $4.5 million, or $0.27 per share. The prior year was exceptionally
high at $9.4 million, or $0.66 per share.



We issued 2.3 million common shares in April, raising net proceeds of
approximately $31 million. This share issuance created $178 million of
additional asset capacity for MCAN. We intend to deploy this capacity
in a timely manner so as to avoid significant dilution, however we
experienced slower than anticipated asset growth in the third quarter,
leaving us with $177 million of asset capacity at September 30th. In
light of current market concerns, we have moderated the risk profile of
our assets at this point in time. We continue to focus on investing in
mortgages with sound borrower equity, reasonable market acceptance
through pre-sales on construction loans and acceptable risk-adjusted
returns. The majority of our growth for the year to date has arisen
from the acquisition of seasoned single family residential mortgage
portfolios with good payment histories and healthy borrower equity that
were underwritten at market values from two years ago.



The consolidated financial statements for the quarter ended September
30, 2011
are the third quarter that we have prepared in accordance with
International Financial Reporting Standards ("IFRS"). For periods up
to and including the year ended December 31, 2010, we prepared our
consolidated financial statements in accordance with Canadian Generally
Accepted Accounting Principles ("CGAAP").



The most significant changes to our financial statements are as follows:




  • We have recognized $3.1 billion of new assets and $3.1 billion of new
    liabilities, primarily due to the on-balance sheet treatment of
    mortgages securitized through the Canada Mortgage Bonds ("CMB")
    program. As the securitization issuances mature, the securitization
    liability and related assets (securitized mortgages and principal
    reinvestment assets) will be removed from the balance sheet. Since we
    are not currently participating in new CMB issuances, we expect that
    the Company's securitization assets and liabilities will decrease
    significantly over the next three years. The CMB securitization
    liabilities mature as follows: 2012 - $1.1 billion, 2013 - $1.1
    billion
    , 2014 - $879 million, 2015 - $47 million.






  • We now recognize ongoing CMB program mortgage interest income, principal
    reinvestment income and securitization liability interest expense on
    the accrual basis. We reversed up-front gains from securitization
    previously recognized under CGAAP through opening retained earnings on
    transition to IFRS.






  • Fair market value changes in the CMB interest rate swaps are no longer
    generally offset by fair market value changes in CMB interest-only
    strips, as the interest-only strips do not exist under IFRS due to the
    reversal of up-front gains from securitization previously recognized
    under CGAAP. The lack of an offset has led to increased volatility to
    net income under IFRS despite the fact that, from an economic
    perspective, interest rate risk remains largely mitigated through the
    interest rate swaps.






  • We now recognize current and deferred taxes through the statement of
    income, which has led to increased volatility to net income. Under
    CGAAP, we charged current and deferred taxes directly to retained
    earnings.



MCAN paid its regular $0.27 per share dividend in the third quarter.



The Company separates its assets into its corporate and securitized
portfolios for reporting purposes. Corporate assets represent the
Company's core strategic investments, and are funded by term deposits
and share capital. Securitization assets consist primarily of
mortgages securitized through the CMB program and reinvestment assets
purchased with mortgage principal repayments and are funded by
financial liabilities from securitization.



Net Investment Income: Net investment income was $11.4 million for the quarter, a decrease of
$3.0 million from $14.4 million during the same quarter in the prior
year. Net investment income consisted of $5.4 million from corporate
assets (2010 - $8.2 million) and $6.0 million from securitized assets
(2010 - $6.1 million). The decrease is primarily due to substantially
lower fee income and equity income from MCLP, and the reversal of a
significant construction loan individual allowance in the prior year.
Income from securitized assets includes a $4.9 million positive fair
market value adjustment to derivative financial instruments (positive
$4.3 million in 2010).



Net Investment Income - Corporate Assets



Mortgage interest income increased to $8.2 million in the current year
from $6.8 million in the prior year as a result of a $140 million
increase in the average mortgage portfolio from $377 million to $517
million
, partially offset by a 0.85% decrease in the average mortgage
yield from 7.32% in 2010 to 6.47% in 2011. Mortgage interest income
includes $341,000 (2010 - $702,000) of discount income on MCAN's
acquired mortgage portfolios, which caused the majority of the decrease
in the mortgage yield over the prior year.



As at September 30, 2011, we held discounted mortgages with a net
discount of $10 million. We retain 50% of any recoveries of that
amount, and we pay the remaining 50% to MCLP. The amount of the
discount ultimately recovered is dependent on the value of the real
estate securing the mortgage, as well as the financial capacity of the
borrower. Additionally, these mortgages have maturity dates ranging
from 2011 to 2032. The realization of the discount is dependent on if
and when cash is received.



Interest on financial investments and other loans decreased from
$396,000 to $102,000, primarily due to a significantly lower average
portfolio balance in the current year.



Equity income from our ownership interest in MCLP was $360,000 during
the quarter compared to $1.2 million in the prior year as a result of
lower mortgage gains and fee income.



Fees were $333,000 in the quarter, down from $1.3 million in the prior
year. Fees consist of fee income from a profit sharing arrangement
relating to mortgage portfolios acquired by MCLP of $82,000 (2010 -
$883,000) and other mortgage fees of $251,000 ($2010 - $438,000).
Prior year fee income from profit sharing was extremely high by
historical standards, while other mortgage fees can be volatile and
difficult to predict.



Marketable securities income was $427,000 for the quarter compared to
$nil in the prior year, as we did not acquire any marketable securities
until late 2010.



Term deposit interest and expenses increased to $3.3 million in the
current year from $1.8 million in the prior year, primarily due to a
$176 million increase in the average outstanding balance from $334
million
in 2010 to $510 million in 2011 and an increase in the average
term deposit interest rate to 2.45% in 2011 from 2.08% in 2010.



Provisions for credit losses were $80,000 for the quarter compared to a
recovery of $1.0 million for the same period of the prior year. The
prior year recovery included the full recovery of a $2 million
construction loan individual allowance upon payout with no principal
loss. There was a collective mortgage recovery of $12,000 during the
quarter compared to a provision of $418,000 in the prior year, which
relates to an increase in mortgages that attract an allowance during
the prior year compared to the current year. In addition, we increased
individual mortgage allowances by $95,000 in the quarter compared to a
net increase of $445,000 in the prior year, not including the
aforementioned $2 million individual allowance reversal. The remaining
composition of both years includes financial investments and other
loans provision activity. Mortgage write-offs were $59,000 during the
quarter compared to $28,000 during the same quarter in the prior year.



Net Investment Income - Securitized Assets



Mortgage interest income decreased to $5.0 million in the current year
from $6.1 million in the prior year as a result of a $384 million
decrease in the average mortgage portfolio over 2010. As the
securitized mortgages repay, we reinvest the collected principal in
certain permitted investments, which include financial investments and
short-term investments.



Interest on financial investments increased to $1.5 million from $1.0
million
in the prior year due to an increase in the average portfolio
from 2010.



Other securitization income was $2.0 million in the quarter compared to
$2.2 million in the prior year, consisting primarily of interest rate
swap receipts of $1.9 million (2010 - $2.0 million).



Interest on financial liabilities from securitization was $7.5 million
for the quarter, up from $7.4 million in the prior year due to a slight
increase in the average interest rate.



The positive fair market value adjustment to derivative financial
instruments of $4.9 million (2010 - $4.3 million) for the quarter
relates to the CMB interest rate swaps. The unrealized portion of this
fair market value adjustment can be volatile as it is driven by changes
in the forward interest rate curve. From an economic perspective, this
adjustment is generally offset by changes in future expected income
from securitized mortgages and principal reinvestment assets that have
a floating interest rate. We regularly monitor our interest rate swap
hedge position to minimize our exposure to interest rate risk. From an
accounting perspective, changes in future expected income from these
floating rate assets are not reflected in the consolidated statement of
income, which can cause significant volatility to net income since
there is no offset to the fair market value adjustment to derivative
financial instruments.



Operating Expenses: Operating expenses were $1.6 million compared to $1.5 million during the
same quarter in the prior year.



Income Taxes: There was a $2.2 million provision for income taxes in the third quarter
of 2011, consistent with the prior year. In both years, we incurred a
deferred tax expense as a result of the significant positive fair
market value adjustments to derivative financial instruments.



Credit Quality: Impaired mortgages as a percentage of total mortgages (net of individual
allowances) were 0.65% ($14 million) at September 30, 2011, compared to
0.67% ($15 million) at June 30, 2011. Impaired corporate mortgages as
a percentage of the corporate portfolio increased marginally to 2.51%
at September 30, 2011 from 2.46% at June 30, 2011.



Total mortgage arrears of $80 million as at September 30, 2011 decreased
from $87 million at June 30, 2011. Mortgage arrears are comprised of
$52 million of insured securitized mortgages and $28 million of
corporate mortgages, relating to uninsured single family and
residential construction loans. There were no other assets in arrears
at quarter end. We continue to proactively monitor loan arrears and
take prudent steps to collect overdue accounts.



Financial Position: As of September 30, 2011, total consolidated assets were $3.8 billion, an increase of $9 million from June 30, 2011. Corporate assets
increased by $17 million during the quarter, while securitized assets
decreased by $9 million. Changes in corporate assets included
increases of $31 million in single family mortgages and $11 million in
commercial loans, partially offset by decreases of $23 million in
residential construction loans and $4 million in cash. Term deposit
liabilities were $521 million at September 30, 2011, up $7 million from
June 30, 2011. Total shareholders' equity of $156 million increased by
$3.2 million from June 30, 2011. Activity for the quarter consisted of
net income of $7.6 million and the issuance of $226,000 of new common
shares through the dividend reinvestment plan, partially offset by the
third quarter dividend of $4.5 million.



Outlook: The Canadian economy has continued to expand, although domestic demand
has been somewhat slower than initially anticipated by economists. The
economy is projected to expand with GDP growth of 2.1% and 1.9% for
2011 and 2012, respectively. The Canadian economy saw improved growth
in the third quarter of 2011, as temporary factors that depressed
growth in the second quarter unwound. However, we expect slower growth
to continue through 2012.



We continue to prudently grow our mortgage portfolio. Average term
deposit rates are expected to remain flat as central banks maintain
neutral monetary policy to enable economic growth. We expect asset
growth and the resulting increase in net investment income to be offset
to an extent by lower discount income from our acquired mortgage
portfolios.



We continue to focus on investing in mortgages with sound borrower
equity, reasonable market acceptance through pre-sales on construction
loans and acceptable risk-adjusted returns. In light of global
economic uncertainty and the instability of financial markets, we will
be closely monitoring market conditions in the geographic markets in
which we invest. We have moderated the risk profile of our assets at
this point in time. Our mortgage portfolio is currently in a sound
position with a low level of impaired mortgages. In addition, we have
good geographic and borrower diversification. We will continue to
expand the Canadian markets in which we invest, maintain prudent
lending practices and look for quality assets with compelling risk
adjusted returns.



Dividend: The Board of Directors declared a fourth quarter dividend of $0.27 per
share to be paid January 3, 2012 to shareholders of record as of
December 2, 2011.



Changes to Board of Directors: David MacIntosh retired from the Board of Directors effective November
11, 2011
after 11 years of service. The Board would like to thank Mr.
MacIntosh
for his long service and valuable contribution to MCAN.



Karen Weaver, CPA, ICD.D was appointed to the Board of Directors
effective November 11, 2011. Ms. Weaver currently serves as the
Executive Vice President and Chief Financial Officer of First Capital
Realty Inc.



Further Information: Complete copies of the Company's 2011 Third Quarter Report will be filed
on the System for Electronic Document Analysis and Retrieval ("SEDAR")
at www.sedar.com and on the Company's website at www.mcanmortgage.com on November 14, 2011.



MCAN is a public company listed on the Toronto Stock Exchange ("TSX")
under the symbol MKP and is a reporting issuer in all provinces and
territories in Canada. MCAN also qualifies as a mortgage investment
corporation ("MIC") under the Income Tax Act (Canada) (the "Tax Act").



The Company's primary objective is to generate a reliable stream of
income by investing its corporate funds in a portfolio of mortgages
(including single family residential, residential construction,
non-residential construction and commercial loans), as well as other
types of financial investments, loans and real estate investments. MCAN
employs leverage by issuing term deposits eligible for Canada Deposit
Insurance Corporation ("CDIC") deposit insurance up to a maximum of
five times capital (on a non-consolidated tax basis) as permitted by
the Tax Act. The term deposits are sourced through a network of
independent financial agents. As a MIC, MCAN is entitled to deduct from
income for tax purposes 100% of dividends, except for capital gains
dividends, which are deducted at 50%. Such dividends are received by
the shareholders as interest income and capital gains dividends,
respectively.



MCAN also participates in the CMB program, and other securitizations of
insured mortgages.



This report may contain forward-looking statements, including statements
regarding the business and anticipated financial performance of the
Company. These forward looking statements can generally be identified
as such because of the context of the statements and often include
words such as the Company "believes", "anticipates", "expects",
"plans", "estimates" or words of a similar nature. These statements
are based on current expectations, and are subject to a number of risks
and uncertainties that may cause actual results to differ materially
from those contemplated by the forward-looking statements. Some of the
factors that could cause such differences include legislative or
regulatory developments, competition, technology change, global market
activity, interest rates, changes in government and economic policy and
general economic conditions in geographic areas where the Company
operates. Reference is made to the risk factors disclosed in the
Company's 2011 Annual Information Form, which are incorporated herein
by reference. These and other factors should be considered carefully
and undue reliance should not be placed on the Company's
forward-looking statements. Subject to applicable securities law
requirements, we do not undertake to update any forward-looking
statements.



For further information:

MCAN Mortgage Corporation

Website:www.mcanmortgage.com

e-mail:mcanexecutive@mcanmortgage.com

William Jandrisits
President and Chief Executive Officer
(416) 591-2726

Tammy Oldenburg
Vice President and Chief Financial Officer
(416) 847-3542









PWF - <span class="simulate_din_font">Power Financial Corporation Reports 2011 Third Quarter Financial Results and Dividends</span> (CAD 0.35)

Company: Power Financial Corp.
Stock Name: PWF
Amount: CAD 0.35
Announcement Date: 11/11/2011
Record Date: 28/12/2011

Dividend Detail:




Readers are referred to the sections entitled "Forward-looking
Statements" and "Non-IFRS Financial Measures" at the end of this
release. The Corporation's financial results are reported under
International Financial Reporting Standards (IFRS) and all comparative
figures have been restated accordingly.



TORONTO, Nov. 11, 2011 /CNW Telbec/ - Power Financial Corporation's
operating earnings for the nine-month period ended September 30, 2011
were $1,385 million or $1.84per share, compared with $1,294 million or
$1.73per share in the corresponding period of2010. This represents a
6.8% increase on a per share basis.



The increase in operating earnings reflects primarily the increase in
the contribution from the Corporation's subsidiaries Great-West Lifeco
Inc. (Lifeco) and IGM Financial Inc. (IGM).



For the nine-month period ended September 30, 2011, other items
represented a charge of $118 million and consisted mainly of the
Corporation's share (in the amount of $133 million) of Pargesa Holding
SA's (Pargesa) impairment charge recorded in the third quarter on its
indirect investment in Lafarge S.A. In the corresponding nine-month
period of 2010, other items were a charge of $142 million and consisted
mainly of Power Financial's share of a litigation provision recorded by
Lifeco, established in the third quarter.



Net earnings attributable to common shareholders (including other items
and after dividends on perpetual preferred shares) for the nine-month
period ended September30, 2011 were$1,189million or $1.68 per share,
compared with $1,079 million or $1.53per share in the corresponding
period of 2010.



THIRD QUARTER RESULTS

For the quarter ended September 30, 2011, operating earnings of the
Corporation were$454million or $0.60 per share, compared with
$465million or $0.62per share in the third quarter of 2010.



Other items for the third quarter of 2011 were a charge of $116 million,
compared with a charge of $144million for the same quarter in 2010.



Net earnings attributable to common shareholders (including other items
and after dividends on perpetual preferred shares) for the quarter
ended September 30, 2011 were $312million or $0.44 per share, compared
with $294million or $0.42 per share in the corresponding period of
2010.



RESULTS OF SUBSIDIARIES AND PARJOINTCO

GREAT-WEST LIFECO INC.

Lifeco reported operating earnings attributable to common shareholders
of $1,398million or $1.473per share for the nine-month period ended
September 30, 2011, compared with $1,354million or $1.429 per share in
the corresponding period of 2010. This represents an increase of 3% on
a per share basis.



For the three-month period ended September 30, 2011, Lifeco reported
operating earnings attributable to common shareholders of $457 million
or $0.481 per share, compared with $471million or $0.497 per share in
the same period in 2010.



Operating earnings for the third quarter of 2010 exclude the impact of
an incremental litigation provision, established in the quarter, in the
amount of $225 million after tax ($204million attributable to Lifeco's
common shareholders or $0.216 per common share, and $21million to
Lifeco's non-controlling interests).



Lifeco's contribution to Power Financial's operating earnings was $956
million
for the nine-month period ended September 30, 2011, compared
with $930 million in the corresponding period in 2010. For the
three-month period ended September 30, 2011, Lifeco's contribution to
Power Financial's operating earnings was $312 million, compared with
$323 million in the same period in 2010.



IGM FINANCIAL INC.

IGM reported operating earnings available to common shareholders for the
nine months ended September 30, 2011 of $637million or $2.46 per
share, compared with $549 million or $2.08per share in the same period
in 2010, an increase of 18.3% on a per share basis.



For the three-month period ended September 30, 2011, IGM reported
operating earnings available to common shareholders of $213 million or
$0.82per share, compared with $181million or $0.69 per share for the
same period in 2010, an increase of 18.8% on a per share basis.



On September 2, 2011, Mackenzie Financial Corporation, a subsidiary of
IGM, announced that it had entered into an agreement to sell M.R.S.
Trust Company and M.R.S. Inc. (together, MRS). Other items for the
three and nine months ended September 30, 2011 consisted of the net
earnings of MRS of $31million and $33 million, respectively, which
have been classified as discontinued operations.



Net earnings available to common shareholders, including other items,
for the nine months ended September 30, 2011 were $670 million or $2.58
per share, compared with $541 million or $2.05 per share in the
corresponding period in 2010. Net earnings available to common
shareholders, including other items, for the three months ended
September 30, 2011 were $244 million or $0.94 per share, compared with
$173 million or $0.66 per share in the same period of 2010.



IGM's contribution to Power Financial's operating earnings was $367
million
for the nine-month period ended September 30, 2011, compared
with $313 million in the same period in 2010. For the three-month
period ended September 30, 2011, IGM's contribution to Power
Financial's operating earnings was $121 million, compared with $104
million
in the corresponding period of 2010.



PARJOINTCO N.V.

Power Financial holds a 50% interest in Parjointco N.V., which in turn
held a 56.5% interest in Pargesa as at September 30, 2011. Pargesa
reported operating income for the nine-month period ended September 30,
2011
of SF319 million, compared with SF440million in the corresponding
period in 2010. For the three-month period ended September 30, 2011,
operating income was SF109 million, compared with SF219 million in the
corresponding period of 2010.



Pargesa's operating income declined in 2011 mainly as a result of the
weakening of the euro against the Swiss franc.



Expressed in Canadian dollars, the contribution from Pargesa to Power
Financial's operating earnings was $103 million for the nine-month
period ended September30,2011, compared with $114million for the
corresponding period in 2010. For the three-month period ended
September 30, 2011, the contribution from Pargesa to Power Financial's
operating earnings was $36million, compared with $59 million in the
third quarter of 2010.



Pargesa's non-operating income (other items) was a charge of SF423
million for the nine-month period ended September30, 2011 and is
composed mainly of its share of the impairment charge on its indirect
investment in Lafarge. Non-operating income of Pargesa was SF8 million
in the nine-month period ended September 30, 2010.



Pargesa reported a net loss of SF104 million in the nine-month period
ended September 30, 2011, compared with net earnings of SF448million
in the same period of 2010. For the third quarter of 2011, Pargesa
reported a net loss of SF306 million, compared with net earnings of
SF218million in the third quarter of 2010.



DIVIDENDS ON PREFERRED SHARES

The Board of Directors today declared quarterly dividends on the
Corporation's preferred shares, as follows:















































































TYPE OF SHARES

RECORD DATE

PAYMENT DATE

AMOUNT

Series A

January 25, 2012

February 15, 2012

To be determined in accordance with the articles of the Corporation

Series D

January 10, 2012

January 31, 2012

34.375

Series E

January 10, 2012

January 31, 2012

32.8125

Series F

January 10, 2012

January 31, 2012

36.875

Series H

January 10, 2012

January 31, 2012

35.9375

Series I

January 10, 2012

January 31, 2012

37.50

Series K

January 10, 2012

January 31, 2012

30.9375

Series L

January 10, 2012

January 31, 2012

31.875

Series M

January 10, 2012

January 31, 2012

37.50

Series O

January 10, 2012

January 31, 2012

36.25

Series P

January 10, 2012

January 31, 2012

27.50


DIVIDEND ON COMMON SHARES

The Board of Directors also declared a quarterly dividend of 35 cents
per share on the Corporation's common shares payable February 1, 2012
to shareholders of record December30,2011.



For purposes of the Income Tax Act (Canada) and any similar provincial legislation, all of the above dividends on
the Corporation's preferred and common shares are eligible dividends.



Forward-Looking Statements

Certain statements in this News Release, other than statements of
historical fact, are forward-looking statements based on certain
assumptions and reflect the Corporation's current expectations, or with
respect to disclosure regarding the Corporation's public subsidiaries,
reflects such subsidiaries' disclosed current expectations.
Forward-looking statements are provided for the purposes of assisting
the reader in understanding the Corporation's financial performance,
financial position and cash flows as at and for the periods ended on
certain dates and to present information about management's current
expectations and plans relating to the future and the reader is
cautioned that such statements may not be appropriate for other
purposes. These statements may include, without limitation, statements
regarding the operations, business, financial condition, expected
financial results, performance, prospects, opportunities, priorities,
targets, goals, ongoing objectives, strategies and outlook of the
Corporation and its subsidiaries, as well as the outlook for North
American and international economies for the current fiscal year and
subsequent periods. Forward-looking statements include statements that
are predictive in nature, depend upon or refer to future events or
conditions, or include words such as "expects", "anticipates", "plans",
"believes", "estimates", "seeks", "intends", "targets", "projects",
"forecasts" or negative versions thereof and other similar expressions,
or future or conditional verbs such as "may", "will", "should", "would"
and "could".



By its nature, this information is subject to inherent risks and
uncertainties that may be general or specific and which give rise to
the possibility that expectations, forecasts, predictions, projections
or conclusions will not prove to be accurate, that assumptions may not
be correct and that objectives, strategic goals and priorities will not
be achieved. A variety of factors, many of which are beyond the
Corporation's and its subsidiaries' control, affect the operations,
performance and results of the Corporation and its subsidiaries and
their businesses, and could cause actual results to differ materially
from current expectations of estimated or anticipated events or
results. These factors include, but are not limited to: the impact or
unanticipated impact of general economic, political and market factors
in North America and internationally, interest and foreign exchange
rates, global equity and capital markets, management of market
liquidity and funding risks, changes in accounting policies and methods
used to report financial condition (including uncertainties associated
with critical accounting assumptions and estimates), the effect of
applying future accounting changes, business competition, operational
and reputational risks, technological change, changes in government
regulation and legislation, changes in tax laws, unexpected judicial or
regulatory proceedings, catastrophic events, the Corporation's and its
subsidiaries' ability to complete strategic transactions, integrate
acquisitions and implement other growth strategies, and the
Corporation's and its subsidiaries' success in anticipating and
managing the foregoing factors. The reader is cautioned to consider
these and other factors, uncertainties and potential events carefully
and not to put undue reliance on forward-looking statements.
Information contained in forward-looking statements is based upon
certain material assumptions that were applied in drawing a conclusion
or making a forecast or projection, including management's perceptions
of historical trends, current conditions and expected future
developments, as well as other considerations that are believed to be
appropriate in the circumstances, including that the foregoing list of
factors, collectively, are not expected to have a material impact on
the Corporation and its subsidiaries. While the Corporation considers
these assumptions to be reasonable based on information currently
available to management, they may prove to be incorrect.



Other than as specifically required by applicable Canadian law, the
Corporation undertakes no obligation to update any forward-looking
statement to reflect events or circumstances after the date on which
such statement is made, or to reflect the occurrence of unanticipated
events, whether as a result of new information, future events or
results, or otherwise.



Additional information about the risks and uncertainties of the
Corporation's business and material factors or assumptions on which
information contained in forward-looking statements is based is
provided in its disclosure materials, including its most recent
Management's Discussion and Analysis and Annual Information Form, filed
with the securities regulatory authorities in Canada, available at www.sedar.com.



Non-IFRS Financial Measures

In analyzing the financial results of the Corporation and consistent
with the presentation in previous years, net earnings are subdivided
into the following components:




  • operating earnings; and


  • other items, which include the after-tax impact of any item that
    management considers to be of a non-recurring nature or that could make
    the period-over-period comparison of results from operations less
    meaningful, and also include the Corporation's share of any such item
    presented in a comparable manner by Lifeco or IGM.



Management has used these financial measures for many years in its
presentation and analysis of the financial performance of
PowerFinancial, and believes that they provide additional meaningful
information to readers in their analysis of the results
oftheCorporation.



Operating earnings and operating earnings per share are non-IFRS
financial measures that do not have a standard meaning and may not be
comparable to similar measures used by other entities.

















































































































































































































































































































































































































POWER FINANCIAL CORPORATION     

     

CONDENSED CONSOLIDATED BALANCE SHEETS     

(unaudited)

[in millions of Canadian dollars]

September 30,

2011



December 31,

2010



January 1,

2010

Assets











Cash and cash equivalents

2,973



3,656



4,855

Investments













Bonds

79,714



73,582



67,388



Mortgages and other loans

20,947



20,209



20,613



Shares

6,218



6,415



6,392



Investment properties

3,238



2,959



2,615



110,117



103,165



97,008

Loans to policyholders

7,144



6,827



6,957

Funds held by ceding insurers

10,118



9,856



10,984

Reinsurance assets

2,220



2,533



2,800

Investment in associates

2,135



2,448



2,829

Deferred tax assets

1,269



1,249



1,300

Other assets

7,211



7,179



7,065

Assets held for sale

898



-



-

Intangible assets

4,311



4,231



4,359

Goodwill

8,771



8,713



8,655

Segregated funds for the risk of unit holders

94,053



94,827



87,495

Total assets

251,220



244,684



234,307













Liabilities











Insurance contract liabilities

114,070



107,367



104,988

Investment contract liabilities

784



791



841

Deposits and certificates

149



835



907

Funds held under reinsurance contracts

177



149



331

Obligation to securitization entities

3,554



3,505



3,310

Debentures and other borrowings

5,887



6,313



5,931

Capital trust securities and debentures

531



535



540

Preferred shares of the Corporation

-



-



300

Preferred shares of subsidiaries

-



-



199

Deferred tax liabilities

1,126



1,136



1,018

Other liabilities

7,782



7,636



6,967

Liabilities held for sale

659



-



-

Insurance and investment contracts on account of unit holders

94,053



94,827



87,495

Total liabilities

228,772



223,094



212,827













Equity











Stated capital













Perpetual preferred shares

2,005



2,005



1,725



Common shares

639



636



605

Retained earnings

10,478



10,005



9,546

Reserves

190



188



969

Total shareholders' equity

13,312



12,834



12,845

Non-controlling interests

9,136



8,756



8,635

Total equity

22,448



21,590



21,480

Total liabilities and equity

251,220



244,684



234,307


















































































































































































































































































































































































































































































CONDENSED CONSOLIDATED STATEMENTS OF EARNINGS



Three months ended September 30



Nine months ended September 30

(unaudited)

[in millions of Canadian dollars, except per share amounts]

2011



2010



2011



2010

Revenues















Premium income

















Gross premiums written

5,059



4,956



14,980



15,091



Ceded premiums

(667)



(643)



(2,021)



(1,953)

Total net premiums

4,392



4,313



12,959



13,138

Net investment income

















Regular net investment income

1,338



1,496



4,208



4,265



Change in fair value

2,091



2,641



2,615



5,387



3,429



4,137



6,823



9,652

Fee income

1,305



1,261



4,047



3,854

Total revenues

9,126



9,711



23,829



26,644

















Expenses















Policyholder benefits

3,704



3,557



11,484



11,305

Policyholder dividends and experience refunds

385



382



1,115



1,116

Change in insurance and investment contract liabilities

2,737



3,418



4,104



7,226



6,826



7,357



16,703



19,647

Commissions

564



529



1,742



1,623

Operating expenses

861



1,219



2,587



2,971

Financing charges

100



107



309



325

Total expenses

8,351



9,212



21,341



24,566



775



499



2,488



2,078

Share of earnings (losses) of investment in associates

(97)



59



(32)



116

Earnings before income taxes

678



558



2,456



2,194

Income taxes

116



73



477



412

Net earnings before non-controlling interests -

continuing operations

562



485



1,979



1,782

Net earnings before non-controlling interests -

discontinued operations 

31



-



33



-

Net earnings before non-controlling interests

593



485



2,012



1,782

Attributable to non-controlling interests

(255)



(164)



(745)



(630)

Net earnings attributable to shareholders

338



321



1,267



1,152

Perpetual preferred share dividends

(26)



(27)



(78)



(73)

Net earnings attributable to common shareholders

312



294



1,189



1,079

















Earnings per common share

















Net earnings attributable to common shareholders



















- Basic

0.44



0.42



1.68



1.53





- Diluted

0.44



0.41



1.66



1.52



















Net earnings from continuing operations to common shareholders



















- Basic

0.41



0.42



1.65



1.53





- Diluted

0.41



0.41



1.63



1.52




































































































































































































































































































































































































































































































































































































































































































































































































































































































































































































































































































































































































































































































































SEGMENTED INFORMATION





















INFORMATION ON PROFIT MEASURE

Three months ended September 30, 2011

Lifeco



IGM



Parjointco



Other



Total

Revenues



















Premium income

4,392



-



-



-



4,392

Net investment income





















Regular net investment income

1,330



34



-



(26)



1,338



Change in fair value

2,080



11



-



-



2,091



3,410



45



-



(26)



3,429

Fee income

704



628



-



(27)



1,305



8,506



673



-



(53)



9,126

Expenses



















Policyholder benefits, dividends and experience refunds, and change in

insurance and investment contract liabilities

6,826



-



-



-



6,826

Commissions

372



219



-



(27)



564

Operating expenses

693



156



-



12



861

Financing charges

72



24



-



4



100



7,963



399



-



(11)



8,351



543



274



-



(42)



775

Share of operating earnings of investment in associates

-



-



36



-



36

Share of non-operating earnings of investment in associates

-



-



(133)



-



(133)

Earnings before income taxes

543



274



(97)



(42)



678

Income taxes

54



62



-



-



116

Contribution to net earnings before non-controlling interests -

continuing operations

489



212



(97)



(42)



562

Contribution to net earnings before non-controlling interests -

discontinued operations

-



31



-



-



31

Contribution to net earnings before non-controlling interests

489



243



(97)



(42)



593

Attributable to non-controlling interests

(176)



(106)



-



27



(255)

Contribution to net earnings attributable tocommon shareholders

313



137



(97)



(15)



338





















Three months ended September 30, 2010

Lifeco



IGM



Parjointco



Other



Total

Revenues



















Premium income

4,313



-



-



-



4,313

Net investment income





















Regular net investment income

1,493



16



-



(13)



1,496



Change in fair value

2,629



12



-



-



2,641



4,122



28



-



(13)



4,137

Fee income

681



604



-



(24)



1,261



9,116



632



-



(37)



9,711

Expenses



















Policyholder benefits, dividends and experience refunds, and change in

insurance and investment contract liabilities

7,357



-



-



-



7,357

Commissions

346



207



-



(24)



529

Operating expenses

1,057



149



-



13



1,219

Financing charges

71



28



-



8



107



8,831



384



-



(3)



9,212



285



248



-



(34)



499

Share of operating earnings of investment in associates

-



-



55



-



55

Share of non-operating earnings of investment in associates

-



-



4



-



4

Earnings before income taxes

285



248



59



(34)



558

Income taxes

-



73



-



-



73

Contribution to net earnings before non-controlling interests -

continuing operations

285



175



59



(34)



485

Contribution to net earnings before non-controlling interests -

discontinued operations

-



-



-



-



-

Contribution to net earnings before non-controlling interests

285



175



59



(34)



485

Attributable to non-controlling interests

(101)



(76)



-



13



(164)

Contribution to net earnings attributable tocommon shareholders

184



99



59



(21)



321





















Nine months ended September 30, 2011

Lifeco



IGM



Parjointco



Other



Total

Revenues



















Premium income

12,959



-



-



-



12,959

Net investment income





















Regular net investment income

4,173



106



-



(71)



4,208



Change in fair value

2,600



15



-



-



2,615



6,773



121



-



(71)



6,823

Fee income

2,163



1,963



-



(79)



4,047



21,895



2,084



-



(150)



23,829

Expenses



















Policyholder benefits, dividends and experience refunds, and change in

insurance and investment contract liabilities

16,703



-



-



-



16,703

Commissions

1,139



682



-



(79)



1,742

Operating expenses

2,068



482



-



37



2,587

Financing charges

216



80



-



13



309



20,126



1,244



-



(29)



21,341



1,769



840



-



(121)



2,488

Share of operating earnings of investment in associates

-



-



103



-



103

Share of non-operating earnings of investment in associates

-



-



(135)



-



(135)

Earnings before income taxes

1,769



840



(32)



(121)



2,456

Income taxes

284



197



-



(4)



477

Contribution to net earnings before non-controlling interests -

continuing operations

1,485



643



(32)



(117)



1,979

Contribution to net earnings before non-controlling interests -

discontinued operations

-



33



-



-



33

Contribution to net earnings before non-controlling interests

1,485



676



(32)



(117)



2,012

Attributable to non-controlling interests

(528)



(293)



-



76



(745)

Contribution to net earnings attributable tocommon shareholders

957



383



(32)



(41)



1,267





















Nine months ended September 30, 2010

Lifeco



IGM



Parjointco



Other



Total

Revenues



















Premium income

13,138



-



-



-



13,138

Net investment income





















Regular net investment income

4,245



75



-



(55)



4,265



Change in fair value

5,365



22



-



-



5,387



9,610



97



-



(55)



9,652

Fee income

2,108



1,820



-



(74)



3,854



24,856



1,917



-



(129)



26,644

Expenses



















Policyholder benefits, dividends and experience refunds, and change in

insurance and investment contract liabilities

19,647



-



-



-



19,647

Commissions

1,064



633



-



(74)



1,623

Operating expenses

2,480



452



-



39



2,971

Financing charges

215



83



-



27



325



23,406



1,168



-



(8)



24,566



1,450



749



-



(121)



2,078

Share of operating earnings of investment in associates

-



-



112



-



112

Share of non-operating earnings of investment in associates

-



-



4



-



4

Earnings before income taxes

1,450



749



116



(121)



2,194

Income taxes

215



198



-



(1)



412

Contribution to net earnings before non-controlling interests-

continuing operations

1,235



551



116



(120)



1,782

Contribution to net earnings before non-controlling interests -

discontinued operations

-



-



-



-



-

Contribution to net earnings before non-controlling interests

1,235



551



116



(120)



1,782

Attributable to non-controlling interests

(444)



(243)



-



57



(630)

Contribution to net earnings attributable tocommon shareholders

791



308



116



(63)



1,152














For further information:
Attachments: Financial Information

For further information, please contact: Mr. Edward Johnson
Senior Vice-President,
General Counsel and Secretary
514-286-7400