TORONTO, ONTARIO, Nov. 6, 2009 (Marketwire) --
TORONTO, ONTARIO -- (Marketwire) -- 11/06/09 -- Brookfield Asset Management Inc. (TSX: BAM.A)(NYSE: BAM)(EURONEXT: BAMA) -
Investors, analysts and other interested parties can access Brookfield Asset Management's 2009 Q3 Results as well as the Shareholders' Letter and Supplemental Information on Brookfield's web site under the Investor Centre/Financial Reports section at www.brookfield.com.
The 2009 Q3 Results conference call can be accessed via webcast on November 6, 2009 at 11 a.m. Eastern Time at www.brookfield.com or via teleconference at 1-800-319-4610 toll free in North America. For overseas calls please dial 1-604-638-5340, at approximately 10:50 a.m. Eastern Time. The teleconference taped rebroadcast can be accessed at 1-800-319-6413 or 604-638-9010 (Password 2811).
Brookfield Asset Management Inc. (TSX: BAM.A)(NYSE: BAM)(EURONEXT: BAMA) today announced its results for the third quarter ended September 30, 2009.
Three months ended Nine months ended
US$ millions September 30 September 30
(except per share amounts) 2009 2008 2009 2008
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Cash flow from operations $ 520 $ 355 $ 1,069 $ 1,176
- per share 0.88 0.58 1.80 1.92
Net income $ 112 $ 171 $ 352 $ 478
- per share 0.17 0.27 0.56 0.75
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Operating Cash Flow
Cash flow from operations was $520 million ($0.88 per share) during the third quarter, and included higher realization gains due to the partial monetization of power generation facilities.
"We made significant progress on several fronts during the quarter. We launched several new funds with nearly $7 billion of investor allocations; generated $1.3 billion of new liquidity through equity issuance and asset monetizations; and proposed a recapitalization of an Australian infrastructure group which will expand our operating base in this sector," commented Bruce Flatt, Chief Executive Officer of Brookfield Asset Management. "In addition, we achieved solid operating results during the quarter, which continues to demonstrate the strength of our operating platforms and quality of our assets."
Net Income
Net income for the third quarter of 2009 was $112 million ($0.17 per share) compared to $171 million ($0.27 per share) for the same period in 2008.
Basis of Presentation
This news release and accompanying financial statements make reference to cash flow from operations on a total and per share basis. Cash flow from operations is defined as net income excluding depreciation and amortization, interests of non-controlling shareholders, future income taxes and other items as described as such in the consolidated statements of income, and including dividends and disposition gains that are not otherwise included in net income. Brookfield uses cash flow from operations to assess its operating results and the value of its business and believes that many of its shareholders and analysts also find this measure of value to them. The company provides the components of cash flow from operations and a reconciliation between cash flow from operations and net income with the supplemental information accompanying this news release. Cash flow from operations is a non-GAAP measure which does not have any standard meaning prescribed by GAAP and therefore may not be comparable to similar measures presented by other companies.
Dividend Declaration
The Board of Directors declared a dividend of US$0.13 per Class A Common Share, payable on February 28, 2010 to shareholders of record as at the close of business on February 1, 2010. The Board also declared all of the regular monthly and quarterly dividends on its preferred shares.
Information on Brookfield Asset Management's declared share dividends can be found on the company's web site under Investor Centre/Stock & Dividend Information.
Additional Information
The Letter to Shareholders and the company's Supplemental Information for the nine months ended September 30, 2009 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., is a global asset management company focused on property, power and infrastructure assets, has over $90 billion of assets under management and is co-listed on the New York and Toronto Stock Exchanges under the symbol BAM and on NYSE Euronext under the symbol BAMA. For more information, please visit our web site at www.brookfield.com.
Please note that Brookfield's audited annual and unaudited quarterly reports have been filed on EDGAR and SEDAR and can also be found in the investor section of our web site at www.brookfield.com. Hard copies of the annual and quarterly reports can be obtained free of charge upon request.
For more information, please visit our web site at www.brookfield.com.
Note: This news release contains forward-looking information within the meaning of Canadian provincial securities laws and "forward-looking statements" within the meaning of Section 27A of the U.S. Securities Act of 1933, as amended, Section 21E of the U.S. Securities Exchange Act of 1934, as amended, "safe harbour" provisions of the United States Private Securities Litigation Reform Act of 1995 and in any applicable Canadian securities regulations. The words "proposed," "continues," "believes," and "payable," derivations thereof and other expressions, including conditional verbs such as "may" and "will" that are predictions of or indicate future events, trends or prospects and which do not relate to historical matters identify forward-looking statements.
