-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, GZOx5Fn8VWQbB1Ha3KG00K55OMMQbfWnSR19OlLZxewrmy/o8J78FbbvFhZ7Y9O2 n50gdbBpkm0Vn4Jjm5ecjA== 0000016859-03-000003.txt : 20030414 0000016859-03-000003.hdr.sgml : 20030414 20030414160355 ACCESSION NUMBER: 0000016859-03-000003 CONFORMED SUBMISSION TYPE: 6-K PUBLIC DOCUMENT COUNT: 1 CONFORMED PERIOD OF REPORT: 20030414 FILED AS OF DATE: 20030414 FILER: COMPANY DATA: COMPANY CONFORMED NAME: MFC BANCORP LTD CENTRAL INDEX KEY: 0000016859 STANDARD INDUSTRIAL CLASSIFICATION: SECURITY BROKERS, DEALERS & FLOTATION COMPANIES [6211] IRS NUMBER: 131818111 STATE OF INCORPORATION: B0 FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 6-K SEC ACT: 1934 Act SEC FILE NUMBER: 001-04192 FILM NUMBER: 03648684 BUSINESS ADDRESS: STREET 1: FLOOR 21, MILLENIUM TOWER STREET 2: HANDELSKAI 94-96 CITY: A-1200 VIENNA STATE: C4 BUSINESS PHONE: 43 1 240 25 300 MAIL ADDRESS: STREET 1: FLOOR 21, MILLENIUM TOWER STREET 2: HANDELSKAI 94-96 CITY: A-1200 VIENNA STATE: C4 FORMER COMPANY: FORMER CONFORMED NAME: NALCAP HOLDINGS INC DATE OF NAME CHANGE: 19950725 FORMER COMPANY: FORMER CONFORMED NAME: ARBATAX INTERNATIONAL INC DATE OF NAME CHANGE: 19960603 FORMER COMPANY: FORMER CONFORMED NAME: JAVELIN INTERNATIONAL LTD DATE OF NAME CHANGE: 19871118 6-K 1 doc1.txt U.S. SECURITIES AND EXCHANGE COMMISSION WASHINGTON D.C. 20549 FORM 6-K REPORT OF FOREIGN PRIVATE ISSUER PURSUANT TO RULE 13a-16 OR 15d-16 OF THE SECURITIES EXCHANGE ACT OF 1934 For the Month of APRIL 2003 MFC BANCORP LTD. (Exact Name of Registrant as specified in its charter) FLOOR 21, MILLENNIUM TOWER, HANDELSKAI 94-96, A-1200, VIENNA, AUSTRIA 011 (43) 1 24025 102 (Address and telephone number of Registrant's office) Indicate by check mark whether the Registrant files or will file annual reports under cover of Form 20-F or Form 40-F: [X] Form 20-F [ ] Form 40-F Indicate by check mark if the Registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(1): ------ Indicate by check mark if the Registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(7): ------ Indicate by check mark whether by furnishing the information contained in this Form, the Registrant is also thereby furnishing the information to the Commission pursuant to Rule 12g3-2(b) under the Securities Exchange Act of 1934: Yes No X ------ ------ If "Yes" is marked, indicate below the file number assigned to the Registrant in connection with Rule 12g3-2(b): 82- . ---------------- [Graphic omited] MFC BANCORP LTD. NEWS RELEASE FOR RELEASE APRIL 14, 2003 AT 7:30AM EST - ----------------------------------------------- Contact: Allen & Caron Inc. Rene Randall Joseph Allen (investors) (604) 683-8286 (212) 691-8087 rrandall@bmgmt.com joe@allencaron.com or Kari Rinkeviczie (media) (616) 647-0780 kari@allencaron.com MFC BANCORP LTD. REPORTS INCREASED 2002 FOURTH QUARTER AND YEAR END RESULTS NEW YORK, NY, (April 14, 2003) - - - MFC Bancorp Ltd. (Nasdaq: MXBIF and Frankfurt Stock Exchange: MFC GR), reported today its financial results for the year ended December 31, 2002. All figures are in U.S. dollars. Revenues for the fourth quarter 2002 increased to $78.9 million, compared to $56.4 million in the fourth quarter of 2001. Net income for the fourth quarter 2002 increased to $18.2 million, or $1.32 per share on a diluted basis, compared with $12.5 million, or $0.88 per share on a diluted basis in the same quarter last year. For the year ended December 31, 2002, revenues increased to $180.0 million compared with $134.5 million in the previous year. Net income for 2002 was $32.1 million, or $2.35 per share on a diluted basis, compared with $28.4 million, or $2.10 per share on a diluted basis in the prior year. Michael Smith, President of MFC Bancorp Ltd., commented: "The fourth quarter and year end results were in line with our expectations of our historical return of over 20% on capital. - MORE - MFC BANCORP LTD. REPORTS INCREASED 2002 FOURTH QUARTER AND YEAR END RESULTS Page -2- Earnings per share during the current period was affected to a degree by an increase in the number of fully diluted shares outstanding on a quarter to quarter comparison and currency fluctuations. ABOUT MFC BANCORP MFC Bancorp Ltd. owns companies that operate in the financial services industry, specializing in merchant banking internationally. To obtain further information on the Company, please visit our web site at http://www.mfcbancorp.com. Certain statements included herein are "forward-looking statements'" as defined by the Private Securities Litigation Reform Act of 1995. Management cautions that forward-looking statements are not guarantees and that actual results could differ materially from those expressed or implied in the forward-looking statements. Important factors that could cause the actual results of operations or financial condition of the Company to differ include, but are not necessarily limited to, the risks and uncertainties discussed in documents filed by the Company with the Securities and Exchange Commission. -FINANCIAL TABLES FOLLOW- MFC BANCORP LTD. REPORTS INCREASED 2002 FOURTH QUARTER AND YEAR END RESULTS Page -3- MFC BANCORP LTD. CONSOLIDATED BALANCE SHEETS AS OF DECEMBER 31, 2002 AND 2001 (Audited) (amounts in U.S. dollars; in thousands)
2002 2001 -------- -------- ASSETS Cash and cash equivalents $ 64,835 $ 48,453 Securities 39,661 47,598 Loans 49,303 43,788 Receivables 34,157 27,861 Due from investment dealers 0 310 Commodity investments and inventory 8,338 3,420 Properties held for development and sale 46,188 14,115 Resource property 23,263 23,516 Goodwill 10,390 17,623 Equity method investments 5,012 19,401 Prepaid and other 1,565 1,711 -------- -------- $282,712 $247,796 ======== ======== LIABILITIES Accounts payable and accrued expenses $ 29,931 $ 26,152 Debt 43,554 61,535 Future income tax liability 163 3,358 Deposits 24,815 329 -------- -------- 98,463 91,374 Minority interests 3,641 1,960 SHAREHOLDERS' EQUITY Common stock 44,485 48,143 Cumulative translation adjustment 11,859 2,795 Retained earnings 124,264 103,524 -------- -------- 180,608 154,462 -------- -------- $282,712 $247,796 ======== ========
- MORE - MFC BANCORP LTD. REPORTS INCREASED 2002 FOURTH QUARTER AND YEAR END RESULTS Page -4- MFC BANCORP LTD. CONSOLIDATED STATEMENTS OF INCOME FOR THE YEARS ENDED DECEMBER 31, 2002 AND 2001 (Audited) (amounts in U.S. dollars; in thousand, except per share data)
2002 2001 -------- -------- Financial services revenue $180,006 $134,526 Expenses Financial services 111,290 89,835 General and administrative 22,637 13,684 Impairment of goodwill 10,203 - Interest 6,010 3,371 -------- -------- Total expenses 150,140 106,890 -------- -------- Income before income taxes 29,866 27,636 Income taxes recovery 2,214 485 -------- -------- 32,080 28,121 Minority interests 49 316 -------- -------- Net income $ 32,129 $ 28,437 ======== ======== Earnings per share Basic $ 2.48 $ 2.25 Diluted $ 2.35 $ 2.10 Weighted average shares outstanding (000's) Basic 12,931 12,622 Diluted 14,170 14,002
# # # # SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized. Registrant MFC BANCORP LTD. ------------------------------------- By /s/ Michael J. Smith ------------------------------------- Michael J. Smith, President Date April 14, 2003 ------------------------------------- -----END PRIVACY-ENHANCED MESSAGE-----