-----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, QayadRHE+ZPnkhbq2tzZWrSTih6+aDiUaLLNugo7qJwxLvCMzau1sZ6wHK+50Xxl Fby+saD2AUrITGVb+9l8gQ== 0000016859-03-000009.txt : 20030528 0000016859-03-000009.hdr.sgml : 20030528 20030528161617 ACCESSION NUMBER: 0000016859-03-000009 CONFORMED SUBMISSION TYPE: 6-K PUBLIC DOCUMENT COUNT: 1 CONFORMED PERIOD OF REPORT: 20030528 FILED AS OF DATE: 20030528 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: 03721816 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: ARBATAX INTERNATIONAL INC DATE OF NAME CHANGE: 19960603 FORMER COMPANY: FORMER CONFORMED NAME: NALCAP HOLDINGS INC DATE OF NAME CHANGE: 19950725 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 MAY 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] NEWS RELEASE FOR IMMEDIATE RELEASE MAY 28, 2003 - ---------------------------------- 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 2003 FIRST QUARTER RESULTS NEW YORK CITY, (May 28, 2003) - - - MFC Bancorp Ltd. (Nasdaq: MXBIF and Frankfurt Stock Exchange: MFC GR), which operates a merchant bank, reported today its financial results for the first quarter ended March 31, 2003. All figures are in US dollars. Revenues for the first quarter 2003 increased to $56.4 million, compared to $34.0 million in the first quarter of 2002. Net income for the first quarter 2003 increased to $6.7 million, or $0.50 per share on a diluted basis, compared with $6.3 million, or $0.45 per share on a diluted basis in the same quarter last year. The Company also announces that the board of directors has approved the adoption of an amended and restated shareholder rights plan agreement, which particulars are set forth in Company's proxy materials. Commenting on the first quarter results, Michael Smith, President of MFC Bancorp Ltd., said "Our first quarter saw increases in both revenues and earnings pre share over the same period last year. These increases reflect our Company's continuing growth." - MORE - MFC BANCORP LTD. REPORTS INCREASED 2003 FIRST QUARTER RESULTS Page -2- 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 2003 FIRST QUARTER RESULTS Page -3- MFC BANCORP LTD. CONSOLIDATED BALANCE SHEETS AS OF MARCH 31, 2003 AND DECEMBER 31, 2002 (Unaudited) (U.S. dollars; in thousands)
2003 2002 -------- -------- ASSETS Cash and cash equivalents $ 61,844 $ 64,835 Securities 43,291 39,661 Loans 49,228 49,303 Receivables 51,405 34,157 Commodity investments 11,141 8,338 Properties held for sale 46,191 46,188 Resource property 24,890 23,263 Goodwill 10,966 10,390 Equity method investments 5,388 5,012 Prepaid and other 1,739 1,565 -------- -------- $306,083 $282,712 ======== ======== LIABILITIES Accounts payable and accrued expenses $ 32,040 $ 29,931 Debt 53,190 43,554 Future income tax liability 135 163 Deposits 26,830 24,815 -------- -------- 112,195 98,463 Minority interests 3,893 3,641 SHAREHOLDERS' EQUITY Common stock 47,825 44,485 Cumulative translation adjustment 1,895 11,859 Retained earnings 140,275 124,264 -------- -------- 189,995 180,608 -------- -------- $306,083 $282,712 ======== ========
- MORE - MFC BANCORP LTD. REPORTS INCREASED 2003 FIRST QUARTER RESULTS Page -4- MFC BANCORP LTD. CONSOLIDATED STATEMENTS OF INCOME FOR THE THREE MONTHS ENDED MARCH 31, 2003 AND 2002 (Unaudited) (U.S. dollars; in thousand, except per share data)
2003 2002 ----------- ----------- Financial services revenue $ 56,400 $ 34,033 Expenses Financial services 46,284 21,489 General and administrative 2,913 5,236 Interest 570 1,006 ----------- ----------- Total expenses 49,767 27,731 ----------- ----------- Income before income taxes 6,633 6,302 Recovery of (Provision for) income taxes 32 (43) ----------- ----------- 6,665 6,259 Minority interests 17 9 ----------- ----------- Net income $ 6,682 $ 6,268 =========== =========== Earnings per share Basic $ 0.52 $ 0.48 Diluted $ 0.50 $ 0.45 Weighted average shares outstanding Basic 12,831,854 13,165,195 Diluted 12,937,665 14,536,823
# # # # 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 May 28, 2003 --------------------------------- -----END PRIVACY-ENHANCED MESSAGE-----