Power Financial Corporation - Financial results for 2009 and dividends

Readers are referred to the sections entitled "Forward-looking Statements" and "Non-GAAP Financial Measures" at the end of this release.

MONTREAL, March 11 /CNW Telbec/ - Power Financial Corporation's operating earnings for the year ended December 31, 2009 were $1,533 million or $2.05 per share, compared with $1,974 million or $2.69 per share in 2008.

The decrease in operating earnings reflects primarily the decrease in the contribution from the Corporation's subsidiaries and Parjointco.

Other items, not included in operating earnings, were a net charge of $94 million or $0.13 per share in 2009, compared with a net charge of $637 million or $0.90 in 2008. Other items in 2009 essentially consisted of the Corporation's share of non-recurring amounts recorded by IGM and Pargesa as discussed below. The main components of other items in 2008 included the write-down of intangible assets and goodwill relating to the acquisition of Putnam in 2007 for an amount of $983 million; the gain from the sale of health business at Great-West Life & Annuity for an amount of $472 million, and the write-down of Pargesa's investments in Lafarge and Pernod Ricard for an amount of $328 million for 2008.

As a result, net earnings were $1,439 million or $1.92 per share in 2009, compared with $1,337 million or $1.79 per share in 2008.

    
    FOURTH-QUARTER RESULTS
    ----------------------
    

Power Financial Corporation's operating earnings for the three-month period ended December 31, 2009 were $384 million or $0.51 per share, compared with $434 million or $0.59 per share in the same period in 2008.

Other items in the fourth quarter of 2009 were a charge of $44 million or $0.06 per share, compared with a charge of $1,207 million or $1.71 per share in the same period in 2008. The 2009 charge consists mainly of non-operating items of IGM, as discussed below. The 2008 charge is mainly composed of the write-down of intangible assets and goodwill relating to the acquisition of Putnam and the write-down of certain of Pargesa's investments, as discussed above.

As a result, net earnings for the fourth quarter of 2009 were $340 million or $0.45 per share, compared with a net loss of $773 million or $1.12 per share for the same period in 2008.

    
    RESULTS OF SUBSIDIARIES AND PARJOINTCO
    --------------------------------------
    

Great-West Lifeco Inc.

Great-West Lifeco reported net income attributable to common shareholders of $1,627 million or $1.722 per share in 2009, compared with adjusted net income from continuing operations attributable to common shareholders of $2,018 million or $2.255 per share in 2008.

For the three months ended December 31, 2009, Lifeco reported net income attributable to common shareholders of $443 million, compared with adjusted net income from continuing operations attributable to common shareholders of $525 million for the same period in 2008. This represents $0.468 per common share for the period in 2009, compared with $0.586 for the corresponding period in 2008.

Adjusted net income from continuing operations in 2008 excludes income from discontinued operations and is before the impact of certain charges that totalled $665 million after tax or $0.743 per common share for the twelve months ended December 31, 2008 and a charge of $1,432 million after tax or $1.597 per common share for the three months ended December 31, 2008. These items include a non-cash impairment charge recorded in the fourth quarter of 2008 of $1,353 million after tax or $1.508 per common share in connection with Putnam goodwill and intangible assets.

Earnings from discontinued operations in 2008 include the gain from the disposal of the U.S. Healthcare operations for an amount of $649 million or $0.725 per common share.

Lifeco's contribution to Power Financial's operating earnings was $1,120 million for the twelve-month period ended December 31, 2009, compared with $1,447 million for the corresponding period in 2008. For the three-month period ended December 31, 2009, Lifeco's contribution to Power Financial's operating earnings was $305 million, compared with $368 million in 2008.

IGM Financial Inc.

IGM Financial reported adjusted net income for the year ended December 31, 2009 of $622 million, compared with $766 million in 2008. Adjusted earnings per share were $2.35 in 2009, compared with $2.89 in 2008. Adjusted net income in 2009 excludes the following items: a non-cash impairment charge of $66 million after tax on available for sale equity securities related to the market environment, a non-cash income tax benefit of $18 million resulting from decreases in Ontario corporate income tax rates and their effect on the future income tax liability related to indefinite life intangible assets arising from the acquisition of Mackenzie Financial Corporation in 2001, and a premium of $14 million paid on the redemption of the Series A preferred shares on December 31, 2009.

Net income without adjustment for the year ended December 31, 2009 was $559 million, compared with $731 million in 2008. Earnings per share on this basis were $2.12 in 2009, compared with $2.76 in 2008.

For the three months ended December 31, 2009, adjusted net income was $177 million or $0.67 per share, compared with adjusted net income of $140 million or $0.53 per share for the same period in 2008. Net income without adjustment for the three months ended December 31, 2009 was $114 million, compared with $80 million in 2008. Earnings per share on this basis were $0.43 in 2009, compared with $0.30 in 2008.

For the twelve-month and three-month periods ended December 31, 2009, IGM contributed $347 million and $99 million to Power Financial's operating earnings, compared with $426 million and $77 million in 2008.

Parjointco N.V.

Power Financial holds a 50% interest in Parjointco N.V., which in turn holds a 54.1% interest in Pargesa Holding SA. Pargesa reported operating earnings of SF512 million in the twelve-month period ended December 31, 2009, compared with SF708 million for the corresponding period in 2008. The decrease is mainly due to lower contribution from Imerys and Lafarge. For the three-month period ended December 31, 2009, Pargesa's operating earnings were SF8 million, compared with SF14 million in the corresponding period of 2008.

Expressed in Canadian dollars, the contribution from the investment at equity to Power Financial's operating earnings was $141 million for the twelve-month period ended December 31, 2009, compared with $183 million for the corresponding period in 2008. For the fourth quarter of 2009, the contribution from Pargesa to Power Financial's operating earnings was $1 million, compared with $2 million in the fourth quarter of 2008.

Non-operating earnings of Pargesa were SF280 million in the twelve-month period ended December 31, 2009, which essentially consisted of the charge resulting from the adjustment of the carrying value of Pernod Ricard and Iberdrola recorded in the first quarter of 2009 and a partial reversal under International Financial Reporting Standards (IFRS) of an impairment charge taken on Lafarge in the third quarter of 2008, for an amount of SF510 million. This latter amount is however not recognized under Canadian Generally Accepted Accounting Principles. This compared with non-recurring charges of SF1,229 million in 2008. As a result, the net earnings reported by Pargesa were SF792 million in the twelve-month period ended December 31, 2009, compared with a loss of SF521 million in the same period of 2008. For the fourth quarter of 2009, Pargesa reported a loss of SF16 million, compared with a loss of SF1,317 million in the fourth quarter of 2008.

    
    PREFERRED SHARE DIVIDENDS
    -------------------------
    

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    April 23, 2010   May 15, 2010     To be determined
                                                  In accordance with the
                                                  articles of the Corporation
    -------------------------------------------------------------------------
    Series C    April 9, 2010    April 30, 2010   32.50 cents
    -------------------------------------------------------------------------
    Series D    April 9, 2010    April 30, 2010   34.375 cents
    -------------------------------------------------------------------------
    Series E    April 9, 2010    April 30, 2010   32.8125 cents
    -------------------------------------------------------------------------
    Series F    April 9, 2010    April 30, 2010   36.875 cents
    -------------------------------------------------------------------------
    Series H    April 9, 2010    April 30, 2010   35.9375 cents
    -------------------------------------------------------------------------
    Series I    April 9, 2010    April 30, 2010   37.50 cents
    -------------------------------------------------------------------------
    Series J    April 9, 2010    April 30, 2010   29.375 cents
    -------------------------------------------------------------------------
    Series K    April 9, 2010    April 30, 2010   30.9375 cents
    -------------------------------------------------------------------------
    Series L    April 9, 2010    April 30, 2010   31.875 cents
    -------------------------------------------------------------------------
    Series M    April 9, 2010    April 30, 2010   37.50 cents
    -------------------------------------------------------------------------
    Series O    April 9, 2010    April 30, 2010   36.25 cents
    -------------------------------------------------------------------------

    COMMON SHARE DIVIDEND
    ---------------------
    

The Board of Directors also declared a quarterly dividend of 35 cents per share on the Corporation's common shares payable April 30, 2010 to shareholders of record March 31, 2010.

For purposes of the Income Tax Act (Canada) and any similar provincial legislation, all of the above dividends of 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 and its subsidiaries' current expectations. Forward-looking statements are provided for the purposes of assisting the reader in understanding the Corporation's financial position and results of operations 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 (including adoption of International Financial Reporting Standards), 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 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 about the Corporation's business is provided in its disclosure materials, including its most recent Management's Discussion and Analysis of Operating Results and Annual Information Form, filed with the securities regulatory authorities in Canada, available at www.sedar.com.

    
    Non-GAAP Financial Measures
    ---------------------------
    

In analysing 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.

As a consequence of the announcement by Lifeco of the signing of a definitive agreement by GWL&A to sell its healthcare insurance business, the results from Lifeco's U.S. healthcare insurance business are presented in the consolidated financial statements as "discontinued operations" in accordance with GAAP. Power Financial's share of these results is included in operating earnings.

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

Attachments: Financial Information

    
                         POWER FINANCIAL CORPORATION

                         CONSOLIDATED BALANCE SHEETS

    -------------------------------------------------------------------------
    As at December 31
    (in millions of Canadian dollars)                       2009        2008
    -------------------------------------------------------------------------
    Assets
    Cash and cash equivalents                              4,855       4,689
    -------------------------------------------------------------------------
    Investments
      Shares                                               6,392       5,359
      Bonds                                               67,388      66,801
      Mortgages and other loans                           17,356      18,034
      Loans to policyholders                               6,957       7,622
      Real estate                                          3,101       3,190
    -------------------------------------------------------------------------
                                                         101,194     101,006
    Funds held by ceding insurers                         10,839      11,447
    Investment at equity                                   2,675       2,814
    Intangible assets                                      4,366       4,659
    Goodwill                                               8,655       8,613
    Future income taxes                                    1,268       1,766
    Other assets                                           6,379       6,552
    -------------------------------------------------------------------------
                                                         140,231     141,546
    -------------------------------------------------------------------------
    -------------------------------------------------------------------------
    Liabilities
    Policy liabilities
      Actuarial liabilities                               98,059      97,895
      Other                                                4,592       4,732
    Deposits and certificates                                907         959
    Funds held under reinsurance contracts                   186         192
    Debentures and other borrowings                        5,967       5,658
    Preferred shares of the Corporation                      300         300
    Preferred shares of subsidiaries                         360       1,269
    Capital trust securities and debentures                  540         658
    Future income taxes                                    1,098         768
    Other liabilities                                      6,294       7,282
    -------------------------------------------------------------------------
                                                         118,303     119,713
    -------------------------------------------------------------------------

    Non-controlling interests                              8,721       8,414
    -------------------------------------------------------------------------
    Shareholders' Equity
    Stated capital
      Perpetual preferred shares                           1,725       1,575
      Common shares                                          605         595
    Contributed surplus                                      102          91
    Retained earnings                                     11,165      10,811
    Accumulated other comprehensive income (loss)           (390)        347
    -------------------------------------------------------------------------
                                                          13,207      13,419
    -------------------------------------------------------------------------
                                                         140,231     141,546
    -------------------------------------------------------------------------
    -------------------------------------------------------------------------

    For additional information, refer to the 2009 Audited Consolidated
    Financial Statements.


                     CONSOLIDATED STATEMENTS OF EARNINGS

    -------------------------------------------------------------------------
                                   Three months ended
                                      December 31         For the years ended
                                      (unaudited)             December 31
    -------------------------------------------------------------------------
    (in millions of Canadian
     dollars, except per
     share amounts)                 2009        2008        2009        2008
    -------------------------------------------------------------------------
    Revenues
    Premium income                 4,324       4,782      18,033      30,007
    Net investment income
      Regular net investment
       income                      1,383       1,469       6,203       6,114
      Change in fair value on
       held-for-trading assets      (556)       (368)      3,463      (5,161)
    -------------------------------------------------------------------------
                                     827       1,101       9,666         953
    Fee income                     1,348       1,252       4,998       5,540
    -------------------------------------------------------------------------
                                   6,499       7,135      32,697      36,500
    -------------------------------------------------------------------------
    Expenses
    Policyholder benefits,
     dividends and experience
     refunds, and change in
     actuarial liabilities         4,283       4,815      23,809      26,774
    Commissions                      579         526       2,088       2,172
    Operating expenses               920         918       3,607       3,605
    Financing charges                103          74         494         438
    -------------------------------------------------------------------------
                                   5,885       6,333      29,998      32,989
    -------------------------------------------------------------------------
                                     614         802       2,699       3,511
    Share of earnings of
     investment at equity              1           2         141         183
    Other income (charges), net       (8)     (2,414)        (58)     (2,402)
    -------------------------------------------------------------------------
    Earnings from continuing
     operations before income
     taxes and non-controlling
     interests                       607      (1,610)      2,782       1,292
    Income taxes                      84        (693)        565          16
    Non-controlling interests        183        (144)        778         442
    -------------------------------------------------------------------------
    Earnings from continuing
     operations                      340        (773)      1,439         834
    Earnings from discontinued
     operations                        -           -           -         503
    -------------------------------------------------------------------------
    Net earnings                     340        (773)      1,439       1,337
    -------------------------------------------------------------------------
    -------------------------------------------------------------------------

    Earnings per common share
      - Basic                       0.45       (1.12)       1.92        1.79
    -------------------------------------------------------------------------
      - Diluted                     0.45       (1.12)       1.91        1.78
    -------------------------------------------------------------------------


                            SEGMENTED INFORMATION

                        INFORMATION ON PROFIT MEASURE

    -------------------------------------------------------------------------
    Three months ended
     December 31, 2009
    (unaudited)
    (in millions of                                  Par-
     Canadian dollars)        Lifeco       IGM   jointco     Other     Total
    -------------------------------------------------------------------------
    Revenues
    Premium income             4,324         -         -         -     4,324
    Net investment income
     Regular net investment
      income                   1,461       (59)        -       (19)    1,383
     Change in fair value
      on held-for-trading
      assets                    (549)       (7)        -         -      (556)
    -------------------------------------------------------------------------
                                 912       (66)        -       (19)      827
    Fee income                   765       609         -       (26)    1,348
    -------------------------------------------------------------------------
                               6,001       543         -       (45)    6,499
    -------------------------------------------------------------------------
    Expenses
    Policyholder benefits,
     dividends and experience
     refunds, and change in
     actuarial liabilities     4,283         -         -         -     4,283
    Commissions                  391       213         -       (25)      579
    Operating expenses           759       149         -        12       920
    Financing charges             62        29         -        12       103
    -------------------------------------------------------------------------
                               5,495       391         -        (1)    5,885
    -------------------------------------------------------------------------
                                 506       152         -       (44)      614
    Share of earnings of
     investment at equity          -         -         1         -         1
    Other income (charges),
     net                           -         -        (8)        -        (8)
    -------------------------------------------------------------------------
    Earnings from continuing
     operations before
     income taxes and non-
     controlling interests       506       152        (7)      (44)      607
    Income taxes                  47        38         -        (1)       84
    Non-controlling interests    157        49         -       (23)      183
    -------------------------------------------------------------------------
    Contribution to
     consolidated earnings
     from continuing
     operations                  302        65        (7)      (20)      340
    Contribution to
     consolidated earnings
     from discontinued
     operations                    -         -         -         -         -
    -------------------------------------------------------------------------
    Contribution to
     consolidated net
     earnings                    302        65        (7)      (20)      340
    -------------------------------------------------------------------------
    -------------------------------------------------------------------------


    -------------------------------------------------------------------------
    Three months ended
     December 31, 2008
    (unaudited)
    (in millions of                                  Par-
     Canadian dollars)        Lifeco       IGM   jointco     Other     Total
    -------------------------------------------------------------------------
    Revenues
    Premium income             4,782         -         -         -     4,782
    Net investment income
      Regular net investment
       income                  1,423        36         -        10     1,469
      Change in fair value
       on held-for-trading
       assets                   (368)        -         -         -      (368)
    -------------------------------------------------------------------------
                               1,055        36         -        10     1,101
    Fee income                   743       549         -       (40)    1,252
    -------------------------------------------------------------------------
                               6,580       585         -       (30)    7,135
    -------------------------------------------------------------------------
    Expenses
    Policyholder benefits,
     dividends and experience
     refunds, and change in
     actuarial liabilities     4,815         -         -         -     4,815
    Commissions                  360       206         -       (40)      526
    Operating expenses           746       163         -         9       918
    Financing charges             37        25         -        12        74
    -------------------------------------------------------------------------
                               5,958       394         -       (19)    6,333
    -------------------------------------------------------------------------
                                 622       191         -       (11)      802
    Share of earnings of
     investment at equity          -         -         2         -         2
    Other income (charges),
     net                      (2,248)        -      (376)      210    (2,414)
    -------------------------------------------------------------------------
    Earnings from continuing
     operations before
     income taxes and non-
     controlling interests    (1,626)      191      (374)      199    (1,610)
    Income taxes                (744)       51         -         -      (693)
    Non-controlling
     interests                  (244)       95         -         5      (144)
    -------------------------------------------------------------------------
    Contribution to
     consolidated earnings
     from continuing
     operations                 (638)       45      (374)      194      (773)
    Contribution to
     consolidated earnings
     from discontinued
     operations                    -         -         -         -         -
    -------------------------------------------------------------------------
    Contribution to
     consolidated net
     earnings                   (638)       45      (374)      194      (773)
    -------------------------------------------------------------------------
    -------------------------------------------------------------------------


    -------------------------------------------------------------------------
    For the year ended
     December 31, 2009
    (in millions of                                  Par-
     Canadian dollars)        Lifeco       IGM   jointco     Other     Total
    -------------------------------------------------------------------------
    Revenues
    Premium income            18,033         -         -         -    18,033
    Net investment income
      Regular net investment
       income                  6,179        89         -       (65)    6,203
      Change in fair value
       on held-for-trading
       assets                  3,490       (27)        -         -     3,463
    -------------------------------------------------------------------------
                               9,669        62         -       (65)    9,666
    Fee income                 2,839     2,250         -       (91)    4,998
    -------------------------------------------------------------------------
                              30,541     2,312         -      (156)   32,697
    -------------------------------------------------------------------------
    Expenses
    Policyholder benefits,
     dividends and experience
     refunds, and change in
     actuarial liabilities    23,809         -         -         -    23,809
    Commissions                1,370       808         -       (90)    2,088
    Operating expenses         2,946       614         -        47     3,607
    Financing charges            336       110         -        48       494
    -------------------------------------------------------------------------
                              28,461     1,532         -         5    29,998
    -------------------------------------------------------------------------
                               2,080       780         -      (161)    2,699
    Share of earnings of
     investment at equity          -         -       141         -       141
    Other income (charges),
     net                           -         -       (70)       12       (58)
    -------------------------------------------------------------------------
    Earnings from continuing
     operations before
     income taxes and non-
     controlling interests     2,080       780        71      (149)    2,782
    Income taxes                 345       221         -        (1)      565
    Non-controlling interests    617       247         -       (86)      778
    -------------------------------------------------------------------------
    Contribution to
     consolidated earnings
     from continuing
     operations                1,118       312        71       (62)    1,439
    Contribution to
     consolidated earnings
     from discontinued
     operations                    -         -         -         -         -
    -------------------------------------------------------------------------
    Contribution to
     consolidated net
     earnings                  1,118       312        71       (62)    1,439
    -------------------------------------------------------------------------
    -------------------------------------------------------------------------


    -------------------------------------------------------------------------
    For the year ended
     December 31, 2008
    (in millions of                                  Par-
     Canadian dollars)        Lifeco       IGM   jointco     Other     Total
    -------------------------------------------------------------------------
    Revenues
    Premium income            30,007         -         -         -    30,007
    Net investment income
      Regular net investment
       income                  5,962       202         -       (50)    6,114
      Change in fair value
       on held-for-trading
       assets                 (5,161)        -         -         -    (5,161)
    -------------------------------------------------------------------------
                                 801       202         -       (50)      953
    Fee income                 3,124     2,503         -       (87)    5,540
    -------------------------------------------------------------------------
                              33,932     2,705         -      (137)   36,500
    -------------------------------------------------------------------------
    Expenses
    Policyholder benefits,
     dividends and experience
     refunds, and change in
     actuarial liabilities    26,774         -         -         -    26,774
    Commissions                1,353       906         -       (87)    2,172
    Operating expenses         2,886       648         -        71     3,605
    Financing charges            296        91         -        51       438
    -------------------------------------------------------------------------
                              31,309     1,645         -        35    32,989
    -------------------------------------------------------------------------
                               2,623     1,060         -      (172)    3,511
    Share of earnings of
     investment at equity          -         -       183         -       183
    Other income (charges),
     net                      (2,248)        -      (364)      210    (2,402)
    -------------------------------------------------------------------------
    Earnings from continuing
     operations before
     income taxes and non-
     controlling interests       375     1,060      (181)       38     1,292
    Income taxes                (278)      293         -         1        16
    Non-controlling interests    174       355         -       (87)      442
    -------------------------------------------------------------------------
    Contribution to
     consolidated earnings
     from continuing
     operations                  479       412      (181)      124       834
    Contribution to
     consolidated earnings
     from discontinued
     operations                  503         -         -         -       503
    -------------------------------------------------------------------------
    Contribution to
     consolidated net
     earnings                    982       412      (181)      124     1,337
    -------------------------------------------------------------------------
    -------------------------------------------------------------------------
    

SOURCE Power Financial Corporation

For further information: For further information: Mr. Edward Johnson, Senior Vice-President, General Counsel and Secretary, (514) 286-7400


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