SYS-CON MEDIA Authors: Mat Mathews, PR.com Newswire, David Smith, Tim Crawford, Kevin Benedict

News Feed Item

Premium Income Corporation Announces Semi-Annual Results

TORONTO, ONTARIO -- (Marketwired) -- 06/13/14 -- (TSX:PIC.A) (TSX:PIC.PR.A) Premium Income Corporation today announces results of operations for the six months ended April 30, 2014. Net income for the period was $12.4 million or $1.27 per Class A share. Net assets per Unit were $22.81 as at April 30, 2014 after cash distributions of $0.43 per Preferred share and $0.41 per Class A share during the period. Each Unit consists of one Class A share and one Preferred Share.

Premium Income Corporation is a mutual fund corporation, which invests in the common shares of Bank of Montreal, The Bank of Nova Scotia, Canadian Imperial Bank of Commerce, Royal Bank of Canada, and the Toronto Dominion Bank. The Fund employs a proprietary investment strategy, Strathbridge Selective Overwriting, to enhance the income generated by the Portfolio and to reduce volatility. In addition, the Fund may write cash covered put options in respect of securities in which it is permitted to invest.


Selected Financial Information: ($ Millions)                                
----------------------------------------------------------------------------
                                                                            
Statement of Operations                                                     
For the six months ended April 30, 2014 (Unaudited)                         
                                                                            
Revenue                                                            $    4.5 
Expenses                                                               (1.3)
Preferred Share Distributions                                          (4.2)
                                                                  ----------
                                                                            
Net Investment Loss                                                $   (1.0)
                                                                            
Net Gain on Investments                                                13.4 
                                                                  ----------
                                                                            
Net Income for the Period                                          $   12.4 
                                                                  ----------

For further information, please contact Investor Relations at 416.681.3966, toll free at 1.800.725.7172 or visit www.strathbridge.com.

More Stories By Marketwired .

Copyright © 2009 Marketwired. All rights reserved. All the news releases provided by Marketwired are copyrighted. Any forms of copying other than an individual user's personal reference without express written permission is prohibited. Further distribution of these materials is strictly forbidden, including but not limited to, posting, emailing, faxing, archiving in a public database, redistributing via a computer network or in a printed form.