Premium Income Corporation Announces Year End Results

CBJ Newsmakers

TORONTO, Jan. 28, 2019 (GLOBE NEWSWIRE) — (TSX: PIC.A; PIC.PR.A) Premium Income Corporation today announces results of operations for the fiscal year ended October 31, 2018.   Decrease in net assets attributable to holders of Class A shares amounted to $15.6 million or $1.56 per Class A share.  Net assets attributable to holders of Class A shares were $58.1 million or $5.81 per Class A share.  Cash distributions of $0.86 per Preferred share and $0.81 per Class A share were paid during the year. 

Premium Income Corporation is a mutual fund corporation, which invests in a portfolio consisting principally of common shares of Bank of Montreal, The Bank of Nova Scotia, Canadian Imperial Bank of Commerce, National Bank of Canada, 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. 

The investment portfolio of the Fund is managed by its investment manager, Strathbridge Asset Management Inc.  The Fund’s Preferred and Class A shares are listed on the Toronto Stock Exchange under the symbols PIC.PR.A and PIC.A respectively.

Selected Financial Information: ($ Millions)   
         
    2018    
         
Statement of Financial Position  $ 210.2    
As at October 31   (152.1  
Assets         
Liabilities $ 58.1    
Net Assets Attributable to        
  Holders of Class A Shares        
         
Statement of Comprehensive Income $ (4.0 )  
Year ended October 31   (3.0 )  
Loss   (7.0 )  
Expenses   (8.6 )  
Operating Loss        
Preferred Share Distributions $ (15.6 )  
Decrease in Net Assets Attributable        
  to Holders of Class A Shares        
         

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

John Germain, Senior Vice President & CFO Strathbridge Asset Management Inc.
121 King Street West
Suite 2600
Toronto, Ontario, M5H 3T9
416.681.3966; 1.800.725.7172
www.strathbridge.com
info@strathbridge.com
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