Premium Income Corporation Announces Semi-Annual Results

Premium Income Corporation Announces Semi-Annual Results
  
 

TORONTO, ONTARIO--(Marketwired - Jun 13, 2014) - (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.

Strathbridge Asset Management Inc.Aaron HoVice-President, Finance416.681.3966; 1.800.725.7172Strathbridge Asset Management Inc.121 King Street West, Suite 2600Toronto, Ontario, M5H 3T9416.681.3966; [e-mail]