Premium Income Corporation Announces Year End Results

Premium Income Corporation Announces Year End Results
  
 

TORONTO, ONTARIO--(Marketwired - Dec 19, 2013) - Premium Income Corporation (TSX:PIC.A) (TSX:PIC.PR.A) today announces results for the year ended October 31, 2013. Net income during the year was $21.7 million or $2.23 per Class A share. Net assets as of October 31, 2013 were $21.94 per Unit after cash distributions of $0.86 per Preferred share and $0.81 per Class A share. Each Unit consists of one Preferred share and one Class A 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 Financial Position	2013
Assets	$214.7
Liabilities	147.0
Equity	$67.7
Statement of Operations
Revenue	$8.4
Expenses	(2.7	)
Preferred Share Distributions	(8.4	)
Net Investment Loss	(2.7	)
Net Gain on Investments	24.4
Net Income	21.7

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

Commissions, trailing commissions, management fees and expenses all may be associated with investment funds. Please read the prospectus before investing. Investment funds are not guaranteed, their values change frequently and past performance may not be repeated.

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