U.S. SECURITIES AND EXCHANGE COMMISSION
WASHINGTON D.C. 20549
FORM 6-K
REPORT OF FOREIGN PRIVATE ISSUER
PURSUANT TO RULE 13a-16 OR 15d-16 OF
THE SECURITIES EXCHANGE ACT OF 1934
For the Month of APRIL 2003
MFC BANCORP LTD.
(Exact Name of Registrant as specified in its charter)
FLOOR 21, MILLENNIUM TOWER, HANDELSKAI 94-96, A-1200, VIENNA, AUSTRIA
011 (43) 1 24025 102
(Address and telephone number of Registrant's office)
Indicate by check mark whether the Registrant files or will file annual reports
under cover of Form 20-F or Form 40-F:
[X] Form 20-F [ ] Form 40-F
Indicate by check mark if the Registrant is submitting the Form 6-K in paper as
permitted by Regulation S-T Rule 101(b)(1):
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Indicate by check mark if the Registrant is submitting the Form 6-K in paper as
permitted by Regulation S-T Rule 101(b)(7):
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Indicate by check mark whether by furnishing the information contained in this
Form, the Registrant is also thereby furnishing the information to the
Commission pursuant to Rule 12g3-2(b) under the Securities Exchange Act of 1934:
Yes No X
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If "Yes" is marked, indicate below the file number assigned to the Registrant in
connection with Rule 12g3-2(b): 82- .
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[Graphic omited]
MFC BANCORP LTD.
NEWS RELEASE
FOR RELEASE APRIL 14, 2003 AT 7:30AM EST
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Contact: Allen & Caron Inc. Rene Randall
Joseph Allen (investors) (604) 683-8286
(212) 691-8087 rrandall@bmgmt.com
joe@allencaron.com
or
Kari Rinkeviczie (media)
(616) 647-0780
kari@allencaron.com
MFC BANCORP LTD. REPORTS INCREASED 2002 FOURTH QUARTER
AND YEAR END RESULTS
NEW YORK, NY, (April 14, 2003) - - - MFC Bancorp Ltd. (Nasdaq: MXBIF and
Frankfurt Stock Exchange: MFC GR), reported today its financial results for the
year ended December 31, 2002. All figures are in U.S. dollars.
Revenues for the fourth quarter 2002 increased to $78.9 million, compared to
$56.4 million in the fourth quarter of 2001. Net income for the fourth quarter
2002 increased to $18.2 million, or $1.32 per share on a diluted basis,
compared with $12.5 million, or $0.88 per share on a diluted basis in the same
quarter last year.
For the year ended December 31, 2002, revenues increased to $180.0 million
compared with $134.5 million in the previous year. Net income for 2002 was $32.1
million, or $2.35 per share on a diluted basis, compared with $28.4 million, or
$2.10 per share on a diluted basis in the prior year.
Michael Smith, President of MFC Bancorp Ltd., commented: "The fourth quarter and
year end results were in line with our expectations of our historical return of
over 20% on capital.
- MORE -
MFC BANCORP LTD. REPORTS INCREASED 2002 FOURTH QUARTER AND YEAR
END RESULTS
Page -2-
Earnings per share during the current period was affected to a degree by an
increase in the number of fully diluted shares outstanding on a quarter to
quarter comparison and currency fluctuations.
ABOUT MFC BANCORP
MFC Bancorp Ltd. owns companies that operate in the financial services industry,
specializing in merchant banking internationally. To obtain further information
on the Company, please visit our web site at http://www.mfcbancorp.com.
Certain statements included herein are "forward-looking statements'" as defined
by the Private Securities Litigation Reform Act of 1995. Management cautions
that forward-looking statements are not guarantees and that actual results could
differ materially from those expressed or implied in the forward-looking
statements. Important factors that could cause the actual results of operations
or financial condition of the Company to differ include, but are not necessarily
limited to, the risks and uncertainties discussed in documents filed by the
Company with the Securities and Exchange Commission.
-FINANCIAL TABLES FOLLOW-
MFC BANCORP LTD. REPORTS INCREASED 2002 FOURTH QUARTER AND YEAR
END RESULTS
Page -3-
MFC BANCORP LTD.
CONSOLIDATED BALANCE SHEETS
AS OF DECEMBER 31, 2002 AND 2001
(Audited)
(amounts in U.S. dollars; in thousands)
2002 2001
-------- --------
ASSETS
Cash and cash equivalents $ 64,835 $ 48,453
Securities 39,661 47,598
Loans 49,303 43,788
Receivables 34,157 27,861
Due from investment dealers 0 310
Commodity investments and inventory 8,338 3,420
Properties held for development and sale 46,188 14,115
Resource property 23,263 23,516
Goodwill 10,390 17,623
Equity method investments 5,012 19,401
Prepaid and other 1,565 1,711
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$282,712 $247,796
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LIABILITIES
Accounts payable and accrued expenses $ 29,931 $ 26,152
Debt 43,554 61,535
Future income tax liability 163 3,358
Deposits 24,815 329
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98,463 91,374
Minority interests 3,641 1,960
SHAREHOLDERS' EQUITY
Common stock 44,485 48,143
Cumulative translation adjustment 11,859 2,795
Retained earnings 124,264 103,524
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180,608 154,462
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$282,712 $247,796
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- MORE -
MFC BANCORP LTD. REPORTS INCREASED 2002 FOURTH QUARTER AND YEAR
END RESULTS
Page -4-
MFC BANCORP LTD.
CONSOLIDATED STATEMENTS OF INCOME
FOR THE YEARS ENDED DECEMBER 31, 2002 AND 2001
(Audited)
(amounts in U.S. dollars; in thousand, except per share data)
2002 2001
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Financial services revenue $180,006 $134,526
Expenses
Financial services 111,290 89,835
General and administrative 22,637 13,684
Impairment of goodwill 10,203 -
Interest 6,010 3,371
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Total expenses 150,140 106,890
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Income before income taxes 29,866 27,636
Income taxes recovery 2,214 485
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32,080 28,121
Minority interests 49 316
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Net income $ 32,129 $ 28,437
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Earnings per share
Basic $ 2.48 $ 2.25
Diluted $ 2.35 $ 2.10
Weighted average shares outstanding (000's)
Basic 12,931 12,622
Diluted 14,170 14,002
# # # #
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the
Registrant has duly caused this report to be signed on its behalf by the
undersigned, thereunto duly authorized.
Registrant MFC BANCORP LTD.
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By /s/ Michael J. Smith
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Michael J. Smith, President
Date April 14, 2003
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