10:01 AM EST - MI Developments Inc. : reported fourth-quarter net loss of $54.56 million U.S. or $1.17 U.S. per share, compared to net income of $11.5 million U.S. or $0.24 U.S. per share last year. The company noted that the prior year results were restated. Loss from continuing operations was $46.34 million U.S. or $0.99 U.S. per share, compared to income from continuing operations of $13.46 million U.S. or $0.28 U.S. per share in the same quarter a year earlier. FFO for the fourth quarter was $42.6 million U.S., compared to $39.4 million U.S. in the prior year period. Revenue declined to $156.21 million U.S. from $159.41 million U.S. in the comparable period a year ago. MID's Board of Directors declared a dividend of $0.15 U.S. per share on MID's Class A Subordinate Voting Shares and Class B Shares for the fourth quarter ended December 31, 2008. The dividend is payable on or about April 15, 2009 to shareholders of record at the close of business on March 31, 2009. MI Developments Inc.
shares T.MIM.A are trading down $0.10 at $7.19.
