Wilmington Announces 2007 Year End Results

TORONTO, ONTARIO -- (MARKET WIRE) -- 04/02/08 -- Wilmington Capital Management Inc. (TSX: WCM) today announced net income for the year ended December 31, 2007 of $15,000, compared to $17.6 million in 2006. Net income per Class A and Class B share for the year was $0.00, compared to $2.17 per share last year. Net income excluding the impact of discontinued operations, tax recoveries and expiry of contingent obligations established in prior years was $40,000 in 2007 and $1.1 million in 2006.

Wilmington holds a 5% fully diluted interest in Parkbridge Lifestyle Communities Inc. ("Parkbridge"), an owner operator of manufactured home and recreational communities. Wilmington also owns land leased to commercial property owners which is located at 370 Third Street in San Francisco, California. Wilmington is considering alternatives to maximize the value for shareholders of its producing property, which could include the sale or of these holdings.

The company's objective is to generate appreciation in value from its existing investments as opposed to current income. Accordingly, net income is expected to be minimal. In this regard, the fair value of the company's investment with Parkbridge of $21.5 million reflects unrealized capital gains of $15.9 million.

CONSOLIDATED STATEMENTS OF OPERATIONS

Three months ended Years ended thousands, except per December 31 December 31 share amounts 2007 2006 2007 2006 --------------------------------------------------------------------------Income Investment and other income $ 86 $ (10) $ 274 $ 1,421 Income producing property revenue 245 281 1,079 1,127 -------------------------------------------------------------------------- 331 271 1,353 2,548 --------------------------------------------------------------------------Expenses Operating 32 34 201 229 Interest 260 310 1,112 1,217 -------------------------------------------------------------------------- 292 344 1,313 1,446 --------------------------------------------------------------------------Net income (loss) before income taxes 39 (73) 40 1,102 Income tax (expense) recovery (15) (412) (25) 12,171 --------------------------------------------------------------------------Net income (loss) from continuing operations 24 (485) 15 13,273 Discontinued operations - - - 4,321 --------------------------------------------------------------------------Net income (loss) $ 24 $ (485) $ 15 $ 17,594 ----------------------------------------------------------------------------------------------------------------------------------------------------Per share Net income (loss) from continuing operations $ 0.00 $ (0.06) $ 0.00 $ 1.64 Net income (loss) $ 0.00 $ (0.06) $ 0.00 $ 2.17 ----------------------------------------------------------------------------------------------------------------------------------------------------

The company adopted as required accounting guidelines with respect to financial instruments and other items commencing January 1, 2007. This requires the company, among other things, to record its investment in Parkbridge Lifestyle Communities at market value, and to record changes in the value as other comprehensive income, which forms a component of shareholders' equity. The impact of the changes resulted in an increase in the carrying value of the Parkbridge investment and corresponding increases in the future tax liability and shareholders' equity.

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS)

Three months ended Years ended December 31 December 31 thousands 2007 2006 2007 2006 --------------------------------------------------------------------------Net income (loss) $ 24 $ (485) $ 15 $ 17,594 --------------------------------------------------------------------------Other comprehensive income (loss) Foreign currency translation 21 87 (93) 30 Available-for-sale securities 856 - 2,903 - Future income taxes on above items 11 - (317) --------------------------------------------------------------------------- 888 87 2,493 30 --------------------------------------------------------------------------Comprehensive income (loss) $ 912 $ (398) $ 2,508 $ 17,624 ---------------------------------------------------------------------------------------------------------------------------------------------------- CONSOLIDATED BALANCE SHEETS

As at December 31 (thousands) 2007 2006 ----------------------------------------------------------------------------------------------------------------------------------------------------Assets Cash and cash equivalents $ 4,828 $ 5,733 Investment in Parkbridge Lifestyle Communities Inc. 21,482 5,614 Income producing property 18,035 21,159 Other assets 235 997 -------------------------------------------------------------------------- $ 44,580 $ 33,503 ----------------------------------------------------------------------------------------------------------------------------------------------------Liabilities & Shareholders' Equity Accounts payable and other liabilities $ 3,161 $ 3,224 Future income taxes 2,498 - Secured debt 18,925 22,230 Preferred securities - 701 -------------------------------------------------------------------------- 24,584 26,155 Shareholders' equity 19,996 7,348 -------------------------------------------------------------------------- $ 44,580 $ 33,503 ----------------------------------------------------------------------------------------------------------------------------------------------------

Brian D. Lawson, President and Chief Executive Officer will be available at (416) 867-9370 to answer any questions on the company's financial results.

This news release contains forward-looking statements concerning the company's business and operations. The company cautions that, by their nature, forward-looking statements involve risk and uncertainty and the company's actual results could differ materially from those expressed or implied in such statements. Reference should be made to the most recent Annual Information Form for a description of the major risk factors.

Contacts: Wilmington Capital Management Inc. Brian D. Lawson President and Chief Executive Officer (416) 867-9370

2008-04-02 18:28:30 0326919 MARKETWIRE