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<SEC-DOCUMENT>0001085037-03-000860.txt : 20031203
<SEC-HEADER>0001085037-03-000860.hdr.sgml : 20031203
<ACCEPTANCE-DATETIME>20031203163519
ACCESSION NUMBER:		0001085037-03-000860
CONFORMED SUBMISSION TYPE:	6-K
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20031123
FILED AS OF DATE:		20031203

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			MFC BANCORP LTD
		CENTRAL INDEX KEY:			0000016859
		STANDARD INDUSTRIAL CLASSIFICATION:	SECURITY BROKERS, DEALERS & FLOTATION COMPANIES [6211]
		IRS NUMBER:				131818111
		STATE OF INCORPORATION:			B0
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		6-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-04192
		FILM NUMBER:		031035609

	BUSINESS ADDRESS:	
		STREET 1:		FLOOR 21, MILLENIUM TOWER
		STREET 2:		HANDELSKAI 94-96
		CITY:			A-1200 VIENNA
		STATE:			C4
		BUSINESS PHONE:		43 1 240 25 300

	MAIL ADDRESS:	
		STREET 1:		FLOOR 21, MILLENIUM TOWER
		STREET 2:		HANDELSKAI 94-96
		CITY:			A-1200 VIENNA
		STATE:			C4

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	ARBATAX INTERNATIONAL INC
		DATE OF NAME CHANGE:	19960603

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	NALCAP HOLDINGS INC
		DATE OF NAME CHANGE:	19950725

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	JAVELIN INTERNATIONAL LTD
		DATE OF NAME CHANGE:	19871118
</SEC-HEADER>
<DOCUMENT>
<TYPE>6-K
<SEQUENCE>1
<FILENAME>f6k1126.htm
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<TITLE>Report to Shareholders</TITLE>
<META NAME="subject" CONTENT="Q2 2002">
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<META NAME="_EmailSubject" CONTENT="Creo Q2 2003 Report to Shareholders">
<META NAME="_AuthorEmail" CONTENT="Tracy.Rawa@creo.com">
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<B><FONT SIZE=2><P ALIGN="CENTER">UNITED STATES<BR>
SECURITIES AND EXCHANGE COMMISSION<BR>
Washington, D.C. 20549</P>
</FONT><FONT FACE="Arial"><P ALIGN="CENTER">Form 6-K</P>
</FONT><FONT SIZE=2><P ALIGN="CENTER">REPORT OF FOREIGN PRIVATE ISSUER PURSUANT TO RULE 13a-16 OR 15d-16 UNDER THE SECURITIES EXCHANGE ACT OF 1934</P>
</B><P>For the month of <U>November, 2003</P>
</U><P>Commission File Number <U>001-04192</P>
<P ALIGN="CENTER">MFC Bancorp Ltd.<BR>
</U>(Translation of registrant's name into English)</P>
<U><P ALIGN="CENTER">Floor 21, Millennium Tower, Handelskai 94-96, Vienna, Austria<BR>
</U>(Address of principal executive office)</P>
<P>Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or<BR>
Form 40-F. Form 20-F&nbsp;&nbsp;[X] Form 40-F&nbsp;&nbsp;[ ]</P>
<P>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) &nbsp;[ ]</P>
<B><P>Note:</B> Regulation S-T Rule 101(b)(1) only permits the submission in paper of a Form 6-K if submitted solely to provide an attached annual report to security holders.</P>
<P>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) &nbsp;[ ]</P>
<B><P>Note:</B> Regulation S-T Rule 101(b)(7) only permits the submission in paper of a Form 6-K if submitted to furnish a report or other document that the registrant foreign private issuer must furnish and make public under the laws of the jurisdiction in which the registrant is incorporated, domiciled or legally organized (the registrant's "home country"), or under the rules of the home country exchange on which the registrant's securities are traded, as long as the report or other document is not a press release, is not required to be and has not been distributed to the registrant's security holders, and, if discussing a material event, has already been the subject of a Form 6-K submission or other Commission filing on EDGAR.</P>
<P>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 &nbsp;&nbsp;[ ] No&nbsp;&nbsp;[X]</P>
<P>If "Yes" is marked, indicate below the file number assigned to the registrant in connection with Rule 12g3-2(b):<BR>
82 - [ ]</P>
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<B><I><FONT SIZE=6><P ALIGN="RIGHT">News Release</P></DIR>
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</I></FONT><U><P>FOR IMMEDIATE RELEASE NOVEMBER 25, 2003</P></B></U>
<TABLE CELLSPACING=0 BORDER=0 CELLPADDING=7 WIDTH=638>
<TR><TD WIDTH="16%" VALIGN="TOP">
<P ALIGN="JUSTIFY"><FONT SIZE=2>Contact:</FONT></TD>
<TD WIDTH="51%" VALIGN="TOP" COLSPAN=2>
<FONT SIZE=2><P ALIGN="JUSTIFY">Allen &amp; Caron Inc.</FONT></TD>
<TD WIDTH="33%" VALIGN="TOP">
<P>&nbsp;</TD>
</TR>
<TR><TD WIDTH="16%" VALIGN="TOP">
<P>&nbsp;</TD>
<TD WIDTH="51%" VALIGN="TOP" COLSPAN=2>
<FONT SIZE=2><P ALIGN="JUSTIFY">Joseph Allen (investors)</FONT></TD>
<TD WIDTH="33%" VALIGN="TOP">
<FONT SIZE=2><P ALIGN="JUSTIFY">Rene Randall</FONT></TD>
</TR>
<TR><TD WIDTH="16%" VALIGN="TOP">
<P>&nbsp;</TD>
<TD WIDTH="51%" VALIGN="TOP" COLSPAN=2>
<FONT SIZE=2><P ALIGN="JUSTIFY">(212) 691-8087</FONT></TD>
<TD WIDTH="33%" VALIGN="TOP">
<FONT SIZE=2><P ALIGN="JUSTIFY">(604) 683-8286</FONT></TD>
</TR>
<TR><TD WIDTH="16%" VALIGN="TOP">
<P>&nbsp;</TD>
<TD WIDTH="51%" VALIGN="TOP" COLSPAN=2>
<U><FONT SIZE=2><P ALIGN="JUSTIFY">joe@allencaron.com</U></FONT></TD>
<TD WIDTH="33%" VALIGN="TOP">
<U><FONT SIZE=2><P ALIGN="JUSTIFY">rrandall@bmgmt.com</U></FONT></TD>
</TR>
<TR><TD WIDTH="22%" VALIGN="TOP" COLSPAN=2>
<P>&nbsp;</TD>
<TD WIDTH="45%" VALIGN="TOP">
<FONT SIZE=2><P ALIGN="JUSTIFY">or</FONT></TD>
<TD WIDTH="33%" VALIGN="TOP">
<P>&nbsp;</TD>
</TR>
<TR><TD WIDTH="16%" VALIGN="TOP">
<P>&nbsp;</TD>
<TD WIDTH="51%" VALIGN="TOP" COLSPAN=2>
<FONT SIZE=2><P ALIGN="JUSTIFY">Kari Rinkeviczie (media)</FONT></TD>
<TD WIDTH="33%" VALIGN="TOP">
<P>&nbsp;</TD>
</TR>
<TR><TD WIDTH="16%" VALIGN="TOP">
<P>&nbsp;</TD>
<TD WIDTH="51%" VALIGN="TOP" COLSPAN=2>
<FONT SIZE=2><P ALIGN="JUSTIFY">(616) 647-0780</FONT></TD>
<TD WIDTH="33%" VALIGN="TOP">
<P>&nbsp;</TD>
</TR>
<TR><TD WIDTH="16%" VALIGN="TOP">
<P>&nbsp;</TD>
<TD WIDTH="51%" VALIGN="TOP" COLSPAN=2>
<P ALIGN="JUSTIFY"><u><FONT SIZE=2>kari@allencaron.com</U></FONT></A></TD>
<TD WIDTH="33%" VALIGN="TOP">
<P>&nbsp;</TD>
</TR>
</TABLE>

<P ALIGN="JUSTIFY">&nbsp;</P>
<B><P ALIGN="CENTER">MFC BANCORP LTD. REPORTS 2003 THIRD QUARTER RESULTS<BR>
AND A STOCK REPURCHASE PROGRAM</P>
</B><FONT SIZE=2><P>NEW YORK, NY, (November 25, 2003) - - - MFC Bancorp Ltd. (Nasdaq: MXBIF and Frankfurt Stock Exchange: MFC GR) reported today its financial results for the third quarter and nine months ended September 30, 2003. All figures are in US dollars.</P>
<P>For the three months ended September 30, 2003, total revenues increased to $75.8 million compared with $32.9 million for same period in 2002. The increase in revenues was primarily due to acquisitions and increased trading. </P>
<P>The net earnings for the period increased to $ 4.5 million, or $0.34 per share, on a diluted basis versus $1.2 million, or $0.09 per share, on a diluted basis in the prior year. General and administrative expenses increased to $5.4 million in the current period compared to 4.8 million in the same period a year ago. </P>
<P>Total revenues for the nine-month period ended September 30, 2003 increased to $209.4 million compared with $100.7 million in the prior year. Expenses were $190.1 million compared to the prior year period of $87.2 million. The increase in the revenues and expenses were primarily due to acquisitions, increased trading and a stronger Euro currency. Net income for the nine-month</P>
<P ALIGN="CENTER">- MORE -</P>
</FONT><P>MFC BANCORP LTD. REPORTS 2003 THIRD QUARTER RESULTS<BR>
Page -2-</P>
<FONT SIZE=2><P>period was $19.3 million, or $1.44 per share on a diluted basis, compared with $13.8 million, or $1.03 per share on a diluted basis, in the prior year.</P>
<P>The Company's consolidated balance sheet changed during the period as a result of recent acquisitions and a weaker U.S. dollar. Total assets were $326.9 million at September 30, 2003, compared to total assets of $282.7 million at December 31, 2002. The Company's overall liabilities also increased to $113.5 million, compared to $98.5 million. </P>
<P>Michael Smith, President, of MFC Bancorp Ltd., stated, "The earnings for this year's third quarter were in line with our expectations. The Company's increase in revenues for the first nine months was primarily due to the integration of our trading business and acquisitions." </P>
<P>The Company also announces today that the Board of Directors has approved the repurchase of up to 660,000 shares of its Common Stock. The repurchase program will commence on December 2, 2003 and close on December 2, 2004, unless extended or shortened by the Board of Directors. The repurchases will be made from time to time on the open market at prevailing market prices from cash on hand. The Company believes, based on the current market prices, that the repurchase program is a good investment of available funds.</P>
<B><P>About MFC Bancorp</P>
</B><P>&#9;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 <U>http://www.mfcbancorp.com</U>.</P>
<I><P>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</I>.</P>
</FONT><P ALIGN="JUSTIFY">&nbsp;</P>
<P ALIGN="CENTER">- FINANCIAL TABLES FOLLOW-</P>
<P>MFC BANCORP LTD. REPORTS 2003 THIRD QUARTER RESULTS<BR>
Page -3-</P>
<B><FONT SIZE=2><P ALIGN="CENTER">MFC BANCORP LTD.<BR>
CONSOLIDATED BALANCE SHEETS<BR>
as of September 30, 2003 and December 31, 2002<BR>
</B>(unaudited)<BR>
(amounts in U.S. dollars in thousands)</P>
<P ALIGN="JUSTIFY">&nbsp;</P></FONT>
<TABLE CELLSPACING=0 BORDER=0 CELLPADDING=7 WIDTH=638>
<TR><TD WIDTH="49%" VALIGN="TOP">
<P>&nbsp;</TD>
<TD WIDTH="24%" VALIGN="TOP">
<U><FONT SIZE=2><P ALIGN="RIGHT">2003 </U></FONT></TD>
<TD WIDTH="27%" VALIGN="TOP">
<U><FONT SIZE=2><P ALIGN="RIGHT">2002</U></FONT></TD>
</TR>
<TR><TD WIDTH="49%" VALIGN="TOP">
<B><P>ASSETS</B></TD>
<TD WIDTH="24%" VALIGN="TOP">
<P>&nbsp;</TD>
<TD WIDTH="27%" VALIGN="TOP">
<P>&nbsp;</TD>
</TR>
<TR><TD WIDTH="49%" VALIGN="TOP">
<FONT SIZE=2><P ALIGN="JUSTIFY">Cash and cash equivalents</FONT></TD>
<TD WIDTH="24%" VALIGN="TOP">
<FONT SIZE=2><P ALIGN="RIGHT">$ 67,637</FONT></TD>
<TD WIDTH="27%" VALIGN="TOP">
<FONT SIZE=2><P ALIGN="RIGHT">$ 64,835</FONT></TD>
</TR>
<TR><TD WIDTH="49%" VALIGN="TOP">
<FONT SIZE=2><P ALIGN="JUSTIFY">Securities</FONT></TD>
<TD WIDTH="24%" VALIGN="TOP">
<FONT SIZE=2><P ALIGN="RIGHT">41,291</FONT></TD>
<TD WIDTH="27%" VALIGN="TOP">
<FONT SIZE=2><P ALIGN="RIGHT">39,661</FONT></TD>
</TR>
<TR><TD WIDTH="49%" VALIGN="TOP">
<FONT SIZE=2><P ALIGN="JUSTIFY">Loans</FONT></TD>
<TD WIDTH="24%" VALIGN="TOP">
<FONT SIZE=2><P ALIGN="RIGHT">52,770</FONT></TD>
<TD WIDTH="27%" VALIGN="TOP">
<FONT SIZE=2><P ALIGN="RIGHT">49,303</FONT></TD>
</TR>
<TR><TD WIDTH="49%" VALIGN="TOP">
<FONT SIZE=2><P ALIGN="JUSTIFY">Receivables</FONT></TD>
<TD WIDTH="24%" VALIGN="TOP">
<FONT SIZE=2><P ALIGN="RIGHT">54,924</FONT></TD>
<TD WIDTH="27%" VALIGN="TOP">
<FONT SIZE=2><P ALIGN="RIGHT">34,157</FONT></TD>
</TR>
<TR><TD WIDTH="49%" VALIGN="TOP">
<FONT SIZE=2><P ALIGN="JUSTIFY">Commodity investments</FONT></TD>
<TD WIDTH="24%" VALIGN="TOP">
<FONT SIZE=2><P ALIGN="RIGHT">13,595</FONT></TD>
<TD WIDTH="27%" VALIGN="TOP">
<FONT SIZE=2><P ALIGN="RIGHT">8,338</FONT></TD>
</TR>
<TR><TD WIDTH="49%" VALIGN="TOP">
<FONT SIZE=2><P ALIGN="JUSTIFY">Properties held for sale</FONT></TD>
<TD WIDTH="24%" VALIGN="TOP">
<FONT SIZE=2><P ALIGN="RIGHT">48,155</FONT></TD>
<TD WIDTH="27%" VALIGN="TOP">
<FONT SIZE=2><P ALIGN="RIGHT">46,188</FONT></TD>
</TR>
<TR><TD WIDTH="49%" VALIGN="TOP">
<FONT SIZE=2><P ALIGN="JUSTIFY">Resource property</FONT></TD>
<TD WIDTH="24%" VALIGN="TOP">
<FONT SIZE=2><P ALIGN="RIGHT">26,822</FONT></TD>
<TD WIDTH="27%" VALIGN="TOP">
<FONT SIZE=2><P ALIGN="RIGHT">23,263</FONT></TD>
</TR>
<TR><TD WIDTH="49%" VALIGN="TOP">
<FONT SIZE=2><P ALIGN="JUSTIFY">Goodwill</FONT></TD>
<TD WIDTH="24%" VALIGN="TOP">
<FONT SIZE=2><P ALIGN="RIGHT">12,418</FONT></TD>
<TD WIDTH="27%" VALIGN="TOP">
<FONT SIZE=2><P ALIGN="RIGHT">10,390</FONT></TD>
</TR>
<TR><TD WIDTH="49%" VALIGN="TOP">
<FONT SIZE=2><P ALIGN="JUSTIFY">Equity method investments</FONT></TD>
<TD WIDTH="24%" VALIGN="TOP">
<FONT SIZE=2><P ALIGN="RIGHT">5,976</FONT></TD>
<TD WIDTH="27%" VALIGN="TOP">
<FONT SIZE=2><P ALIGN="RIGHT">5,012</FONT></TD>
</TR>
<TR><TD WIDTH="49%" VALIGN="TOP">
<FONT SIZE=2><P ALIGN="JUSTIFY">Prepaid and other</FONT></TD>
<TD WIDTH="24%" VALIGN="TOP">
<U><FONT SIZE=2><P ALIGN="RIGHT">3,299</U></FONT></TD>
<TD WIDTH="27%" VALIGN="TOP">
<U><FONT SIZE=2><P ALIGN="RIGHT">1,565</U></FONT></TD>
</TR>
<TR><TD WIDTH="49%" VALIGN="TOP">
<P>&nbsp;</TD>
<TD WIDTH="24%" VALIGN="TOP">
<U><FONT SIZE=2><P ALIGN="RIGHT">$ 326,887</U></FONT></TD>
<TD WIDTH="27%" VALIGN="TOP">
<U><FONT SIZE=2><P ALIGN="RIGHT">$ 282,712</U></FONT></TD>
</TR>
<TR><TD WIDTH="49%" VALIGN="TOP">
<P>&nbsp;</TD>
<TD WIDTH="24%" VALIGN="TOP">
<P>&nbsp;</TD>
<TD WIDTH="27%" VALIGN="TOP">
<P>&nbsp;</TD>
</TR>
<TR><TD WIDTH="49%" VALIGN="TOP">
<B><P>LIABILITIES</B></TD>
<TD WIDTH="24%" VALIGN="TOP">
<P>&nbsp;</TD>
<TD WIDTH="27%" VALIGN="TOP">
<P>&nbsp;</TD>
</TR>
<TR><TD WIDTH="49%" VALIGN="TOP">
<FONT SIZE=2><P ALIGN="JUSTIFY">Accounts payable and accrued expenses</FONT></TD>
<TD WIDTH="24%" VALIGN="TOP">
<FONT SIZE=2><P ALIGN="RIGHT">$ 44,835</FONT></TD>
<TD WIDTH="27%" VALIGN="TOP">
<FONT SIZE=2><P ALIGN="RIGHT">$ 29,931</FONT></TD>
</TR>
<TR><TD WIDTH="49%" VALIGN="TOP">
<FONT SIZE=2><P ALIGN="JUSTIFY">Debt</FONT></TD>
<TD WIDTH="24%" VALIGN="TOP">
<FONT SIZE=2><P ALIGN="RIGHT">50,712</FONT></TD>
<TD WIDTH="27%" VALIGN="TOP">
<FONT SIZE=2><P ALIGN="RIGHT">43,554</FONT></TD>
</TR>
<TR><TD WIDTH="49%" VALIGN="TOP">
<FONT SIZE=2><P ALIGN="JUSTIFY">Future income tax liability</FONT></TD>
<TD WIDTH="24%" VALIGN="TOP">
<FONT SIZE=2><P ALIGN="RIGHT">0</FONT></TD>
<TD WIDTH="27%" VALIGN="TOP">
<FONT SIZE=2><P ALIGN="RIGHT">163</FONT></TD>
</TR>
<TR><TD WIDTH="49%" VALIGN="TOP">
<FONT SIZE=2><P ALIGN="JUSTIFY">Deposits</FONT></TD>
<TD WIDTH="24%" VALIGN="TOP">
<U><FONT SIZE=2><P ALIGN="RIGHT">17,967</U></FONT></TD>
<TD WIDTH="27%" VALIGN="TOP">
<U><FONT SIZE=2><P ALIGN="RIGHT">24,815</U></FONT></TD>
</TR>
<TR><TD WIDTH="49%" VALIGN="TOP">
<P>&nbsp;</TD>
<TD WIDTH="24%" VALIGN="TOP">
<FONT SIZE=2><P ALIGN="RIGHT">113,514</FONT></TD>
<TD WIDTH="27%" VALIGN="TOP">
<FONT SIZE=2><P ALIGN="RIGHT">98,463</FONT></TD>
</TR>
<TR><TD WIDTH="49%" VALIGN="TOP">
<P>&nbsp;</TD>
<TD WIDTH="24%" VALIGN="TOP">
<P>&nbsp;</TD>
<TD WIDTH="27%" VALIGN="TOP">
<P>&nbsp;</TD>
</TR>
<TR><TD WIDTH="49%" VALIGN="TOP">
<FONT SIZE=2><P ALIGN="JUSTIFY">Minority interests</FONT></TD>
<TD WIDTH="24%" VALIGN="TOP">
<FONT SIZE=2><P ALIGN="RIGHT">4,764</FONT></TD>
<TD WIDTH="27%" VALIGN="TOP">
<FONT SIZE=2><P ALIGN="RIGHT">3,641</FONT></TD>
</TR>
<TR><TD WIDTH="49%" VALIGN="TOP">
<P>&nbsp;</TD>
<TD WIDTH="24%" VALIGN="TOP">
<P>&nbsp;</TD>
<TD WIDTH="27%" VALIGN="TOP">
<P>&nbsp;</TD>
</TR>
<TR><TD WIDTH="49%" VALIGN="TOP">
<B><P>SHAREHOLDERS' EQUITY</B></TD>
<TD WIDTH="24%" VALIGN="TOP">
<P>&nbsp;</TD>
<TD WIDTH="27%" VALIGN="TOP">
<P>&nbsp;</TD>
</TR>
<TR><TD WIDTH="49%" VALIGN="TOP">
<FONT SIZE=2><P ALIGN="JUSTIFY">Common stock</FONT></TD>
<TD WIDTH="24%" VALIGN="TOP">
<FONT SIZE=2><P ALIGN="RIGHT">55,056</FONT></TD>
<TD WIDTH="27%" VALIGN="TOP">
<FONT SIZE=2><P ALIGN="RIGHT">44,485</FONT></TD>
</TR>
<TR><TD WIDTH="49%" VALIGN="TOP" HEIGHT=14>
<FONT SIZE=2><P ALIGN="JUSTIFY">Cumulative translation adjustment </FONT></TD>
<TD WIDTH="24%" VALIGN="TOP" HEIGHT=14>
<FONT SIZE=2><P ALIGN="RIGHT">(11,105)</FONT></TD>
<TD WIDTH="27%" VALIGN="TOP" HEIGHT=14>
<FONT SIZE=2><P ALIGN="RIGHT">11,859</FONT></TD>
</TR>
<TR><TD WIDTH="49%" VALIGN="TOP" HEIGHT=14>
<FONT SIZE=2><P ALIGN="JUSTIFY">Retained earnings</FONT></TD>
<TD WIDTH="24%" VALIGN="TOP" HEIGHT=14>
<U><FONT SIZE=2><P ALIGN="RIGHT">164,658</U></FONT></TD>
<TD WIDTH="27%" VALIGN="TOP" HEIGHT=14>
<U><FONT SIZE=2><P ALIGN="RIGHT">124,264</U></FONT></TD>
</TR>
<TR><TD WIDTH="49%" VALIGN="TOP" HEIGHT=14><P></P></TD>
<TD WIDTH="24%" VALIGN="TOP" HEIGHT=14>
<U><FONT SIZE=2><P ALIGN="RIGHT">208,609</U></FONT></TD>
<TD WIDTH="27%" VALIGN="TOP" HEIGHT=14>
<U><FONT SIZE=2><P ALIGN="RIGHT">180,608</U></FONT></TD>
</TR>
<TR><TD WIDTH="49%" VALIGN="TOP" HEIGHT=14><P></P></TD>
<TD WIDTH="24%" VALIGN="TOP" HEIGHT=14><P></P></TD>
<TD WIDTH="27%" VALIGN="TOP" HEIGHT=14><P></P></TD>
</TR>
<TR><TD WIDTH="49%" VALIGN="TOP" HEIGHT=14><P></P></TD>
<TD WIDTH="24%" VALIGN="TOP" HEIGHT=14>
<U><FONT SIZE=2><P ALIGN="RIGHT">$ 326,887</U></FONT></TD>
<TD WIDTH="27%" VALIGN="TOP" HEIGHT=14>
<U><FONT SIZE=2><P ALIGN="RIGHT">$ 282,712</U></FONT></TD>
</TR>
</TABLE>

<FONT SIZE=2><P ALIGN="JUSTIFY">&nbsp;</P>
<P ALIGN="CENTER">- MORE -</P>
</FONT><P>MFC BANCORP LTD. REPORTS 2003 THIRD QUARTER RESULTS<BR>
Page -4-</P>
<B><FONT SIZE=2><P ALIGN="CENTER">MFC BANCORP LTD.<BR>
CONSOLIDATED STATEMENTS OF INCOME<BR>
For the Three Months Ended September 30, 2003 and 2002<BR>
</B>(unaudited)<BR>
(amounts in U.S. dollars in thousand, except per share data)</P>
<P ALIGN="CENTER">&nbsp;</P></FONT>
<TABLE CELLSPACING=0 BORDER=0 CELLPADDING=7 WIDTH=638>
<TR><TD WIDTH="48%" VALIGN="TOP">
<P>&nbsp;</TD>
<TD WIDTH="25%" VALIGN="TOP">
<U><FONT SIZE=2><P ALIGN="RIGHT">2003</U></FONT></TD>
<TD WIDTH="27%" VALIGN="TOP">
<U><FONT SIZE=2><P ALIGN="RIGHT">2002</U></FONT></TD>
</TR>
<TR><TD WIDTH="48%" VALIGN="TOP">
<P>&nbsp;</TD>
<TD WIDTH="25%" VALIGN="TOP">
<P>&nbsp;</TD>
<TD WIDTH="27%" VALIGN="TOP">
<P>&nbsp;</TD>
</TR>
<TR><TD WIDTH="48%" VALIGN="TOP">
<FONT SIZE=2><P>Financial services revenue</FONT></TD>
<TD WIDTH="25%" VALIGN="TOP">
<FONT SIZE=2><P ALIGN="RIGHT">$ 75,824</FONT></TD>
<TD WIDTH="27%" VALIGN="TOP">
<FONT SIZE=2><P ALIGN="RIGHT">$ 32,897</FONT></TD>
</TR>
<TR><TD WIDTH="48%" VALIGN="TOP">
<FONT SIZE=2><P>Expenses</FONT></TD>
<TD WIDTH="25%" VALIGN="TOP">
<P>&nbsp;</TD>
<TD WIDTH="27%" VALIGN="TOP">
<P>&nbsp;</TD>
</TR>
<TR><TD WIDTH="48%" VALIGN="TOP"><DIR>

<FONT SIZE=2><P>Financial services</DIR>
</FONT></TD>
<TD WIDTH="25%" VALIGN="TOP">
<FONT SIZE=2><P ALIGN="RIGHT">64,997</FONT></TD>
<TD WIDTH="27%" VALIGN="TOP">
<FONT SIZE=2><P ALIGN="RIGHT">24,846</FONT></TD>
</TR>
<TR><TD WIDTH="48%" VALIGN="TOP"><DIR>

<FONT SIZE=2><P>General and administrative</DIR>
</FONT></TD>
<TD WIDTH="25%" VALIGN="TOP">
<FONT SIZE=2><P ALIGN="RIGHT">5,426</FONT></TD>
<TD WIDTH="27%" VALIGN="TOP">
<FONT SIZE=2><P ALIGN="RIGHT">4,810</FONT></TD>
</TR>
<TR><TD WIDTH="48%" VALIGN="TOP"><DIR>

<FONT SIZE=2><P>Interest</DIR>
</FONT></TD>
<TD WIDTH="25%" VALIGN="TOP">
<U><FONT SIZE=2><P ALIGN="RIGHT">840</U></FONT></TD>
<TD WIDTH="27%" VALIGN="TOP">
<U><FONT SIZE=2><P ALIGN="RIGHT">1,340</U></FONT></TD>
</TR>
<TR><TD WIDTH="48%" VALIGN="TOP"><DIR>
<DIR>

<FONT SIZE=2><P>Total expenses</DIR>
</DIR>
</FONT></TD>
<TD WIDTH="25%" VALIGN="TOP">
<U><FONT SIZE=2><P ALIGN="RIGHT">71,263</U></FONT></TD>
<TD WIDTH="27%" VALIGN="TOP">
<U><FONT SIZE=2><P ALIGN="RIGHT">30,996</U></FONT></TD>
</TR>
<TR><TD WIDTH="48%" VALIGN="TOP">
<P>&nbsp;</TD>
<TD WIDTH="25%" VALIGN="TOP">
<P>&nbsp;</TD>
<TD WIDTH="27%" VALIGN="TOP">
<P>&nbsp;</TD>
</TR>
<TR><TD WIDTH="48%" VALIGN="TOP">
<FONT SIZE=2><P>Income before income taxes</FONT></TD>
<TD WIDTH="25%" VALIGN="TOP">
<FONT SIZE=2><P ALIGN="RIGHT">4,561</FONT></TD>
<TD WIDTH="27%" VALIGN="TOP">
<FONT SIZE=2><P ALIGN="RIGHT">1,901</FONT></TD>
</TR>
<TR><TD WIDTH="48%" VALIGN="TOP">
<FONT SIZE=2><P>Income taxes recovery (provision)</FONT></TD>
<TD WIDTH="25%" VALIGN="TOP">
<U><FONT SIZE=2><P ALIGN="RIGHT">24</U></FONT></TD>
<TD WIDTH="27%" VALIGN="TOP">
<U><FONT SIZE=2><P ALIGN="RIGHT">(728)</U></FONT></TD>
</TR>
<TR><TD WIDTH="48%" VALIGN="TOP">
<P>&nbsp;</TD>
<TD WIDTH="25%" VALIGN="TOP">
<P>&nbsp;</TD>
<TD WIDTH="27%" VALIGN="TOP">
<P>&nbsp;</TD>
</TR>
<TR><TD WIDTH="48%" VALIGN="TOP">
<P>&nbsp;</TD>
<TD WIDTH="25%" VALIGN="TOP">
<FONT SIZE=2><P ALIGN="RIGHT">4,585</FONT></TD>
<TD WIDTH="27%" VALIGN="TOP">
<FONT SIZE=2><P ALIGN="RIGHT">1,173</FONT></TD>
</TR>
<TR><TD WIDTH="48%" VALIGN="TOP">
<FONT SIZE=2><P>Minority interests</FONT></TD>
<TD WIDTH="25%" VALIGN="TOP">
<U><FONT SIZE=2><P ALIGN="RIGHT">(52)</U></FONT></TD>
<TD WIDTH="27%" VALIGN="TOP">
<U><FONT SIZE=2><P ALIGN="RIGHT">(5)</U></FONT></TD>
</TR>
<TR><TD WIDTH="48%" VALIGN="TOP" HEIGHT=14>
<FONT SIZE=2><P>Net income</FONT></TD>
<TD WIDTH="25%" VALIGN="TOP" HEIGHT=14>
<U><FONT SIZE=2><P ALIGN="RIGHT">$ 4,533</U></FONT></TD>
<TD WIDTH="27%" VALIGN="TOP" HEIGHT=14>
<U><FONT SIZE=2><P ALIGN="RIGHT">$ 1,168</U></FONT></TD>
</TR>
<TR><TD WIDTH="48%" VALIGN="TOP">
<P>&nbsp;</TD>
<TD WIDTH="25%" VALIGN="TOP">
<P>&nbsp;</TD>
<TD WIDTH="27%" VALIGN="TOP">
<P>&nbsp;</TD>
</TR>
<TR><TD WIDTH="48%" VALIGN="TOP">
<FONT SIZE=2><P>Earnings per share</FONT></TD>
<TD WIDTH="25%" VALIGN="TOP">
<P>&nbsp;</TD>
<TD WIDTH="27%" VALIGN="TOP">
<P>&nbsp;</TD>
</TR>
<TR><TD WIDTH="48%" VALIGN="TOP"><DIR>

<FONT SIZE=2><P>Basic</DIR>
</FONT></TD>
<TD WIDTH="25%" VALIGN="TOP">
<FONT SIZE=2><P ALIGN="RIGHT">$ 0.34</FONT></TD>
<TD WIDTH="27%" VALIGN="TOP">
<FONT SIZE=2><P ALIGN="RIGHT">$ 0.09</FONT></TD>
</TR>
<TR><TD WIDTH="48%" VALIGN="TOP"><DIR>

<FONT SIZE=2><P>Diluted</DIR>
</FONT></TD>
<TD WIDTH="25%" VALIGN="TOP">
<FONT SIZE=2><P ALIGN="RIGHT">$ 0.34</FONT></TD>
<TD WIDTH="27%" VALIGN="TOP">
<FONT SIZE=2><P ALIGN="RIGHT">$ 0.09</FONT></TD>
</TR>
</TABLE>

<FONT SIZE=2><P ALIGN="CENTER">&nbsp;</P>
<P ALIGN="CENTER">&nbsp;</P>
<P ALIGN="CENTER">&nbsp;</P>
<P ALIGN="CENTER">&nbsp;</P>
<P ALIGN="CENTER">- MORE -</P>
</FONT><P>MFC BANCORP LTD. REPORTS 2003 THIRD QUARTER RESULTS<BR>
Page -5-</P>
<FONT SIZE=2><P>&nbsp;</P>
<B><P ALIGN="CENTER">MFC BANCORP LTD.<BR>
CONSOLIDATED STATEMENTS OF INCOME<BR>
For the Nine Months Ended September 30, 2003 and 2002<BR>
</B>(unaudited)<BR>
(amounts in U.S. dollars in thousand, except per share data)</P>
</FONT><P ALIGN="CENTER">&nbsp;</P>
<TABLE CELLSPACING=0 BORDER=0 CELLPADDING=7 WIDTH=638>
<TR><TD WIDTH="47%" VALIGN="TOP">
<P>&nbsp;</TD>
<TD WIDTH="26%" VALIGN="TOP">
<U><FONT SIZE=2><P ALIGN="RIGHT">2003</U></FONT></TD>
<TD WIDTH="27%" VALIGN="TOP">
<U><FONT SIZE=2><P ALIGN="RIGHT">2002</U></FONT></TD>
</TR>
<TR><TD WIDTH="47%" VALIGN="TOP">
<FONT SIZE=2><P>Financial services revenue</FONT></TD>
<TD WIDTH="26%" VALIGN="TOP">
<FONT SIZE=2><P ALIGN="RIGHT">$ 209,389</FONT></TD>
<TD WIDTH="27%" VALIGN="TOP">
<FONT SIZE=2><P ALIGN="RIGHT">$ 100,747</FONT></TD>
</TR>
<TR><TD WIDTH="47%" VALIGN="TOP">
<FONT SIZE=2><P>Expenses</FONT></TD>
<TD WIDTH="26%" VALIGN="TOP">
<P>&nbsp;</TD>
<TD WIDTH="27%" VALIGN="TOP">
<P>&nbsp;</TD>
</TR>
<TR><TD WIDTH="47%" VALIGN="TOP"><DIR>

<FONT SIZE=2><P>Financial services</DIR>
</FONT></TD>
<TD WIDTH="26%" VALIGN="TOP">
<FONT SIZE=2><P ALIGN="RIGHT">176,519</FONT></TD>
<TD WIDTH="27%" VALIGN="TOP">
<FONT SIZE=2><P ALIGN="RIGHT">69,125</FONT></TD>
</TR>
<TR><TD WIDTH="47%" VALIGN="TOP"><DIR>

<FONT SIZE=2><P>General and administrative</DIR>
</FONT></TD>
<TD WIDTH="26%" VALIGN="TOP">
<FONT SIZE=2><P ALIGN="RIGHT">11,354</FONT></TD>
<TD WIDTH="27%" VALIGN="TOP">
<FONT SIZE=2><P ALIGN="RIGHT">14,546</FONT></TD>
</TR>
<TR><TD WIDTH="47%" VALIGN="TOP"><DIR>

<FONT SIZE=2><P>Interest</DIR>
</FONT></TD>
<TD WIDTH="26%" VALIGN="TOP">
<U><FONT SIZE=2><P ALIGN="RIGHT">2,192</U></FONT></TD>
<TD WIDTH="27%" VALIGN="TOP">
<U><FONT SIZE=2><P ALIGN="RIGHT">3,497</U></FONT></TD>
</TR>
<TR><TD WIDTH="47%" VALIGN="TOP"><DIR>
<DIR>

<FONT SIZE=2><P>Total expenses</DIR>
</DIR>
</FONT></TD>
<TD WIDTH="26%" VALIGN="TOP">
<U><FONT SIZE=2><P ALIGN="RIGHT">190,065</U></FONT></TD>
<TD WIDTH="27%" VALIGN="TOP">
<U><FONT SIZE=2><P ALIGN="RIGHT">87,168</U></FONT></TD>
</TR>
<TR><TD WIDTH="47%" VALIGN="TOP">
<P>&nbsp;</TD>
<TD WIDTH="26%" VALIGN="TOP">
<P>&nbsp;</TD>
<TD WIDTH="27%" VALIGN="TOP">
<P>&nbsp;</TD>
</TR>
<TR><TD WIDTH="47%" VALIGN="TOP">
<FONT SIZE=2><P>Income before income taxes</FONT></TD>
<TD WIDTH="26%" VALIGN="TOP">
<FONT SIZE=2><P ALIGN="RIGHT">19,324</FONT></TD>
<TD WIDTH="27%" VALIGN="TOP">
<FONT SIZE=2><P ALIGN="RIGHT">13,579</FONT></TD>
</TR>
<TR><TD WIDTH="47%" VALIGN="TOP">
<FONT SIZE=2><P>Income taxes recovery </FONT></TD>
<TD WIDTH="26%" VALIGN="TOP">
<U><FONT SIZE=2><P ALIGN="RIGHT">80</U></FONT></TD>
<TD WIDTH="27%" VALIGN="TOP">
<U><FONT SIZE=2><P ALIGN="RIGHT">224</U></FONT></TD>
</TR>
<TR><TD WIDTH="47%" VALIGN="TOP">
<P>&nbsp;</TD>
<TD WIDTH="26%" VALIGN="TOP">
<P>&nbsp;</TD>
<TD WIDTH="27%" VALIGN="TOP">
<P>&nbsp;</TD>
</TR>
<TR><TD WIDTH="47%" VALIGN="TOP">
<P>&nbsp;</TD>
<TD WIDTH="26%" VALIGN="TOP">
<FONT SIZE=2><P ALIGN="RIGHT">19,404</FONT></TD>
<TD WIDTH="27%" VALIGN="TOP">
<FONT SIZE=2><P ALIGN="RIGHT">13,803</FONT></TD>
</TR>
<TR><TD WIDTH="47%" VALIGN="TOP">
<FONT SIZE=2><P>Minority interests</FONT></TD>
<TD WIDTH="26%" VALIGN="TOP">
<U><FONT SIZE=2><P ALIGN="RIGHT">(101)</U></FONT></TD>
<TD WIDTH="27%" VALIGN="TOP">
<U><FONT SIZE=2><P ALIGN="RIGHT">1</U></FONT></TD>
</TR>
<TR><TD WIDTH="47%" VALIGN="TOP" HEIGHT=14>
<FONT SIZE=2><P>Net income</FONT></TD>
<TD WIDTH="26%" VALIGN="TOP" HEIGHT=14>
<U><FONT SIZE=2><P ALIGN="RIGHT">$ 19,303</U></FONT></TD>
<TD WIDTH="27%" VALIGN="TOP" HEIGHT=14>
<U><FONT SIZE=2><P ALIGN="RIGHT">$ 13,804</U></FONT></TD>
</TR>
<TR><TD WIDTH="47%" VALIGN="TOP">
<P>&nbsp;</TD>
<TD WIDTH="26%" VALIGN="TOP">
<P>&nbsp;</TD>
<TD WIDTH="27%" VALIGN="TOP">
<P>&nbsp;</TD>
</TR>
<TR><TD WIDTH="47%" VALIGN="TOP">
<FONT SIZE=2><P>Earnings per share</FONT></TD>
<TD WIDTH="26%" VALIGN="TOP">
<P>&nbsp;</TD>
<TD WIDTH="27%" VALIGN="TOP">
<P>&nbsp;</TD>
</TR>
<TR><TD WIDTH="47%" VALIGN="TOP"><DIR>

<FONT SIZE=2><P>Basic</DIR>
</FONT></TD>
<TD WIDTH="26%" VALIGN="TOP">
<FONT SIZE=2><P ALIGN="RIGHT">$ 1.48</FONT></TD>
<TD WIDTH="27%" VALIGN="TOP">
<FONT SIZE=2><P ALIGN="RIGHT">$ 1.06</FONT></TD>
</TR>
<TR><TD WIDTH="47%" VALIGN="TOP"><DIR>

<FONT SIZE=2><P>Diluted</DIR>
</FONT></TD>
<TD WIDTH="26%" VALIGN="TOP">
<FONT SIZE=2><P ALIGN="RIGHT">$ 1.44</FONT></TD>
<TD WIDTH="27%" VALIGN="TOP">
<FONT SIZE=2><P ALIGN="RIGHT">$ 1.03</FONT></TD>
</TR>
</TABLE>

<B><FONT SIZE=2><P ALIGN="CENTER">SIGNATURES</P>
</B><P>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.</P>
<B><P>MFC Bancorp Ltd.</P>
</B><U><P>/s/ Michael J. Smith</P>
</U><P>Michael J. Smith, President</P>
<P>Date: November 26, 2003</P></FONT></BODY>
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`
end

</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
-----END PRIVACY-ENHANCED MESSAGE-----
