Business
ELYSEE earns $3,617,285 ($0.17 per share) during the fiscal year ended November 30, 2016
Vancouver, British Columbia--(Newsfile Corp. - February 1, 2017) - Elysee Development Corp. (...
About this update from Elysee Development Corp
[{"type":"text","content":"\nELYSEE earns $3,617,285 ($0.17 per share) during the fiscal year ended November 30, 2016Vancouver, British Columbia--(Newsfile Corp. - February 1, 2017) - Elysee Development Corp. (TSXV: ELC) is pleased to announce its audited financial results for the fiscal year ended November 30, 2016. The audited Financial Statements and management discussion and analysis are available for viewing on SEDAR and at www.elyseedevelopment.com. All dollar amounts are in Canadian funds. During the fiscal year ended November 30, 2016, Elysee had net earnings of $3,617,285 as compared with net earnings of $744,279 for the fiscal year ended November 30, 2015. The earnings for the current year were primarily the result of realized gains on marketable securities of $2,356,135, unrealized gains on marketable securities of $1,726,246 and interest and dividend income of $137,213. Earnings during the prior year were the result of net investment income of $853,794, a realized foreign exchange gain of $124,500, an unrealized foreign exchange gain of $139,011 and interest and dividend income of $69,044. As a result of the foregoing, Elysee earned $0.17 per share for the fiscal year ended November 30, 2016 as compared to earnings per share of $0.035 during the prior year. In keeping with its stated policy of returning cash to the shareholders whenever possible and prudent, Elysee declared and paid a dividend of $0.02 per share ($425,359) to its shareholders on April 27, 2016. A further $0.02 per share was returned to the shareholders in the form of dividends in December of 2016. Guido Cloetens, the Chairman of Elysee, stated \"We are extremely pleased with our performance during fiscal 2016, which marks our fourth year of profitability. After returning over $501,861 to the shareholders in the form of dividends and a buy-back of shares during fiscal 2016, we were still able to increase our net shareholders equity to $11,569,781 at November 30, 2016 from $8,037,909 at November 30, 2015, an increase of $3,531,872 (43.9%). While our success is linked to that of the junior resource market, our portfolio has now recovered from the overall downturn in the sector in the last quarter of fiscal 2016 and we will continue to be a highly selective and prudent speculator\". During the current fiscal year, Elysee took profits from some of its largest investment holdings, m...