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ELYSEE earns $651,448 ($0.03 per share) during the fiscal year ended November 30, 2017; declares dividend of $0.02 per share
Vancouver, British Columbia--(Newsfile Corp. - January 30, 2018) - Elysee Development Corp. (...
About this update from Elysee Development Corp
[{"type":"text","content":"ELYSEE earns $651,448 ($0.03 per share) during the fiscal year ended November 30, 2017; declares dividend of $0.02 per shareVancouver, British Columbia--(Newsfile Corp. - January 30, 2018) - Elysee Development Corp. (TSXV: ELC) is pleased to announce its audited financial results for the fiscal year ended November 30, 2017. 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, 2017 Elysee had net earnings of $651,448 ($0.03 per share) as compared with net earnings of $3,617,285 ($0.17 per share) for the fiscal year ended November 30, 2016. The earnings for the current year were primarily the result of realized gains on marketable securities of $1,797,949 and interest and dividend income of $94,546, offset by unrealized losses on marketable securities of $628,118. Net investment income in fiscal 2017 totaled $1,255,515 as compared to $4,236,480 in fiscal 2016. In keeping with the Company's stated policy of returning cash to the shareholders whenever possible and prudent, the board of directors of Elysee has declared a dividend of two cents ($0.02) per share on the Company's common shares. The dividend is to be paid on February 20, 2018 to shareholders of record on February 12, 2018. This is an eligible dividend for income tax purposes.On July 31, 2017 the Company paid an interim dividend of $0.01 per share. As a result, the total dividend attributable to our fiscal 2017 results amounts to $0.03 per share, which represents a gross dividend yield of approximately 10% based on our current share price. Guido Cloetens, the Executive Chairman of Elysee, stated: \"We are extremely pleased with our continued solid performance during fiscal 2017, which now marks our fifth year of profitability. Our balance sheet remains strong, with over $11.5 million in net assets as at November 30, 2017. Our results in the first quarter of 2018 continue to outperform, propelled by an upturn in the junior resource markets as a result of continued improvements in commodity prices and our own success as a highly selective investor.\" During fiscal 2017 Elysee increased its participation in the specialty metals sector with significant investments in Largo Resources (vanadium), Millennial L...