Business
Endeavour reports net income of US$41.5 million for quarter ended September 30, 2009
Endeavour reports net income of US$41.5 million for quarter ended September 30, 2009
About this update from Endeavour Mining Plc
[{"type":"text","content":"\n\n\n\nNov. 10, 2009 (Canada NewsWire Group) -- GEORGE TOWN, Grand Cayman, Nov. 10 /CNW/ -- Endeavour Financial Corporation (\"Endeavour\" or the \"Corporation\") today reported net income of US$41.5 million or US$0.43 per share for the quarter ended September 30, 2009.Revenue for the quarter of US$47.0 million includes US$41.6 million investment income and US$5.4 million of advisory fees, including US$0.7 million of mark-to-market gains on advisory fee securities held.At September 30, 2009 the Corporation had cash and cash equivalents of US$132.7 million and investments of US$101.4 million. The Corporation's book value was US$290 million (or approximately CDN$3.17 per issued and outstanding share).The Corporation's capital base is deployed in a series of merchant banking transactions; as a result, the capital base is principally deployed in companies in which the Corporation is actively involved in guiding corporate development or providing a transaction-based service.At September 30, 2009, approximately 92% of the Corporation's US$101.4 million investments by value were held in these strategic, merchant banking positions. Approximately 35% of the investment portfolio is invested in the gold sector and 30% in the oil & gas sector.The Corporation's cash is currently invested in short-term government treasury securities. It is anticipated that this cash will be deployed into gold-sector investments in the near term. The investment in Etruscan Resources Inc. (see News Release, October 23, 2009) was the first such strategic gold-sector investment. Subsequent to the investment in Etruscan, approximately 67% of the investment portfolio is now invested in the gold-sector.Neil Woodyer, Chief Executive Officer commented \"we are extremely pleased to announce robust financial results for the first quarter. We continue to maximize returns on our strategic investments and we continue to actively generate and secure new advisory mandates. Subsequent to the quarter end we are delighted to have closed our investment in Etruscan Resources Inc. which is the first strategic gold investment in our new gold-focused investment strategy\".Advisory TransactionsDuring the quarter ended September 30, 2009, Endeavour was an advisor andearned transaction success fees on several advisory transactions, including:- Arranged a US$235 million debt package fo...