Business
Augen announces $0.9 million in net earnings and $0.03 EPS for 2005
Augen announces $0.9 million in net earnings and $0.03 EPS for 2005.
About this update from Gensource Potash Corp.
[{"type":"text","content":"\n\n\n\n\nTORONTO, April 28 /CNW/ - Augen Capital Corp. (\"Augen\") (TSX-V: AUG) is\npleased to announce consolidated financial results for the year ended \nDecember 31, 2005.\n\n- Income was $2.1 million, up 23% as from $1.8 million in 2004.\n- Net earnings were $0.9 million in 2005, significantly up from a loss\n of $0.1 million in 2004, and translating into $0.03 earnings per\n share.\n- Cash generated from operations amounted to $0.2 million for the year,\n up from $0.1 million of cash used in 2004.\n- Assets increased 46% and totaled $4.2 million at December 31, 2005,\n and were offset by $0.4 million of current liabilities which were\n unchanged.\n\nManaged Products income was $1,212 thousand as compared to $1,383\nthousand in 2004. Annual & performance fees were $402 thousand, up 35% from\n$297 thousand in 2004, primarily due to the increase in assets under\nmanagement resulting from the flow-through limited partnership offerings in\n2004 and 2005. Consulting and due diligence fee income was $810 thousand down\nfrom $1,086 thousand in 2004, primarily reflecting a decline in the gross fee\nincome related to the setup of the 2005 flow-through limited partnership as\ncompared to the 2004 offering. Due diligence fees earned on resource flow-\nthrough investments by Augen Limited Partnership 2005 were $403 thousand, down\n$480 thousand in 2004, reflecting increasing efficiency in the advisory board\nreview of potential projects and the move towards high capitalization stocks\nwith improved access to technical information and generally, more advanced\nprojects.\n\"Investment performance for the 2004 and 2005 limited partnerships have\nbeen top-tier in the business. The expanded syndicate for the 2006 limited\npartnership offering includes firms such as Berkshire Securities, IPC\nSecurities, HSBC Bank, Research Capital and Blackmont Capital, and well\npositions Augen to raise the $30 million maximum offering, which will have a\npositive lift on earnings in 2006\", said J. David Mason, Chairman of Augen\nCapital Corp.\nMerchant Banking income was $953 thousand, up 148% from $384 thousand in\n2004. Realized gains on the sale of investments were $664 thousand, up 185%\nfrom $233 thousand in 2004. Consulting & due diligence fees amounted to \n$30 thousand as compared to NIL in 2004, reflecting a more defined focus on\nmercha...