Business
Augen Announces $1.0 Million In Net Earnings And $0.04 EPS for Q1 2006
Augen Announces $1.0 Million In Net Earnings And $0.04 EPS for Q1 2006.
About this update from Gensource Potash Corp.
[{"type":"text","content":"\n\n\n\n\nShares outstanding: 28,857,282\n\nTORONTO, June 1 /CNW/ - Augen Capital Corp. (the \"Augen\") (TSX-V: AUG) is\npleased to announce consolidated financial results for the first quarter\nending March 31, 2006.\n\n>\n\nManaged Products income was $1,253 thousand as compared to $70 thousand\nin 2005. Annual fees related to managed products amounted to $145 thousand,\nmore than doubled, up 110% from $69 thousand in the same quarter last year\nreflecting the increase in assets under administration resulting from the\nflow-through limited partnership offerings in 2004 and 2005 as well as strong\nmarket value appreciation in the limited partnership portfolios. Managed\nProducts performance fees for the quarter were $1,108 thousand and related to\nstrong performance in the 2004 and 2005 limited partnerships, as compared to\nNIL for the same quarter ended 2005. Performance fees are recognized on an\naccrual basis and adjusted quarterly for fluctuations above or below\nperformance thresholds and are only payable on the wind-up of the limited\npartnerships to the extent that performance thresholds have been met. The 2004\nlimited partnership was wound up on May 1, 2006 - performance fees were paid\nto the Company. No rollover or windup announcement has been made regarding the\n2005 limited partnership.\nMerchant Banking realized gains on the sale of securities in the merchant\nbanking portfolio were $632 thousand for the first quarter representing 39% of\ntotal earnings before taxes, as compared to $370 thousand for the same quarter\nlast year, reflecting Augen's continued commitment to support merchant banking\nopportunities as well as active trading of the merchant banking investment\nportfolio in a strong resource market.\nConsolidated expenses are unchanged quarter over quarter reflecting cost\ncontainment measures undertaken to minimize ongoing expenses while continuing\nto build a strong management team to support future growth in the Company.\n\"Augen is pleased to report the strongest fiscal quarter net earnings\nsince its inception. The exceptional investment performance in the limited\npartnerships and merchant banking portfolio has contributed over 93% to gross\nconsolidated income. The Company continues to execute its mission of being\n\"Financier of First Resort\" for emerging resource companies,\" said J. David\nMaso...