Business
Augen announces record first-half earnings, new Directors, and stock option grant
Augen announces record first-half earnings, new Directors, and stock option grant.
About this update from Gensource Potash Corp.
[{"type":"text","content":"\n\n\n\n\n32,400,614 shares outstanding\n\nTORONTO, Sept. 14 /CNW/ - Augen Capital Corp. (the \"Company\" or \"Augen\")\n(TSX-V: AUG) is pleased to announce consolidated financial results for the\nsecond quarter ending June 30, 2006.\n\n>\n\nManaged Products advisory and performance fees for Q2 2006 were\n$0.2 million ($1.5 million YTD) as compared to $0.1 million for the same\nquarter (YTD $0.1 million) in 2005, reflecting the substantial period over\nperiod increase in assets under administration and performance fees. Merchant\nBanking realized gains on the sale of investments significantly rose to\n$0.9 million for Q2 2006 ($1.5 million YTD) as compared to a marginal loss for\nthe same quarter ($0.4 million in YTD gains) in 2005, reflecting good resource\ndeal flow and active trading of the investment portfolio in a strong resource\nmarket.\nManaged Products expenses were $0.7 million in Q2 2006 ($0.9 million YTD)\nfrom $0.2 million ($0.4 million YTD) in 2005. Sales & marketing expenses\nincreased to $0.1 million for the quarter reflecting the addition of a new\nmember on the sales team and a new internal investor relations role.\nProfessional fees were $0.1 million in Q2 2006 as compared to a nominal amount\nlast year. The Company recorded a one-time charge of $0.3 million in the\ncurrent quarter to cover the amount of compensation due to Augen R2B and\nsundry expenses resulting from a NAV restatement. Merchant Banking expenses\nwere $0.8 million in Q2 2006 ($0.9 million YTD) from $0.1 million\n($0.2 million YTD) in 2005. Incentive compensation of $0.5 million was accrued\nduring the quarter as compared to NIL in 2005 related to investee company\npositions that have experienced significant unrealized market value\nappreciation during the quarter. An investment write-down provision of\n$0.1 million was taken during the quarter as compared to NIL in 2005.\nThe Company's merchant banking portfolio is reported at cost on the\nfinancial statements. The market value of the portfolio is $4.3 million at\nJune 30, 2006 as compared to $2.2 million in 2005. The net assets on a market\nvalue basis have substantially appreciated to $8.6 million as at June 30, 2006\nas compared to $4.0 million at 2005. Please see note 8 to the Q2 2006 interim\nfinancial statements for further details.\nThe Company also announces the appointment of two...