Business
Augen Capital announces Q1 2007 results and Stock Option Grant
Augen Capital announces Q1 2007 results and Stock Option Grant.
About this update from Gensource Potash Corp.
[{"type":"text","content":"\n\n\n\nShares outstanding: 35,915,615\n\n\nTORONTO, May 31 /CNW/ - Augen Capital Corp. ("Augen" or the "Company")\n(TSX-V: AUG) is pleased to announce its interim consolidated financial results\nfor the first quarter March 31, 2007. The highlights are as follows:\n\n\n- Income for the quarter was $0.7 million from $0.8 million in 2006;\n\n- Net loss for the quarter was $0.5 million as compared to net income\n of $0.4 million in 2006, representing $0.01 loss per share as\n compared to earnings of $0.01 per share;\n\n- Assets increased 56% to $16.1 million at March 31, 2007 from\n $10.3 million at December 31, 2006.\n\n\nConsolidated income for the Merchant Banking segment was $0.2 million for\nthe quarter as compared to $0.7 million in 2006. The decrease is primarily due\nto a reduction in realized gains on the merchant banking portfolio during the\nquarter.\n\n\nThe Augen Limited Partnership ("LP2007") flow-through offering was setup\none quarter earlier in Q1 2007 as compared to the Augen Limited Partnership\n2006 flow-through offering setup in Q2 2006. The LP2007 setup fee income of\n$355 thousand was received on the first close, offset by setup fee expenses of\n$355 thousand, both reported during the quarter, as compared to $nil in 2006.\n\n\nAn unrealized loss of $261 thousand was reported to reflect the Q1 2007\nchange in fair value of the Merchant Banking investment portfolio due to the\nadoption of CICA Handbook accounting policies during the quarter. Stock-based\ncompensation for both segments amounted to $294 thousand and relate to the\ngranting of stock options during the quarter, as compared to $24 thousand in\n2006.\n\n\n"Augen's greater focus on the expansion of the merchant banking portfolio\ncontinued in the first quarter. Realized gains were less when compared to the\nsame quarter last year but the merchant banking portfolio continues to have\nsubstantial unrealized gains which will positively impact cash flow as the\ninvestment positions are strategically disposed in due course. The Managed\nProducts segment completed the final close of the LP2007 offering of\n$12 million in the second quarter, making it the most successful limited\npartnership offering in Augen's history, and this, despite the weaker demand\nfor flow through product in the first half of the year," said J...