AUGEN reports 2007 Annual Results

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[{"type":"text","content":"\n\n\n\nShares outstanding: 36,515,615\n\n\nTORONTO, April 29 /CNW/ - Augen Capital Corp. ("Augen") (TSX-V: AUG)\ntoday announced its annual consolidated financial results for the year ended\nDecember 31, 2007. The highlights are as follows:\n\n\n- Consolidated assets increased 9.9% to $11.3 million at December 31,\n 2007 from $10.3 million a year earlier\n\n- Cash flow from operations was $0.3 million in 2007 compared with\n $0.1 million in 2006\n\n- Net realized gains on the sale of certain Merchant Banking ("MB")\n investments was $1.5 million compared with $3.4 million in 2006\n\n- Income for the year was $4.2 million compared with $7.1 million in\n 2006\n\n\nThe 2007 adoption of CICA Handbook Section 3855, which requires the\nreporting of unrealized fluctuations in the fair value of the MB investment\nportfolio, has resulted in greater volatility in the net earnings of Augen\nbeginning in Q1 2007. These accounting standards provide insight into the\ncurrent fair value of the MB investment portfolio, but do not necessarily\nprovide an accurate indication of the ultimate realized gain or loss, which\nwill be different. This is the first year in which unrealized fluctuations in\nthe MB investment portfolio have been recorded.\n\n\nThe 2007 net earnings before income taxes and before the unrealized loss\non the MB investment portfolio of $5.3 million resulting from the adoption of\nthe new accounting policy as described above were $1.3 million or $0.03 per\nshare, as compared to earnings of $4.0 million or $0.13 per share in 2006.\n\n\nEarnings before income taxes for the MB segment were $0.4 million in 2007\nprior to unrealized losses of $5.3 million and the decline in the fair value\nof liabilities of $0.5 million, as compared to $2.1 million in 2006, on income\nof $2.0 million in 2007 as compared to $3.5 million in 2006.\n\n\nEarnings before income taxes for the Managed Products ("MP") segment and\nprior to non-recurring charges were $0.6 million on income of $2.1 million.\nThe MP segment results include $0.2 million in non-recurring charges\nconsisting of $0.1 million related to the flow-through sales and distribution\nagreement, and $0.1 million in non-recurring professional advisory fees and\ncharges related to new product initiatives.\n\n\n"The 2007 net loss of $3.5 million or $0.10 per...

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