(PPI) TSX/SWX
CALGARY, May 11 /CNW/ - Proprietary Industries Inc. ("Proprietary") today
announced its second quarter results.
For the three months ended March 31, 2005, the Company had a net loss of
$1,439,651. During this fiscal quarter, the Company placed $3,460,600 of its
cash reserves in interest bearing secured loans yielding interest rates of
between 10% and 12.5%. The Company expects to place more of its cash reserves
in such instruments in order to generate income to fund its cash requirements,
as it pursues investigating longer-term investment opportunities.
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Consolidated Balance Sheets
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As at March 31, September 30,
2005 2004
(unaudited) (audited)
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Assets
Current
Cash and short-term deposits $ 20,139,968 $ 30,105,300
Short-term investments - 632,081
Accounts receivable 378,914 413,903
Loans and notes receivable 4,471,950 -
Inventories 17,524 45,824
Prepaid expenses and deposits 235,148 72,881
Assets held for disposal by sale - 654,964
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25,243,504 31,924,953
Loans and notes receivable - 1,057,277
Restricted cash deposits 5,232,371 5,000,000
Property, plant and equipment 419,089 963,382
Investments 1,583,963 801,751
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$ 32,478,927 $ 39,747,363
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Liabilities
Current
Accounts payable and accrued liabilities $ 1,997,665 $ 4,701,682
Notes payable 880,974 892,489
Customer deposits 6,679 5,155
Income taxes payable 126,620 140,396
Current portion of long-term debt 162,341 605,200
Deferred revenue 187,368 2,022
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3,361,647 6,346,944
Non-controlling interest in subsidiaries 1,769,509 1,769,509
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5,131,156 8,116,453
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Shareholders' Equity
Share capital 142,319,358 142,319,358
Contributed surplus 15,530,208 15,530,208
Deficit (130,501,795) (126,218,656)
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27,347,771 31,630,910
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$ 32,478,927 $ 39,747,363
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Consolidated Statements of Earnings
and Deficit (unaudited)
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For the Three months ended
March 31,
-------------------------------
2005 2004
-------------------------------
Revenue
Rental $ 6,424 $ 20,401
Finance - 5,330,177
Recreation 166,686 185,525
Interest 190,094 9,244
Gain on sale of assets 19,266 292,639
Investment and other (1,456) (151,384)
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381,014 5,686,602
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Expenses
Rental 5,823 15,276
Finance - -
Recreation 248,901 248,869
General and administrative 1,884,339 1,495,694
Depletion and amortization 27,510 30,104
Interest 5,265 155,830
Write-downs (351,173) (81,239)
Recovery of prior write-downs - (5,407,463)
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1,820,665 (3,542,929)
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Income (loss) before income taxes,
non-controlling interest, and
discontinued operations (1,439,651) 9,229,531
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Income taxes (recovered) - -
Non-controlling interest in subsidiaries - 493,512
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- 493,512
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Net income (loss) for the period from
continuing operations (1,439,651) 8,736,019
Discontinued operations, net of
income taxes (1,067) (1,347,741)
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Net income (loss) for the period (1,440,718) 7,388,278
Deficit, beginning of period (129,061,077) (134,251,433)
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Deficit, end of period $(130,501,795) $(126,863,155)
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Earnings (loss) per share - basic $ (0.02) $ 0.12
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Earnings (loss) per share - diluted $ - $ 0.12
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Earnings (loss) per share from continuing
operations - basic $ (0.02) $ 0.15
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Earnings (loss) per share from continuing
operations -diluted $ - $ 0.15
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Weighted average number of common shares
used in computing earnings (loss)
per share, basic and diluted 59,835,356 59,835,356
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For the Six months ended
March 31,
-------------------------------
2005 2004
---------------- --------------
Revenue
Rental $ 11,500 $ 21,591
Finance - 5,330,177
Recreation 268,064 300,289
Interest 280,916 13,606
Gain on sale of assets 85,251 255,783
Investment and other 4,309 7,323
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650,040 5,928,769
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Expenses
Rental 16,136 25,544
Finance - -
Recreation 404,886 397,624
General and administrative 4,585,759 3,363,267
Depletion and amortization 57,182 85,547
Interest 20,305 368,979
Write-downs (175,373) 827,989
Recovery of prior write-downs - (5,407,463)
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4,908,895 (338,513)
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Income (loss) before income taxes,
non-controlling interest, and
discontinued operations (4,258,855) 6,267,282
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Income taxes (recovered) 122 -
Non-controlling interest in subsidiaries - (56,683)
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122 (56,683)
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Net income (loss) for the period from
continuing operations (4,258,977) 6,323,965
Discontinued operations, net of
income taxes (24,162) (100,712)
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Net income (loss) for the period (4,283,139) 6,223,253
Deficit, beginning of period (126,218,656) (133,086,408)
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Deficit, end of period $(130,501,795) $(126,863,155)
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Earnings (loss) per share - basic $ (0.07) $ 0.10
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Earnings (loss) per share - diluted $ - $ 0.10
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Earnings (loss) per share from continuing
operations - basic $ (0.07) $ 0.11
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Earnings (loss) per share from continuing
operations -diluted $ - $ 0.11
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Weighted average number of common shares
used in computing earnings (loss)
per share, basic and diluted 59,835,356 59,835,356
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Consolidated Statements of Cash Flows
(unaudited)
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For the Three months ended
March 31
-------------------------------
2005 2004
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Operating activities
Net income (loss) $ (1,440,718) $ 7,388,278
Items not involving cash
Depletion and amortization 27,510 325,022
Gain on sale of assets and investments (19,391) (498,490)
Write-downs (351,173) 1,464,322
Non-controlling interests - 493,512
Foreign exchange loss (gain) (27,969) (400,363)
Other - (11,521)
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(1,811,741) 8,760,760
Changes in non-cash operating balances 244,931 (311,766)
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(1,566,810) 8,448,994
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Financing activities
Decrease in long-term debt and obligations
related to assets held for disposed
by sale, net (142,505) (4,823,081)
Borrowings from (repayments to)
related parties - (2,804,720)
Repayment of notes payable - -
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(142,505) (7,627,801)
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Investing activities
Collection of notes receivable, net - 12,179,824
Loans receivable advances (3,460,600) -
Proceeds on sale of investment, net - 907,323
Proceeds on sale of land, net - 463,363
Proceeds on disposition of property,
plant and equipment, and inventory 148,350 -
Additions to property, plant and
equipment - (57,140)
Net cash proceeds on business
dispositions - 4,628,201
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(3,312,250) 18,121,571
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Effect of exchange rate changes on cash
held in foreign currency 50,233 -
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Increase (decrease) in cash (4,971,332) 18,942,764
Cash, beginning of period 25,111,300 7,254,049
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Cash, end of period $ 20,139,968 $ 26,196,813
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The following cash payments have been
included in the determination
of earnings:
Interest paid $ 5,265 $ 655,419
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Taxes paid $ - $ 105,949
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For the Six months ended
March 31
------------------------------
2005 2004
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Operating activities
Net income (loss) $ (4,283,139) $ 6,223,253
Items not involving cash
Depletion and amortization 57,182 1,023,514
Gain on sale of assets and investments (67,102) (2,873,327)
Write-downs (175,373) 2,757,989
Non-controlling interests - (56,683)
Foreign exchange loss (gain) 368,623 (68,558)
Other - -
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(4,099,809) 7,006,188
Changes in non-cash operating balances (2,761,195) (1,841,345)
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(6,861,004) 5,164,843
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Financing activities
Decrease in long-term debt and obligations
related to assets held for disposed
by sale, net (442,859) (7,285,991)
Borrowings from (repayments to)
related parties - (4,746,620)
Repayment of notes payable - (2,000,000)
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(442,859) (14,032,611)
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Investing activities
Collection of notes receivable, net - 12,179,824
Loans receivable advances (3,460,600) -
Proceeds on sale of investment, net - 1,099,207
Proceeds on sale of land, net - 463,363
Proceeds on disposition of property,
plant and equipment, and inventory 1,105,117 59,171
Additions to property, plant and
equipment - (57,140)
Net cash proceeds on business
dispositions - 16,476,731
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(2,355,483) 30,221,156
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Effect of exchange rate changes on cash
held in foreign currency (305,986) -
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Increase (decrease) in cash (9,965,332) 21,353,388
Cash, beginning of period 30,105,300 4,843,425
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Cash, end of period $ 20,139,968 $ 26,196,813
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The following cash payments have been
included in the determination
of earnings:
Interest paid $ 20,305 $ 1,411,525
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Taxes paid $ 8,532 $ 105,949
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About Proprietary:
Proprietary is based in Calgary, Alberta and listed on the Toronto and
Swiss Stock Exchanges trading under the symbol PPI. Proprietary is a principal
merchant bank.
Forward-looking statements: This document contains statements about
expected or anticipated future events and financial results that are
forward-looking in nature and, as a result, are subject to certain risks and
uncertainties, such as general economic, market and business conditions, the
regulatory process and actions, technical issues, new legislation, competitive
and general economic factors and conditions, the uncertainties resulting from
potential delays or changes in plans, the occurrence of unexpected events, and
the Corporation's capability to execute and implement its future plans. Actual
results may differ materially from those projected by management. For such
statements, we claim the safe harbour for forward-looking statements within
the meaning of the Private Securities Legislation Reform Act of 1995.
The Toronto Stock Exchange and the SWX Swiss Exchange have neither
approved nor disapproved the information contained herein.
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