(PPI) TSX/SWX
CALGARY, Aug. 8 /CNW/ - Proprietary Industries Inc. ("Proprietary" or
"Company") today announced its third quarter results.
For the three months ended June 30, 2005, the Company had a net loss of
$1,378,754. In this fiscal quarter the Company continued its objective of
generating a higher return on its cash reserves, with the placement of
$4,512,000 in additional loans yielding interest rates of between 8.5% and
12.5%. Proprietary is actively searching for and investigating long-term
investment opportunities.
<<
-------------------------------------------------------------------------
Consolidated Balance Sheets
-------------------------------------------------------------------------
As at June 30, September 30,
2005 2004
(unaudited) (audited)
-------------------------------------------------------------------------
Assets
Current
Cash and short-term deposits $ 15,145,037 $ 30,105,300
Short-term investments - 632,081
Accounts receivable 225,082 413,903
Loans and notes receivable 8,919,793 -
Inventories - 45,824
Prepaid expenses and deposits 240,829 72,881
Assets held for disposal by sale - 654,964
-------------- --------------
24,530,741 31,924,953
Loans and notes receivable - 1,057,277
Restricted cash deposits 5,032,371 5,000,000
Property, plant and equipment 367,293 963,382
Investments 1,414,603 801,751
-------------- --------------
$ 31,345,008 $ 39,747,363
-------------- --------------
-------------- --------------
Liabilities
Current
Accounts payable and accrued liabilities $ 2,025,019 $ 4,701,682
Notes payable 883,991 892,489
Customer deposits - 5,155
Income taxes payable 125,310 140,396
Current portion of long-term debt - 605,200
Deferred revenue 424,452 2,022
-------------- --------------
3,458,772 6,346,944
Non-controlling interest in subsidiaries 1,769,509 1,769,509
-------------- --------------
5,228,281 8,116,453
-------------- --------------
Shareholders' Equity
Share capital 142,319,358 142,319,358
Contributed surplus 15,677,918 15,530,208
Deficit (131,880,549) (126,218,656)
-------------- --------------
26,116,727 31,630,910
-------------- --------------
$ 31,345,008 $ 39,747,363
-------------- --------------
-------------- --------------
-------------------------------------------------------------------------
Consolidated Statements of Earnings
and Deficit (unaudited)
-------------------------------------------------------------------------
For the Three months For the Nine months
ended June 30, ended June 30,
----------------------------- -----------------------------
2005 2004 2005 2004
-------------- -------------- -------------- --------------
Revenue
Rental $ 1,280 $ 5,854 $ 12,780 $ 27,445
Finance - 1,126 - 5,331,303
Interest 625,870 73,749 906,786 87,355
Gain on sale
of assets 85,282 28,762 170,533 284,545
Investment
and other 21,276 2,571,537 25,585 2,567,006
-------------- -------------- -------------- --------------
733,708 2,681,028 1,115,684 8,297,654
-------------- -------------- -------------- --------------
Expenses
Rental 7,376 18,323 23,512 43,867
Finance - - - -
General and
admini-
strative 1,636,286 1,876,119 6,358,867 5,239,386
Depletion and
amortization 28,591 99,301 85,773 182,048
Interest 1,062 44,549 21,367 413,528
Write-downs - - (175,373) 827,989
Recovery of
prior
write-downs - (15,990) - (5,423,453)
-------------- -------------- -------------- --------------
1,673,315 2,022,302 6,314,146 1,283,365
-------------- -------------- -------------- --------------
Income (loss)
before income
taxes, non-
controlling
interest, and
discontinued
operations (939,607) 658,726 (5,198,462) 7,014,289
-------------- -------------- -------------- --------------
Income taxes
(recovered) - - 122 -
Non-controlling
interest in
subsidiaries - 7,787 - (48,896)
-------------- -------------- -------------- --------------
- 7,787 122 (48,896)
-------------- -------------- -------------- --------------
Net income
(loss) for
the period
from
continuing
operations (939,607) 650,939 (5,198,584) 7,063,185
Discontinued
operations,
net of income
taxes (439,147) (361,915) (463,309) (550,908)
-------------- -------------- -------------- --------------
Net income
(loss) for
the period (1,378,754) 289,024 (5,661,893) 6,512,277
Deficit,
beginning of
period (130,501,795) (126,863,155) (126,218,656) (133,086,408)
-------------- -------------- -------------- --------------
Deficit, end
of period $(131,880,549) $(126,574,131) $(131,880,549) $(126,574,131)
-------------- -------------- -------------- --------------
-------------- -------------- -------------- --------------
Earnings
(loss) per
share -
basic $ (0.02) $ 0.00 $ (0.09) $ 0.11
-------------- -------------- -------------- --------------
-------------- -------------- -------------- --------------
Earnings
(loss) per
share -
diluted $ - $ 0.00 $ - $ 0.11
-------------- -------------- -------------- --------------
-------------- -------------- -------------- --------------
Earnings
(loss) per
share from
continuing
operations
- basic $ (0.02) $ 0.01 $ (0.09) $ 0.12
-------------- -------------- -------------- --------------
-------------- -------------- -------------- --------------
Earnings
(loss) per
share from
continuing
operations
- diluted $ - 0.01 $ - $ 0.12
-------------- -------------- -------------- --------------
-------------- -------------- -------------- --------------
Weighted
average
number of
common
shares used
in computing
earnings
(loss) per
share, basic
and diluted 59,835,356 59,835,356 59,835,356 59,835,356
-------------- -------------- -------------- --------------
-------------- -------------- -------------- --------------
-------------------------------------------------------------------------
Consolidated Statements of Cash
Flows (unaudited)
-------------------------------------------------------------------------
For the Three months For the Nine months
ended June 30, ended June 30,
----------------------------- -----------------------------
2005 2004 2005 2004
-------------- -------------- -------------- --------------
Operating
activities
Net income
(loss) $ (1,378,754) $ 289,024 $ (5,661,893) $ 6,512,277
Items not
involving cash
Depletion and
amortization 28,591 149,069 85,773 1,172,583
Gain on sale
of assets and
investments (85,282) 294,340 (152,384) (2,578,987)
Write-downs 268,705 (370) 93,332 2,757,619
Non-controlling
interests - 7,787 - (48,896)
Foreign
exchange
loss (gain) (84,930) - 283,693 -
Imputed share
options
expense 147,710 - 147,710 -
-------------- -------------- -------------- --------------
(1,103,960) 739,850 (5,203,769) 7,814,596
Changes in
non-cash
operating
balances 86,888 (5,353,631) (2,674,307) (7,263,534)
-------------- -------------- -------------- --------------
(1,017,072) (4,613,781) (7,878,076) 551,062
-------------- -------------- -------------- --------------
Financing
activities
Decrease in
long-term debt
and obligations
related to
assets held
for disposal
by sale, net (162,341) (24,063,399) (605,200) (31,349,390)
Borrowings from
(repayments to)
related parties - - - (4,746,620)
Repayment of
notes payable - - - (2,000,000)
-------------- -------------- -------------- --------------
(162,341) (24,063,399) (605,200) (38,096,010)
-------------- -------------- -------------- --------------
Investing
activities
Collection of
notes
receivable,
net 317,038 - 317,038 12,179,824
Loans
receivable
advances (4,512,000) - (7,972,600) -
Proceeds on
sale of
investments,
net 219,222 68,499 219,222 1,167,706
Proceeds on
sale of land,
net - (86,543) - 376,820
Proceeds on
disposition
of property,
plant and
equipment, and
inventory 58,625 - 1,163,742 59,170
Additions to
property,
plant and
equipment - - - (57,140)
Net cash
proceeds on
business
dispositions - 30,888,044 - 47,364,776
-------------- -------------- -------------- --------------
(3,917,115) 30,870,000 (6,272,598) 61,091,156
-------------- -------------- -------------- --------------
Effect of exchange
rate changes
on cash held
in foreign
currency 101,597 - (204,389) -
-------------- -------------- -------------- --------------
Increase
(decrease) in
cash (4,994,931) (2,192,820) (14,960,263) 23,546,208
Cash, beginning
of period 20,139,968 26,196,813 30,105,300 4,843,425
-------------- -------------- -------------- --------------
Cash, end of
period $ 15,145,037 $ 28,389,633 $ 15,145,037 $ 28,389,633
-------------- -------------- -------------- --------------
-------------- -------------- -------------- --------------
The following cash payments have been included in the determination
of earnings:
Interest
paid $ 1,177 $ 730,262 $ 21,482 $ 2,141,787
-------------- -------------- -------------- --------------
-------------- -------------- -------------- --------------
Taxes
paid $ 652 $ - $ 9,184 $ 105,949
-------------- -------------- -------------- --------------
-------------- -------------- -------------- --------------
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.
>>
Powered by 
Translate
Translate