Business
Pinetree Capital Ltd. results for the three months ended March 31, 2005
Pinetree Capital Ltd. results for the three months ended March 31, 2005.
About this update from Pinetree Capital Ltd.
[{"type":"text","content":"\n\n\n\n\nQ1 Net income increases to $2.3 million\n\nTORONTO, May 4 /CNW/ - Pinetree Capital Ltd. (TSX: PNP), a Canadian\ninvestment company, today announced its unaudited results for the first\nquarter ended March 31, 2005.\nOn June 1, 2004, Pinetree Capital Ltd (\"Pinetree\") amalgamated with\nGenevest Inc. (\"Genevest\"). The amalgamation was accounted for as a reverse\ntakeover as the shareholders of Genevest became controlling shareholders of\nPinetree after the amalgamation. Under this form of purchase accounting,\nGenevest is deemed to have acquired Pinetree and the consolidated financial\nstatements of Pinetree for periods after June 1, 2004, include only Genevest's\noperating results prior to the amalgamation and the results of the amalgamated\ncompany thereafter. All comparative figures and references to the periods\nprior to June 1, 2004 are those of Genevest only.\n\nFor the three months ended March 31, 2005 (compared with March 31, 2004):\n\n- Net Investment Gains were $3,745,928 as compared to Net Investment\n Losses of $220,730 for the three months ended March 31, 2004.\n\n- Other Revenue increased to $455,777 from $82,411 for the same period\n last year.\n\n- Operating, general, and administrative expenses decreased to $954,178\n as compared to $1,176,080 for the same period last year.\n\n- Net income for the period was $2,388,426 ($0.17 per common share) as\n compared to a net loss of $882,871 ($0.07 per common share) for the\n three months ended March 31, 2004.\n\n- Investments (Fair Value) decreased to $81.9 million as compared to\n $82.4 million as at December 31, 2004.\n\n- Investments (at Cost) increased to $64.4 million as compared to\n $63.0 million as at December 31, 2004.\n\n- Net Assets increased to $59.0 million as compared to $56.3 million as\n at December 31, 2004.\n\n- Net Asset Value (Fair Value) increased to $4.24 per common share as\n compared to $4.16 per common share as at December 31, 2004.\n\nAbout Pinetree\n\nPinetree Capital Ltd. (\"Pinetree\" or the \"Company\") was incorporated\nunder the laws of the Province of Ontario and is publicly traded on the\nToronto Stock Exchange (\"TSX\") under the symbol \"PNP\". Pinetree develops and\nmanages a portfolio of equity securities of private and public issuers engaged\nin growth businesses in the following four sectors: (i) Mining and Oil & Ga...