Business
Endeavour reports net income of US$27.7 million in fourth quarter 2009
Endeavour reports net income of US$27.7 million in fourth quarter 2009
About this update from Rusoro Mining Ltd.
[{"type":"text","content":"\n\n\n\nSep. 28, 2009 (Canada NewsWire Group) -- GEORGE TOWN, Grand Cayman, Sept. 28 /CNW/ -- Endeavour Financial Corporation (\"Endeavour\" or the \"Corporation\") today reported net income of US$27.7 million or US$0.29 per share for the quarter ended June 30, 2009.At June 30, 2009 the Corporation had cash and cash equivalents of US$121.8 million and investments of US$71.0 million. The Corporation's cash is currently invested in short-term government treasury securities.On September 23, 2009, Endeavour announced that it has entered into a binding agreement with Etruscan Resources to invest US$43.0 million in Etruscan common shares at a price of C$0.30 per share and purchase a 19.98% Etruscan share and warrant package for approximately US$12.6 million to own an aggregate of 54% of Etruscan's issued and outstanding common shares. This is the first strategic equity investment as part of Endeavour's macro gold-focused investment strategy.The Corporation's book value was US$247 million (or approximately C$2.94 per issued and outstanding share) at June 30, 2009.Quarter Ended June 2009 Highlights- Revenue of US$35.7 million, comprised of US$30.3 million investmentincome, US$5.5 million of realized advisory fees and negativeUS$0.1 million of mark-to-market losses on advisory fee securitiesheld. (Quarter ended June 30, 2008: Revenue of US$73.4 million,comprised of US$55.7 million of investment income, US$15.4 million ofrealized advisory fees and US$2.3 million of mark-to-market gains onadvisory security fees held).- Net income of US$27.7 million, or US$0.29 per share (Quarter endedJune 30, 2008: Net income of US$53.1 million, or US$1.79 per share).Year Ended June 2009 Highlights- Negative Revenue of US$188.1 million, comprised of a US$197.5 millioninvestment loss, US$12.7 million of realized advisory fees andnegative US$3.3 million of mark-to-market losses on advisory feesecurities held (Year ended June 30, 2008: Revenue of US$108.1million, comprised of US$60.2 million investment income,US$44.3 million of realized advisory fees and US$3.6 million frommark-to-market gains on advisory fee securities held).- Net loss of US$207.5 million, or US$3.71 per share. (Year endedJune 30, 2008: Net income of US$56.5 million or US$1.90 per share).- On February 4, 2009 the Corporation closed an equity offering,raising gross proceeds of C$115 million t...