- Net Asset Value increased 41% to $5.90 (basic) per share from
$4.16 (basic) per share as at December 31, 2004;
- Investments increased 47% to $121.2 million from $82.4 million as at
December 31, 2004;
- Net income increased to $25.6 million for the nine months ended
September 30, 2005.
TORONTO, Nov. 10 /CNW/ - Pinetree Capital Ltd. (TSX: PNP), a Canadian
investment company, today announced its unaudited results for the three and
nine months ended September 30, 2005.
<<
Financial Highlights for the period ending September 30, 2005 with
comparatives:
-------------------------------------------------------------------------
Operating Results Three months ended Nine months ended
(unaudited) September 30, September 30,
------------------------------------------------------
2005 2004 2005 2004
-------------------------------------------------------------------------
Realized gains on
disposal of
investments, net $ 3,843,609 $ 81,507 $ 11,140,468 $ 12,717,429
Unrealized gains
(losses) on
investments, net 25,341,528 1,347,393 21,813,393 (26,861,926)
Net investment
gains (losses) 29,185,137 1,428,900 32,953,861 (14,144,497)
Net income (loss)
for the period 22,802,285 191,161 25,610,717 (10,442,484)
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Basic earnings
(loss) per
common share 1.64 0.01 1.85 (0.92)
-------------------------------------------------------------------------
Diluted earnings
(loss) per
common share 1.50 0.01 1.74 (0.92)
-------------------------------------------------------------------------
-------------------------------------------------------------------------
Balance Sheet September 30, December 31,
Highlights (unaudited) 2005 2004
-------------------------------------------------------------------------
Investments, at fair value $121,178,812 $ 82,426,943
Total assets 121,504,768 83,786,615
Total liabilities 39,929,972 27,465,105
Share capital and contributed surplus 18,112,789 18,470,220
Retained earnings 63,462,007 37,851,290
-------------------------------------------------------------------------
Net asset value per share - Basic 5.90 4.16
Net asset value per share - Diluted 5.20 3.65
-------------------------------------------------------------------------
As at September 30, 2005:
- Investments (Fair Value) increased 47.0% to $121.2 million as
compared to $82.4 million as at December 31, 2004.
- Investments (at Cost) increased 32.5% to $83.5 million as
compared to $63.0 million as at December 31, 2004.
- Net Assets increased to $81.6 million as compared to
$56.3 million as at December 31, 2004.
- Net Asset Value (Fair Value) increased to $5.90 per common share
as compared to $4.16 per common share as at December 31, 2004.
On June 1, 2004, Pinetree Capital Ltd ("Pinetree") amalgamated with
Genevest Inc. ("Genevest"). The amalgamation was accounted for as a reverse
takeover as the shareholders of Genevest became controlling shareholders of
Pinetree after the amalgamation. Under this form of purchase accounting,
Genevest is deemed to have acquired Pinetree and the consolidated financial
statements of Pinetree for periods after June 1, 2004, include only Genevest's
operating results prior to the amalgamation and the results of the amalgamated
company thereafter. All comparative figures and references to the periods
prior to June 1, 2004 are those of Genevest only.
About Pinetree
Pinetree Capital Ltd. ("Pinetree" or the "Company") is incorporated under
the laws of the Province of Ontario and is publicly traded on the Toronto
Stock Exchange ("TSX") under the symbol "PNP". Pinetree develops and manages a
portfolio of equity securities of private and public issuers engaged in growth
businesses in the following three sectors: (i) Mining and Oil & Gas; (ii)
Biotechnology; and (iii) Technology and Other. Pinetree's investment focus
among these three sectors changes over time, depending on changing investment
opportunities. As well, Pinetree takes advantage of special situations and
merchant banking opportunities.
For more details about Pinetree and its investments, please visit our
website at www.pinetreecapital.com.
This news release contains forward-looking statements within the meaning
of the "safe harbour" provisions of the Private Securities Litigation Reform
Act of 1995. These forward-looking statements are subject to risks and
uncertainties and other factors that may cause Pinetree's results to differ
materially from expectations. These include risks relating to market
fluctuations, investee performance and other risks. These forward-looking
statements speak only as of the date hereof. Pinetree disclaims any intent or
obligation to update these forward-looking statements.
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