Q1 Net income increases to $2.3 million
TORONTO, May 4 /CNW/ - Pinetree Capital Ltd. (TSX: PNP), a Canadian
investment company, today announced its unaudited results for the first
quarter ended March 31, 2005.
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.
For the three months ended March 31, 2005 (compared with March 31, 2004):
- Net Investment Gains were $3,745,928 as compared to Net Investment
Losses of $220,730 for the three months ended March 31, 2004.
- Other Revenue increased to $455,777 from $82,411 for the same period
last year.
- Operating, general, and administrative expenses decreased to $954,178
as compared to $1,176,080 for the same period last year.
- Net income for the period was $2,388,426 ($0.17 per common share) as
compared to a net loss of $882,871 ($0.07 per common share) for the
three months ended March 31, 2004.
- Investments (Fair Value) decreased to $81.9 million as compared to
$82.4 million as at December 31, 2004.
- Investments (at Cost) increased to $64.4 million as compared to
$63.0 million as at December 31, 2004.
- Net Assets increased to $59.0 million as compared to $56.3 million as
at December 31, 2004.
- Net Asset Value (Fair Value) increased to $4.24 per common share as
compared to $4.16 per common share as at December 31, 2004.
About Pinetree
Pinetree Capital Ltd. ("Pinetree" or the "Company") was 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 four 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.
