Pinetree Capital Ltd. Announces Unaudited Financial Results for the Three and Six Months Ended June 30, 2013
August 08 2013 - 4:00PM
Marketwired Canada
Pinetree Capital Ltd. ("Pinetree") (TSX:PNP) today announces its unaudited
financial results for the three and six months ended June 30, 2013.
During the second quarter of fiscal 2013, Pinetree had a net loss of $63
million, as compared to $116 million for the same quarter last year. Net loss
generated was primarily the result of net investment losses of $61 million in
the quarter, comprised of $55 million in unrealized losses on investments and
realized losses on dispositions of investments of $6 million. Loss per share was
$0.44, as compared to $0.85 per share in the three months ended June 30, 2012.
For the six months ended June 30, 2013, Pinetree had a net loss of $110 million,
as compared to $121 million for the same period last year. Net loss generated
was primarily the result of net investment losses of $104 million in the current
period, comprised of $101 million in unrealized losses on investments and
realized losses on dispositions of investments of $3 million. Loss per share was
$0.77, as compared to $0.88 per share in the six months ended June 30, 2012.
The composition of Pinetree's investment portfolio by sector at the end of the
quarter as compared to the end of last year is outlined in the following table:
============================================================================
June 30, 2013 December 31, 2012
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Sector ($'000) % of Total ($'000) % of Total
----------------------------------------------------------------------------
Resources:
Precious metals 60,789 42.5 145,169 53.7
Base metals 18,240 12.8 31,075 11.5
Uranium 18,180 12.7 18,875 7.0
Potash, lithium and rare
earths 17,620 12.3 27,739 10.3
Oil and gas 12,647 8.8 30,433 11.2
Coal 879 0.6 2,140 0.8
--------------------------------------------
Total resources 128,355 89.7 255,431 94.5
--------------------------------------------
Technology and other 14,660 10.3 14,749 5.5
--------------------------------------------
Total investments 143,015 100.0 270,180 100.0
============================================================================
As at June 30, 2013, total investments at fair value was $143 million, as
compared to $270 million as at December 31, 2012, a decrease of 47%.
Net asset value per share decreased 51% to $0.76 as at June 30, 2013, from $1.55
as at December 31, 2012.
As at June 30, 2013 and the date of this press release, Pinetree was not in
compliance with one of the debt covenants contained in the convertible debenture
indenture dated May 17, 2011, as supplemented by the first supplemental
indenture dated December 11, 2012, which govern Pinetree's convertible
debentures. Pinetree is required to cure or obtain a waiver for the default by
September 13, 2013. Refer to the press releases dated July 12, 2013 and July 16,
2013.
About Pinetree
Pinetree Capital Ltd. ("Pinetree") was incorporated under the laws of the
Province of Ontario and its shares are publicly-traded on the Toronto Stock
Exchange ("TSX") under the symbol "PNP". Pinetree is a diversified investment
and merchant banking firm focused on the small cap market. Pinetree's
investments are primarily in the resources sector: Precious Metals, Base Metals,
Oil and Gas, Potash, Lithium and Rare Earths, Uranium and Coal. Pinetree's
investment approach is to develop a macro view of a sector, build a position
consistent with the view by identifying micro-cap opportunities within that
sector, and devise an exit strategy designed to maximize our relative return in
light of changing fundamentals and opportunities. Pinetree is recognized as a
value added partner in the resource industry.
Pinetree discloses an unaudited monthly net asset value per share within 15 days
after each month-end. For the latest month-end net asset value per share and for
more details about Pinetree and its investments, please visit our website at
www.pinetreecapital.com.
Use of Non-GAAP Measures
NAV (net asset value per share) is a non- GAAP (international financial
reporting standards) measure calculated as the value of total assets less the
value of total liabilities divided by the total number of common shares
outstanding as at a specific date. The term NAV does not have any standardized
meaning according to GAAP and therefore may not be comparable to similar
measures presented by other companies. There is no comparable GAAP measure
presented in Pinetree's consolidated financial statements and thus no applicable
quantitative reconciliation for such non-GAAP financial measure. The Company has
calculated NAV consistently for many years and believes that NAV can provide
information useful to its shareholders in understanding its performance, and may
assist in the evaluation of its business relative to that of its peers.
FOR FURTHER INFORMATION PLEASE CONTACT:
Pinetree Capital Ltd.
Sheldon Inwentash, CPA, CA.
Chairman & CEO
Pinetree Capital Ltd.
Gerry Feldman, CPA, CA.
CFO & Vice President, Corporate Development
416-643-3884
feldman@pinetreecapital.com
Pinetree Capital Ltd.
130 King Street West, Suite 250
Toronto, Ontario, Canada, M5X 2A2
www.pinetreecapital.com
Investor Relations:
Pinetree Capital Ltd.
Richard Patricio, LL.B.
Vice President, Legal and Corporate Affairs
416-941-9600
ir@pinetreecapital.com
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