Pinetree Capital Ltd. Announces Unaudited Financial Results For The Three Months
Ended March 31, 2011
Pinetree Capital Ltd. (�Pinetree�) (TSX: PNP) today announces its unaudited financial results for the three months
ended March 31, 2011.
This is the first quarter for which the Company has
reported its operating results and financial position under International
Financial Reporting Standards (�IFRS�). All comparative information contained
in the March 31, 2011 interim consolidated financial statements has been
restated to conform to the accounting policies under IFRS. During the first
quarter of fiscal 2011, Pinetree generated a net loss
of $11.2 million, as compared to a net profit of $13.5 million for the same
quarter last year. Net loss generated was primarily the result of net
investment losses of $12.8 million in the quarter, comprised of $72.4 million
in unrealized losses on investments offset by realized gains on dispositions of
investments of $59.6 million. Loss per share was $0.08, as compared to net
profits of $0.10 per share in the three months ended March 31, 2010.
The composition of Pinetree�s
investment portfolio by sector at the end of the quarter as compared to the end
of last year, is outlined in the following table:
|
March 31, 2011
|
December 31, 2010
|
Sector
|
($�000)
|
% of Total
|
($�000)
|
% of Total
|
Resources:
|
|
|
|
|
Precious Metals
|
347,890
|
45.3
|
316,667
|
39.6
|
Base
Metals
|
154,495
|
20.1
|
153,221
|
19.2
|
Oil & Gas
|
79,820
|
10.4
|
72,263
|
9.0
|
Potash, Lithium and Rare Earths
|
68,506
|
8.9
|
66,524
|
8.3
|
Uranium
|
61,402
|
8.0
|
109,720
|
13.7
|
Coal
|
28,027
|
3.7
|
61,392
|
7.7
|
Total
Resources
|
740,140
|
96.4
|
779,787
|
97.5
|
Technology and Other
|
27,294
|
3.6
|
19,235
|
2.5
|
As at March 31, 2011, total investments at fair value
was $767.4 million, as compared to $799.0 million as at December 31, 2010.
Net asset value per share decreased 1.7% to $4.66 as
at March 31, 2011, from $4.74 as at December 31, 2010.
Mr. Inwentash, Chairman and
CEO of the Company stated, �we continue to see volatility in the markets in
which we invest, including in the commodity prices underlying our investments.
Our approach continues to be to look for opportunities for growth and seek
investments capable of positive performance in spite of these challenging
markets.�
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-IFRS Measures
NAV is a non- IFRS (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 IFRS and
therefore may not be comparable to similar measures presented by other
companies. There is no comparable IFRS measure presented in Pinetree�s
consolidated financial statements and thus no applicable quantitative
reconciliation for such non-IFRS 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.
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Investor Relations:
|
Sheldon
Inwentash
|
Richard
Patricio
|
Chairman
& CEO
|
Vice President, Legal and Corporate Affairs
|
Pinetree Capital Ltd.
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Pinetree Capital Ltd.
|
130
King Street West, Suite 2500
|
130
King Street West, Suite 2500
|
Toronto, Ontario, Canada, M5X 1A9
|
Toronto, Ontario, Canada, M5X 1A9
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Website: www.pinetreecapital.com
|
Phone:
416-941-9600
|
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Email:
ir@pinetreecapital.com
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|
Website: www.pinetreecapital.com
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