RE: RE: RE: RE: Q2 out Adjusted Net Income (Loss) and Adjusted Net Income (Loss) per Share
The Company has included adjusted net income (loss) and adjusted net income (loss) per share as non-IFRS performance measures in this MD&A. Adjusted net income (loss) excludes unrealized gains/losses recognized as a result of the revaluation of Orvana’s outstanding financial instruments at the end of the period and the deferred income tax impact relating thereto. The Company excludes these items from net income or net loss
to provide a measure which allows the Company and investors to evaluate the results of the underlying core operations of the Company and its ability to generate cash flows. Accordingly, it is intended to provide additional information and should not be considered in isolation or as a substitute for measures of per
formance prepared in accordance with IFRS. The following table provides a reconciliation of adjusted net
income (loss) and adjusted net income (loss) per share to the Company’s consolidated financial statements for the respective period
:
Adjusted Net Income Q1 2013 Q2 2013 Q2 2012 YTD 2013 YTD 2012
Net income (loss) $13,651 $6,483 ($7,959) $20,134 ($12,464)
Less tax-adjusted unrealized (gains)
losses on financial instruments ($9,310) ($5,561) $10,753 ($14,870) ($2,005)
Adjusted net income (loss) $4,341 $922 $2,794 $5,264 ($459)
Weighted average shares outstanding (000s) 136,618 136,942 136,733 136,795 136,795
Adjusted net income (loss) per share
(basic and diluted) $0.03 $0.01 $0.02 $0.04 $0.00