TORONTO, ONTARIO--(Marketwired - May 1, 2014) -Pinetree Capital Ltd. ("Pinetree") (TSX:PNP) today announces its unaudited interim consolidated financial results for the three months ended March 31, 2014.
For the three months ended March 31, 2014, Pinetree had a net profit of $30 million, as compared to a net loss of $47 million for the same quarter last year. Net profit for the three months ended March 31, 2014 was primarily the result of net investment gains of $35 million, comprised of $306 million in unrealized gains on investments offset by realized losses on dispositions of investments of $271 million. Basic earnings per share was $0.20 for the three months ended March 31, 2014, as compared to basic loss per share of $0.33 for the three months ended March 31, 2013.
As at March 31, 2014, the fair value of the Company's total investments was $163 million, as compared to $134 million as at December 31, 2013, and increase of 22%. The composition of Pinetree's investment portfolio by sector as at March 31, 2014 and December 31, 2013 is outlined in the following table:
|
March 31, 2014 |
December 31, 2013 |
| Sector |
($'000) |
% of Total |
($'000) |
% of Total |
| Resources: |
|
|
|
|
|
Precious metals |
46,814 |
28.7 |
52,802 |
39.5 |
|
Uranium |
15,617 |
9.6 |
11,909 |
8.9 |
|
Oil and gas |
13,920 |
8.5 |
16,647 |
12.4 |
|
Base metals |
12,997 |
8.0 |
14,103 |
10.5 |
|
Potash, lithium and rare earths |
8,913 |
5.5 |
12,299 |
9.2 |
|
Coal |
188 |
0.1 |
595 |
0.4 |
| Total resources |
98,449 |
60.4 |
108,355 |
80.9 |
| Technology and other |
64,657 |
39.6 |
25,610 |
19.1 |
| Total investments |
163,106 |
100.0 |
133,965 |
100.0 |
Net asset value per share ("NAV") was $0.85 as at March 31, 2014, a 31% increase from the December 31, 2013 NAV of $0.65. (See "Use of Non-GAAP Measures" below.)
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 following sectors: Precious Metals, Uranium and Technology. 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.
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.