3rd Qt. ResultsEndeavour Mining Capital - Third quarter results
Wednesday July 7, 5:34 pm ET
GEORGE TOWN, Grand Cayman, July 7 /CNW/ - Endeavour Mining Capital Corp. ("Endeavour" or "Corporation") recorded a net loss of US$5.8 million or US$0.25 per share (or approximately CDN$0.34 per share) for the third quarter ended May 31, 2004. This compares with net income of US$1.4 million or US$0.09 per share (or approximately CDN$0.12 per share) reported for the quarter ended May 31, 2003.
As of May 31, 2004, the net asset value per share was US$3.38 (or approximately CDN$4.60). At the request of investors and as announced on May 14, 2004, the Corporation has commenced providing monthly updates of the net asset value per share on a dedicated page of the Corporation's website - www.endeavourminingcapital.com. These updates are generally available within 7 to 14 days of month-end.
During the third quarter, the Corporation realized gains on investments of US$2.9 million and generated interest, dividend and fee income of US$0.4 million, however, these gains were offset by unrealized losses on investments held of US$10.1 million. The Corporation strategically employs its investment capital base and, despite recent unrealized losses due to market movements, has generated compelling performance over the long-term. The Corporation is focused on investments in high quality assets with strong management teams where there is potential for high returns through structured investments.
For the nine-month period ended May 31, 2004, the Corporation recorded net income of US$18.7 million or US$0.88 per share (or approximately CDN$1.20 per share). This compares with net income of US$5.3 million or US$0.34 per share (or approximately CDN$0.46) reported for the nine-month period ended May 31, 2003.