Pinetree earns $22.8 million in Q3Pinetree Capital earns $22.80-million in Q3
Pinetree Capital Ltd (TSX:PNP)
Shares Issued 13,843,405
Last Close 11/10/2005 $4.57
Thursday November 10 2005 - News Release
Mr. Larry Goldberg reports
PINETREE CAPITAL LTD. RESULTS FOR THE THREE AND NINE MONTHS ENDED SEPTEMBER 30, 2005
Pinetree Capital Ltd. is providing its unaudited results for the three and nine months ended Sept. 30, 2005.
Highlights include:
net asset value increased 41 per cent to $5.90 (basic) per share from $4.16 (basic) per share as at Dec. 31, 2004;
investments increased 47 per cent to $121.2-million from $82.4-million as at Dec. 31, 2004; and
net income increased to $25.6-million for the nine months ended Sept. 30, 2005.
As at Sept. 30, 2005:
investments (fair value) increased 47.0 per cent to $121.2-million as compared with $82.4-million as at Dec. 31, 2004;
investments (at cost) increased 32.5 per cent to $83.5-million as compared with $63.0-million as at Dec. 31, 2004;
net assets increased to $81.6-million as compared with $56.3-million as at Dec. 31, 2004; and
net asset value (fair value) increased to $5.90 per common share as compared with $4.16 per common share as at Dec. 31, 2004.
On June 1, 2004, Pinetree Capital Ltd. amalgamated with Genevest Inc. The amalgamation was accounted for as a reverse takeover as the shareholders of Genevest became controlling shareholders of Pinetree after the amalgamation. Under this form of purchase accounting, Genevest is deemed to have acquired Pinetree and the consolidated financial statements of Pinetree for periods after June 1, 2004, include only Genevest's operating results prior to the amalgamation and the results of the amalgamated company thereafter. All comparative figures and references to the periods prior to June 1, 2004 are those of Genevest only.
FINANCIAL HIGHLIGHTS
Three months ended Sept. 30
2005 2004
Operating results
Realized gains
on disposal
of investments,
net $3,843,609 $81,507
Unrealized
gains (losses)
on investments,
net 25,341,528 1,347,393
Net investment
gains (losses) 29,185,137 1,428,900
----------- -----------
Net income
(loss) for
the period $22,802,285 $191,161
=========== ===========
Basic earnings
(loss) per
common share 1.64 0.01
Diluted earnings
(loss) per
common share 1.50 0.01
FINANCIAL HIGHLIGHTS
Nine months ended Sept. 30
2005 2004
Operating results
Realized gains
on disposal
of investments,
net $11,140,468 $12,717,429
Unrealized
gains (losses)
on investments,
net 21,813,393 (26,861,926)
Net investment
gains (losses) 32,953,861 (14,144,497)
----------- -----------
Net income
(loss) for
the period $25,610,717 $(10,442,484)
=========== ===========
Basic earnings
(loss) per
common share 1.85 (0.92)
Diluted earnings
(loss) per
common share 1.74 (0.92)
BALANCE SHEET HIGHLIGHTS
Sept. 30, Dec. 31,
2005 2004
Investments,
at fair value $121,178,812 $82,426,943
Total assets 121,504,768 83,786,615
Total
liabilities 39,929,972 27,465,105
Share capital
and contributed
surplus 18,112,789 18,470,220
Retained
earnings 63,462,007 37,851,290
Net asset
value per share --
basic 5.90 4.16
Net asset
value per share --
diluted 5.20 3.65