Earnings pr share 20 cents for 3 months ended June 30,2022
Pinetree Capital Ltd. (TSX:PNP) today announced its financial results for the three months ended June 30, 2022. All financial information provided in this press release is unaudited and all figures are in $'000 except per share amounts and shares outstanding.
Unaudited financial results for the period ended June 30, 2022
The following information should be read in conjunction with our annual audited Consolidated Financial Statements, prepared in accordance with International Financial Reporting Standards ("IFRS") and our annual Management Discussion and Analysis for the year ended December 31, 2021, which can be found on SEDAR at www.sedar.com.
Selected Financial Information
| | | As at June 30, 2022 | | | As at December 31, 2021 | |
| Total assets | | $ | 37,970 | | | $ | 38,851 | |
| Total liabilities | | | 326 | | | | 412 | |
| Book Value | | | 37,644 | | | | 38,439 | |
| Shares outstanding | | | 9,387,000 | | | | 9,387,000 | |
| Book Value per share (BVPS) | | $ | 4.01 | | | $ | 4.09 | |
| | | Shares Outstanding | | | Equity | | | Book Value per share (BVPS)1 | | | Quarterly Expenses | | | Expenses as a percentage of BV1 | |
| | $000's | | | $ | | | | $000's | | |
| Jun-30-22 | | | 9,387,000 | | | | 37,644 | | | | 4.01 | | | | 230 | | | | 0.6 | |
| Mar-31-22 | | | 9,387,000 | | | | 35,779 | | | | 3.81 | | | | 337 | | | | 0.9 | |
| Dec-31-21 | | | 9,387,000 | | | | 38,439 | | | | 4.09 | | | | 226 | | | | 0.6 | |
| Sep-30-21 | | | 9,387,000 | | | | 38,547 | | | | 4.11 | | | | 263 | | | | 0.7 | |
| Jun-30-21 | | | 9,420,198 | | | | 39,480 | | | | 4.19 | | | | 216 | | | | 0.5 | |
| Mar-31-21 | | | 4,710,099 | | | | 21,904 | | | | 4.65 | | | | 217 | | | | 1.0 | |
| Dec-31-20 | | | 4,522,599 | | | | 19,101 | | | | 4.22 | | | | 132 | | | | 0.7 | |
| Sep-30-20 | | | 4,522,599 | | | | 16,493 | | | | 3.64 | | | | 114 | | | | 0.7 | |
1 Refer to "Use of Non-IFRS Financial Measures"
Shares Outstanding and Equity amounts are as at the Quarter End date. Expense amounts are for the Three months ending the Quarter End date
As at June 30, 2022, Pinetree's equity was $37,644 as compared to $38,439 as at December 31, 2021. This resulted in Pinetree's BVPS decreasing from $4.09 as at December 31, 2021 to $4.01 as at June 30, 2022. The change represents a decrease of $0.08 or 2% in the year to date.
As at June 30, 2022, the Company held equity investments at fair value totaling $28,190, which represented 75% of book value. This compares to equity investments at fair value of $24,703 representing 64% of book value as at December 31, 2021.
Earnings per share for the three months ended June 30, 2022 was $0.20 compared to earnings per share of $0.04 for the three months ended June 30, 2021.
Expenses for the twelve months ended June 30, 2022 were $1,056 which corresponds to 2.8% of book value as at June 30, 2022. This compares to expenses of $922 for the twelve months ended December 31, 2021 which corresponds to 2.4% of book value as at December 31, 2021. Included in expenses are foreign exchange fluctuations resulting from cash balances held in currencies other than Canadian Dollars. Since expenses fluctuate from quarter to quarter, management monitors costs on a trailing twelve-month basis.
| | | Three months ended June 30, | |
| | | 2022 | | | 2021 | |
| Net investment gains | | $ | 2,013 | | | $ | 397 | |
| Other income | | | 82 | | | | 97 | |
| Total expenses | | | 230 | | | | 216 | |
| Net income for the period | | | 1,865 | | | | 278 | |
| Earnings per share - basic & fully diluted | | | 0.20 | | | | 0.04 | |
The net investment gains for the three months ended June 30, 2022 were $2,013 (three months ended June 30, 2021 - gains of $397) as a result of net realized gains on investments and the net change in unrealized gains.
For the three months ended June 30, 2022, other income totalled $82 as compared to other income of $97 for the three months ended June 30, 2021. Other income is comprised of interest and dividend income of $79 and $3, respectively (three months ended June 30, 2022 - interest and dividend income of $47 and $50, respectively).