MONTREAL, QUEBEC--(Marketwire - June 28, 2011) - Fronsac Capital Inc. ("Fronsac") (TSX VENTURE:GAZ) today released its unaudited consolidated financial statements for the first quarter ended March 31, 2011.
The net income of the first quarter was $11,272 or $0.001 per share [2010: $61,411 or $0.005]. The 2011 net income includes an expense of $42,872 related to the conversion of Fronsac to a real estate investment trust.
As of January 1st 2011, as required by the Canadian Accounting Standards Board, Fronsac presents its financial statements under the International Financial Reporting Standards ("IFRS"). The comparative quarter of 2010 has also been adjusted to IFRS.
SUMMARY OF INCOME STATEMENT INFORMATION
| Income | March 31, 2011 | March 31, 2010 |
| Revenue | $122,911 | $123,624 |
| Net income | $11,272 | $61,411 |
| Per share – basic and diluted | $0.001 | $0.005 |
| Weighted average shares outstanding – basic and diluted | 13,790,000 | 11,440,000 |
SUMMARY OF CASH FLOWS INFORMATION
| Cash Flows | March 31, 2011 | March 31, 2010 | ||
| Cash from operating activities | $2,533 | $21,591 | ||
| Cash from investing activities | $(8,392 | ) | $0 | |
| Cash from financing activities | $(47,794 | ) | $(47,794 | ) |
| Increase (decrease) in cash | $(53,653 | ) | $(26,203 | ) |
| Cash – beginning of period | $886,968 | $388,478 | ||
| Cash – end of period | $833,315 | $362,275 |
SUMMARY OF BALANCE SHEET INFORMATION
| Balance Sheets | March 31, 2011 | December 31, 2010 |
| Cash | $833,315 | $886,968 |
| Investment Properties | $6,093,096 | $6,084,704 |
| Total Assets | $7,123,356 | $7,141,147 |
| Total Liabilities | $3,818,271 | $3,847,334 |
| Total Equity | $3,305,085 | $3,293,813 |
| Book value per share | $0.24 | $0.29 |
The Company's March 31, 2011 financial statements may be viewed on SEDAR at www.sedar.com
Neither the TSX Venture Exchange Inc., nor its Regulatory Services Provider (as that term is defined in the Policy of the TSX Venture Exchange) accept any responsibility for the adequacy or accuracy of this release.
Contact Information:
President
450-536-5328