MONTREAL, QUEBEC--(Marketwire - Aug. 19, 2011) - Fronsac Capital Inc. ("Fronsac") (TSX VENTURE:GAZ) today released its unaudited consolidated financial statements for the second quarter ended June 30, 2011.
The net income of the second quarter was $9,579 or $0.001 per share [2010: $41,258 or $0.004]. The 2011 net income includes an expense of $28,369 related to the conversion of Fronsac to a real estate investment trust which took effect as of July 1st, 2011.
Since 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 | June 30, 2011 | June 30, 2010 |
| Revenue | $132,046 | $125,171 |
| Net income | $9,579 | $41,258 |
| Per share – basic and diluted | $0.001 | $0.004 |
| Weighted average shares outstanding – basic and diluted | 13,790,000 | 11,440,000 |
SUMMARY OF CASH FLOWS INFORMATION
| Cash Flows | June 30, 2011 | June 30, 2010 | ||||
| Cash from operating activities | $ | (26,448 | ) | $ | 18,903 | |
| Cash from investing activities | $ | 17,000 | $ | 0 | ||
| Cash from financing activities | $ | (47,794 | ) | $ | (47,794 | ) |
| Increase (decrease) in cash | $ | (57,242 | ) | $ | (28,891 | ) |
| Cash – beginning of period | $ | 833,315 | $ | 362,275 | ||
| Cash – end of period | $ | 776,073 | $ | 333,384 | ||
SUMMARY OF BALANCE SHEET INFORMATION
| Balance Sheets | June 30, 2011 | December 31, 2010 | ||
| Cash | $ | 776,073 | $ | 886,968 |
| Investment Properties | $ | 6,076,096 | $ | 6,084,704 |
| Total Assets | $ | 7,054,774 | $ | 7,141,147 |
| Total Liabilities | $ | 3,740,110 | $ | 3,847,334 |
| Total Equity | $ | 3,314,664 | $ | 3,293,813 |
| Book value per share | $ | 0.24 | $ | 0.29 |
The Company's June 30, 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