Pinetree Capital Ltd.
TSX : PNP

Pinetree Capital Ltd.

July 30, 2015 16:50 ET

Pinetree Capital Ltd. Announces Unaudited Financial Results for the Three and Six Months Ended June 30, 2015

TORONTO, ONTARIO--(Marketwired - July 30, 2015) - Pinetree Capital Ltd. ("Pinetree") (TSX:PNP) today announces its unaudited condensed consolidated interim financial results for the three and six months ended June 30, 2015.

For the three months ended June 30, 2015, Pinetree had a net loss of $4.7 million, as compared to a net profit of $2.7 million for the same quarter last year. Net loss for the three months ended June 30, 2015 was primarily the result of net investment losses of $2.1 million, comprised of $10.6 million in realized losses on dispositions of investments offset by unrealized gains on investments of $8.5 million. Basic loss per share was $0.02 for the three months ended June 30, 2015, as compared to basic earnings per share of $0.02 for the three months ended June 30, 2014.

For the six months ended June 30, 2015, Pinetree had a net loss of $11.9 million, as compared to a net profit of $33 million for the same period last year. Net loss for the six months ended June 30, 2015 was primarily the result of net investment losses of $5.7 million, comprised of $40.1 million in realized losses on dispositions of investments offset by unrealized gains on investments of $34.4 million. Basic loss per share was $0.06 for six months ended June 30, 2015, as compared to basic earnings per share of $0.21 for the six months ended June 30, 2014.

As at June 30, 2015, the fair value of the Company's total investments was $61 million, as compared to $107 million as at December 31, 2014, a decrease of 43%. The composition of Pinetree's investment portfolio by sector as at June 30, 2015 and December 31, 2014 is outlined in the following table:

June 30, 2015 December 31, 2014
Sector ($'000) % of Total ($'000) % of Total
Resources 17,818 29.3 26,903 25.2
Technology and other 35,697 58.7 70,355 65.9
Biotechnology 7,297 12.0 9,502 8.9
Total investments 60,812 100.0 106,760 100.0

Net asset value per share ("NAV") was $0.20 as at June 30, 2015, a 20% decrease from the December 31, 2014 NAV of $0.25. (See "Use of Non-GAAP Measures" below.)

About Pinetree

Pinetree is a diversified investment and merchant banking firm focused on the small cap market, with early stage investments in resource, biotechnology and technology companies. Pinetree's shares are listed on the Toronto Stock Exchange ("TSX") under the symbol "PNP".

Pinetree discloses an unaudited monthly net asset value per share within 15 days after each month-end. For the latest month-end net asset value per share and for more details about Pinetree and its investments, please visit our website at www.pinetreecapital.com.

Use of Non-GAAP Measures

NAV (net asset value per share) is a non-GAAP (international financial reporting standards) measure calculated as the value of total assets less the value of total liabilities divided by the total number of common shares outstanding as at a specific date. The term NAV does not have any standardized meaning according to GAAP and therefore may not be comparable to similar measures presented by other companies. There is no comparable GAAP measure presented in Pinetree's consolidated financial statements and thus no applicable quantitative reconciliation for such non-GAAP financial measure. The Company has calculated NAV consistently for many years and believes that NAV can provide information useful to its shareholders in understanding its performance, and may assist in the evaluation of its business relative to that of its peers.

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