Royal Oak Ventures Inc.

June 29, 2011 18:21 ET

Royal Oak Announces First Quarter Results

VANCOUVER, BRITISH COLUMBIA--(Marketwire - June 29, 2011) - Royal Oak Ventures Inc. ("Royal Oak" or "the company") recorded comprehensive income, which consists of net income and other comprehensive income, of $0.9 million for the three months ended March 31, 2011. This increased equity by $0.01 per common share or 5%. Comprehensive income in the same period in the prior year was $2.7 million.

The company reported net income of $0.2 million or $nil per common share for the three months ended March 31, 2011 compared to $0.9 million or $0.01 per common share in the corresponding period of 2010. Net income in the prior year included $0.6 million of foreign exchange revaluation gains as well as a higher amount of investment income earned on the investment portfolio and cash balances.

The company recorded an unrealized gain of $0.7 million during the three months ended March 31, 2011 (2010 – $1.8 million), as a result of an increase in the fair value of the company's marketable securities portfolio.

Statements of Operations
Three months ended March 31
Thousands, except per share amounts 2011 2010
Revenue
Investment income $ 220 $ 396
Expenses
General, administrative and other 119 131
Interest expense 175
119 306
101 90
Foreign currency revaluation (2 ) 572
Income before income taxes 99 662
Deferred income tax recovery 74 286
Net income $ 173 $ 948
Net income per share $ $ 0.01
Changes in Equity
Three months ended March 31
2011 2010
Thousands, except per share amounts Total Per Share Total Per Share
Equity, beginning of period $ 35,598 $ 0.22 $ 28,684 $ 0.17
Net income 173 - 948 0.01
Other comprehensive income 707 0.01 1,796 0.01
Comprehensive income 880 0.01 2,744 0.02
Equity, end of period $ 36,478 $ 0.23 $ 31,428 $ 0.19
Balance Sheets
(Unaudited) March 31 December 31
Thousands 2011 2010
Assets
Current Assets
Cash and cash equivalents $ 9,407 $ 9,038
Marketable securities 23,048 22,541
Accounts receivable 347 320
32,802 31,899
Non-current assets
Loans receivable 3,816 3,915
$ 36,618 $ 35,814
Liabilities and equity
Current liabilities
Accounts payable and accrued liabilities $ 140 $ 216
Equity 36,478 35,598
$ 36,618 $ 35,814

The company is currently up to date on all outstanding filings. The company is taking steps to remove the cease trade order issued on the previously listed shares and is seeking a new listing on the TSX Venture Exchange.

Contact Information

  • Royal Oak Ventures Inc.
    Derek E. Gorgi
    Vice-President Finance
    (416) 363-9491