VANCOUVER, BRITISH COLUMBIA--(Marketwire - May 30, 2012) - Royal Oak Ventures Inc. ("Royal Oak" or the "company") recorded comprehensive income of $0.9 million for the three months ended March 31, 2012 consistent with the comparative quarter in 2011. Comprehensive income in the current quarter consisted of net income of $0.3 million (2011 - $0.2 million) and other comprehensive income of $0.6 million (2011 - $0.7 million).
The company reported net income of $0.3 million or $nil per common share for the three months ended March 31, 2012 compared to net income of $0.2 million or $nil per common share in the corresponding period in 2011. The increase in net income in comparison to the prior year is the result of a reduction of operation costs and higher foreign currency revaluation gains recorded on the company's investment portfolio.
The company recorded pre-tax unrealized gains of $0.7 million in other comprehensive income in the current quarter (2011 - $0.8 million), as a result of an increase in the fair value of the company's marketable securities portfolio.
The company is seeking approval of the listing application for its common voting and non-voting shares. Upon approval, the company's common voting and non-voting shares will be relisted and admitted to trading.
| |
|
Three months ended March 31 |
|
| |
(Thousands, except per share amounts) |
2012 |
2011 |
|
| |
Revenue |
|
|
|
|
|
| |
|
Interest and dividend income |
$ |
221 |
$ |
220 |
|
| |
Expenses |
|
|
|
|
|
| |
|
General, administrative and other |
|
59 |
|
119 |
|
| |
|
|
162 |
|
101 |
|
| |
Foreign currency revaluation |
|
41 |
|
(2) |
|
| |
Income before income taxes |
|
203 |
|
99 |
|
| |
Deferred income tax recovery |
|
86 |
|
74 |
|
| |
Net income |
$ |
289 |
$ |
173 |
|
| |
Net income per share |
$ |
- |
$ |
- |
|
| |
|
|
|
|
|
|
| CHANGES IN NET BOOK VALUE |
| |
| |
| The net book value of the company's common shares as at March 31, 2012 was $0.21 per share. The information in the following table shows the changes in net book value for the three months ended March 31, 2012 and 2011. |
| |
| |
|
Three months ended March 31 |
|
| |
|
2012 |
2011 |
|
| |
(Thousands, except per share amounts) |
Total |
Per
Share
(1)(2) |
Total |
Per
Share
(1)(2) |
|
| |
Net book value, beginning of period (3) |
$ |
32,927 |
$ |
0.20 |
$ |
34,212 |
$ |
0.21 |
|
| |
Net income |
|
289 |
|
- |
|
173 |
|
- |
|
| |
Other comprehensive income |
|
605 |
|
0.01 |
|
707 |
|
0.01 |
|
| |
Comprehensive income |
|
894 |
|
0.01 |
|
880 |
|
0.01 |
|
| |
Net book value, end of period (3) |
$ |
33,821 |
$ |
0.21 |
$ |
35,092 |
$ |
0.22 |
|
| (1) |
As at March 31, 2012 and 2011 and December 31, 2011 and 2010 the company was capitalized with 3,157,189 common voting shares and 159,339,267 non-voting shares, which are referred to collectively as "common shares" |
| (2) |
As at March 31, 2012 and 2011 and December 31, 2011 and 2010 there were 162,496,456 common shares issued and outstanding |
| (3) |
Net book value is a non-IFRS measure |
| |
| STATEMENTS OF FINANCIAL POSITION |
| |
| |
| The information in the following table has been extracted from the company's statements of financial position as at March 31, 2012 and December 31, 2011. |
| |
| |
(Thousands, except per share amounts) |
March 31,
2012 |
December 31,
2011 |
|
| |
Assets |
|
|
|
|
|
| |
Current assets |
|
|
|
|
|
| |
|
Cash and cash equivalents |
$ |
8,047 |
$ |
7,742 |
|
| |
|
Marketable securities |
|
21,662 |
|
21,162 |
|
| |
|
Accounts receivable |
|
357 |
|
134 |
|
| |
|
Loans receivable |
|
3,912 |
|
4,007 |
|
| |
|
$ |
33,978 |
$ |
33,045 |
|
| |
|
|
|
|
|
|
| |
Liabilities and equity |
|
|
|
|
|
| |
Current liabilities |
|
|
|
|
|
| |
|
Accounts payable and accrued liabilities |
$ |
157 |
$ |
118 |
|
| |
Equity |
|
33,821 |
|
32,927 |
|
| |
|
$ |
33,978 |
$ |
33,045 |
|
| |
|
|
|
|
|
|
| |
Net book value per share (1,2) |
$ |
0.21 |
$ |
0.20 |
|
| (1) |
As at March 31, 2012 and December 31, 2011 there were 162,496,456 common shares issued and outstanding |
| (2) |
Net book value is a non-IFRS measure |