Royal Oak Ventures Inc.
CNSX : ROV
CNSX : ROV.B

May 30, 2013 17:59 ET

Royal Oak Announces First Quarter Results

VANCOUVER, BRITISH COLUMBIA--(Marketwired - May 30, 2013) - Royal Oak Ventures Inc. ("Royal Oak" or the "company") (CNSX:ROV)(CNSX:ROV.B) recorded comprehensive income of $0.5 million for the three months ended March 31, 2013 compared to $0.9 million in the corresponding period in 2012. Comprehensive income in the current quarter consisted of net income of $0.2 million (2012 - $0.3 million) and other comprehensive income of $0.3 million (2012 - $0.6 million).

The company classifies securities within its investment portfolio as available-for-sale financial instruments and accordingly records unrealized change in the fair value of these investments in other comprehensive income. The company recorded a pre-tax unrealized gain of $0.3 million during the period (2012 - $0.7 million) as a result of an increase in the fair value of the company's securities.

The company reported net income of $0.2 million or $nil per share for the three months ended March 31, 2013 compared to net income of $0.3 million or $nil per share in the corresponding period in 2012.

STATEMENTS OF OPERATIONS
Three months ended March 31
(CDN$ Thousands, except per share amounts) 2013 2012
Revenue
Interest and dividend income $ 205 $ 221
Expenses
General, administrative and other 70 59
135 162
Foreign currency revaluation 47 41
Income before income taxes 182 203
Deferred income tax recovery 43 86
Net income $ 225 $ 289
Net income per share $ - $ -

CHANGES IN NET BOOK VALUE

The net book value of the company's common shares as at March 31, 2013 was $0.22 per share. The information in the following table shows the changes in net book value for the three months ended March 31, 2013 and 2012.

Three months ended March 31
2013 2012
(CDN$ Thousands, except per share amounts) Total Per
Share
(1)
Total Per
Share (1)
Net book value, beginning of period (2) $ 34,525 $ 0.21 $ 32,927 $ 0.20
Net income 225 - 289 -
Other comprehensive income 281 0.01 605 0.01
Comprehensive income 506 0.01 894 0.01
Net book value, end of period (2) $ 35,031 $ 0.22 $ 33,821 $ 0.21
(1) As at March 31, 2013 and 2012 and December 31, 2012 and 2011 the company was capitalized with 162,496,456 shares, consisting of 3,157,189 common shares and 159,339,267 non-voting shares, which are referred to collectively as "shares"
(2) 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, 2013 and December 31, 2012.

(CDN$ Thousands, except per share amounts) March 31,
2013
December 31,
2012
Assets
Current assets
Cash and cash equivalents $ 10,850 $ 10,669
Securities 20,648 19,988
Accounts receivable 264 251
Loans 3,592 3,703
$ 35,354 $ 34,611
Liabilities and equity
Current liabilities
Accounts payable and accrued liabilities $ 323 $ 86
Equity 35,031 34,525
$ 35,354 $ 34,611
Net book value per share (1,2) $ 0.22 $ 0.21
(1) As at March 31, 2013 and December 31, 2012 there were 162,496,456 shares issued and outstanding
(2) Net book value is a non-IFRS measure

Contact Information

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