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:
Derek E. Gorgi
Vice-President Finance
(416) 363-9491