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: