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2006




2006

Pinetree Capital Ltd. Announces Unaudited Results For The Three And Six Months Ended June 30, 2006


August 14, 2006

 
  • Fair Value of Investments increased 78.7% to $314.7 million from $176.1 million as at December 31, 2005;
     
  • Net Asset Value Per Share increased 45.2% to $5.42 (basic) from $3.73 (basic) as at December 31, 2005;
     
  • Earnings Per Share of $1.34 in the six months ended June 30, 2006 vs. $0.10 in same period of 2005;

Toronto, Ontario (August 14, 2006) – Pinetree Capital Ltd. (TSX: PNP) (“Pinetree”), today announced its unaudited results for the three and six months ended June 30, 2006.

On July 19, 2006, the Company had a two-for-one stock split of its common shares affected by way of a stock dividend.  All current figures and comparative figures reflect the stock spit.

Investments at Fair Value stood at $314.7 million as at June 30, 2006 as compared to $176.1 million as at December 31, 2005 (a 78.7% increase).

Net Asset Value per share (basic) was $5.42 as at June 30, 2006.  This is an increase of 45.2% over the Net Asset Value per share of $3.73 as at December 31, 2005.

The composition of Pinetree’s investment portfolio as at June 30, 2006 compared to December 31, 2005, is outlined in the following table. 

 

As At June 30, 2006

As At December 31, 2005

Sector

Fair Value ($)

% of Total

Fair Value ($)

% of Total

Resources:

       

            Uranium/Coal

66,923,000

21.3

28,937,000

16.4

            Oil & Gas

69,322,000

22.0

40,169,000

22.8

            Precious Metals

115,208,000

36.6

38,239,000

21.7

            Base Metals

10,636,000

3.4

15,231,000

8.7

Total Resources

262,089,000

83.3

122,576,000

69.6

Biotechnology

7,006,000

2.2

5,938,000

3.4

Energy Related Technology

19,683,000

6.3

19,372,000

11.0

Technology/Other

25,912,000

8.2

28,256,000

16.0

 

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In terms of Fair Value, the largest increases since the last fiscal year end were in the Precious Metals and Uranium/Coal sectors.  Overall, the Fair Value of Pinetree’s Resource investments grew by 113.8% during the six months ended June 30, 2006. 

During the second quarter, Pinetree had $18.1 million of net investment losses as compared to $22,796 in net investment gains during the second quarter of fiscal 2005.  The net investment losses during the period were comprised of $19.2 million of realized gains and $37.4 million of unrealized losses.  

Net loss in the second quarter was $18.3 million, versus $420,006 earned in the second quarter of 2005.  Loss Per Share (basic) in the quarter was $0.45 as compared to Earnings Per Share of $0.02 in the second quarter last year. 

During the six months ended June 30, 2006, Pinetree generated $80.4 million of net investment gains as compared to $3.8 million during the same period in fiscal 2005.  Of the net investment gains during the period, $39.2 million were realized gains while $41.2 million were unrealized. 

Net income in the six months ended June 30, 2006 was $48.0 million, versus $2.8 million earned in the same period last year.  Earnings Per Share (basic) in the six months ended June 30, 2006 was $1.34 as compared to Earnings Per Share of $0.10 in the same period last year. 

About Pinetree

Pinetree Capital Ltd. ("Pinetree" or the "Company"), which is publicly traded on the Toronto Stock Exchange (“TSX”) under the symbol “PNP”, is a diversified investment and merchant banking firm focused on the small cap market.  Pinetree’s investments are primarily in the resources sector: Oil & Gas, Uranium, Precious Metals and Base Metals. 

Pinetree’s investment approach is to build a macro position in a sector, find the micro-cap opportunities in that sector and work with those companies to build them to commercial production and create an exit.

For more details about Pinetree and its investments, please visit our website at www.pinetreecapital.com.

This news release contains forward-looking statements within the meaning of the “safe harbour” provisions of the Private Securities Litigation Reform Act of 1995. These forward-looking statements are subject to risks and uncertainties and other factors that may cause Pinetree’s results to differ materially from expectations. These include risks relating to market fluctuations, investee performance and other risks. These forward-looking statements speak only as of the date hereof. Pinetree disclaims any intent or obligation to update these forward-looking statements.

Investor Relations Contact for Pinetree Capital Ltd.:

Larry Goldberg, C.A.

Executive Vice President and Chief Financial Officer

Pinetree Capital Ltd. 

130 King Street West, Suite 2810

Toronto, Ontario, Canada, M5X 1A9

416-941-9600

Email: ir@pinetreecapital.com    Web Site: www.pinetreecapital.com

©Copyright 2012 Pinetree Capital Ltd.