Pinetree Capital Ltd. Announces Results For The Three Months Ended March 31, 2007
May 15, 2007
TORONTO, Ontario (May 15, 2007) – Pinetree Capital Ltd. (TSX: PNP), a Canadian investment company, today announced its unaudited results for the three months ended March 31, 2007.
During the first quarter, Pinetree generated realized investment gains of $96.8 million as compared to $19.9 million in the same quarter last year, a 386.5% increase. Net investment gains in the quarter, which includes net unrealized losses of $9.4 million, totalled $87.4 million as compared to $98.5 million in the first quarter of fiscal 2006. The net unrealized losses during the first quarter were primarily from the realization of prior period unrealized gains of $83.3 million, offset by a $73.9 million write-up to market.
Fair Value of Investments during the first quarter rose to $698.7 million from $552.4 million as at December 31, 2006, a 26.5% increase, the eighth consecutive quarter of growth in the Fair Value of Investments. The number of investments increased from 298 at the end of the last quarter to 394 as at March 31, 2007. Of these 394 investments, 342, or 87%, were in the resource sector, reflecting Pinetree’s continued focus on the resource market.
The composition of Pinetree’s investment portfolio as at March 31, 2007 compared to the end of the last two quarters is outlined in the following table.
Net income in the first quarter was $47.2 million ($0.55 per basic share) a decrease of 28.9% versus $66.4 million ($1.07 per basic share) earned in the first quarter of 2006.
“Our deep industry knowledge and relationships, coupled with our brand, allows us to continue to attract quality investment opportunities in our target sectors,” commented Sheldon Inwentash, Chairman and CEO of Pinetree Capital. “Our ability to gain access to and quickly analyze these early investment opportunities is what we call our proprietary deal flow and it is an important part of the value we bring to our shareholders. From April 1, 2006 to March 31, 2007, our share price increased by 158% as compared to the S&P TSX Composite Index which increased by only 8%.”
Pinetree Capital Ltd. ("Pinetree" or the "Company") was incorporated under the laws of the
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.
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