Pinetree Capital Ltd. Announces Unaudited Financial Results For The Three Months Ended March 31, 2012
May 10, 2012
TORONTO, Ontario (May 10, 2012) – Pinetree Capital Ltd. (“Pinetree”) (TSX: PNP) today announces its unaudited consolidated financial results for the three months ended March 31, 2012.
For the three months ended March 31, 2012, Pinetree had a net loss of $5 million, as compared to $11 million for the same quarter last year. For the three months ended March 31, 2012, the Company had net investment losses of $647,000 as compared to $13 million for the same quarter last year. For the three months ended March 31, 2012, the Company had total expenses of $6 million as compared to $3 million for the same quarter last year. Loss per share was $0.04 for the three months ended March 31, 2012, as compared to $0.08 for the three months ended March 31, 2011.
The composition of the fair value of Pinetree’s investment portfolio by sector as at March 31, 2012 as compared to the end of last year is outlined in the following table:
As at March 31, 2012, total investments at fair value was $414 million, as compared to $428 million as at December 31, 2011, a decrease of 3.3%.
Net asset value per share decreased 1.1% to $2.58 as at March 31, 2012, from $2.61 as at December 31, 2011.
Pinetree Capital Ltd. ("Pinetree") was incorporated under the laws of the Province of Ontario and its shares are publicly-traded on the Toronto Stock Exchange (“TSX”) under the symbol “PNP”. Pinetree is a diversified investment and merchant banking firm focused on the small cap market. Pinetree’s investments are primarily in the resources sector: Precious Metals, Base Metals, Oil and Gas, Potash, Lithium and Rare Earths, Uranium and Coal. Pinetree’s investment approach is to develop a macro view of a sector, build a position consistent with the view by identifying micro-cap opportunities within that sector, and devise an exit strategy designed to maximize our relative return in light of changing fundamentals and opportunities. Pinetree is recognized as a value added partner in the resource industry.
Pinetree discloses an unaudited monthly net asset value per share within 15 days after each month-end. For the latest month-end net asset value per share and for more details about Pinetree and its investments, please visit our website at www.pinetreecapital.com.
Use of Non-GAAP Measures
NAV (net asset value per share) is a non- GAAP (international financial reporting standards) measure calculated as the value of total assets less the value of total liabilities divided by the total number of common shares outstanding as at a specific date. The term NAV does not have any standardized meaning according to GAAP and therefore may not be comparable to similar measures presented by other companies. There is no comparable GAAP measure presented in Pinetree’s consolidated financial statements and thus no applicable quantitative reconciliation for such non-GAAP financial measure. The Company has calculated NAV consistently for many years and believes that NAV can provide information useful to its shareholders in understanding its performance, and may assist in the evaluation of its business relative to that of its peers.
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