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Pinetree Capital Ltd. Announces Unaudited Financial Results for the Three Months Ended March 31, 2010

TORONTO, Ontario (May 13, 2010) – Pinetree Capital Ltd. (“Pinetree”) (TSX: PNP) today announces its unaudited financial results for the three months ended March 31, 2010.

During the first quarter of fiscal 2010, Pinetree generated net income of $14.3 million, as compared to a net income of $28.6 million for the same quarter last year.  Net income generated was primarily the result of net investment gains of $21.8 million in the quarter, comprised mainly of $16.9 million in unrealized gains on investments and realized gains on dispositions of investments of $5.2 million.  Earnings per share was $0.11, as compared to $0.22 in the three months ended March 31, 2009.

The composition of Pinetree’s investment portfolio (accounted for at fair value) by sector at the end of the quarter as compared to the end of last year, is outlined in the following table:             

 

  March 31, 2010 December 31, 2009
Sector ($’000) % of Total ($’000) % of Total
Resources:        
        Precious Metals 149,110 38.4 158,027 43.1
        Base Metals 84,638 21.8 71,711 19.5
        Uranium and Coal 75,494 19.5 49,066 13.4
        Oil & Gas 31,386 8.1 34,404 9.4
        Potash, Lithium and Rare Earths 21,870 5.6 27,103 7.4
Total Resources 362,498 93.4 340,311 92.8
Technology/Other 18,072 4.7 16,745 4.6
Energy Related Technology 4,624 1.2 5,190 1.4
Biotechnology 2,865 0.7 4,478 1.2

 

As at March 31, 2010, total investments at fair value stood at $388.1 million, as compared to $366.7 million as at December 31, 2009, while the total number of investments remained relatively constant at 433 as compared to 429 as at the end of the last year.  Three hundred and eighty-seven of the investments or 89.4% (December 31, 2009 – 89.3%), were in the resource sector, consistent with Pinetree’s primary investment strategy.  

Net asset value per share increased 4.3% to $2.64 as at March 31, 2010, from $2.53 as at December 31, 2009.  

“We are pleased with Pinetree’s results for the quarter, which saw an overall improvement in global conditions, but which remains a challenging environment to navigate”, commented Sheldon Inwentash, Pinetree’s Chairman and CEO.  “We continue to look for opportunities for growth and are pleased with the progress made and milestones achieved by many of our investee companies”.

About Pinetree

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: Uranium and Coal, Oil & Gas, Precious Metals, Base Metals and Potash, Lithium and Rare Earths.  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.

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

Use of Non-GAAP Measures

“Net asset value per share” is a non-GAAP measure defined as shareholders’ equity divided by the total number of common shares of Pinetree outstanding. The term net asset value per share does not have any standardized meaning according to GAAP and therefore may not be comparable to similar measures presented by other companies. We believe that the measure provides information useful to our shareholders in understanding our performance, facilitates the comparison of the quarterly and year-end results of our ongoing operations and provides a meaningful measure to evaluate our business relative to that of our peers.

Investor Relations:                                                                  
Larry Goldberg, C.A.
Executive Vice President and Chief Financial Officer
Pinetree Capital Ltd.

130 King Street West, Suite 2500

Toronto, Ontario, Canada, M5X 1A9
Phone: 416-941-9600
Email: ir@pinetreecapital.com
Web Site: www.pinetreecapital.com

 

©Copyright 2012 Pinetree Capital Ltd.