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TORONTO, ONTARIO--(Marketwire - Nov. 27, 2012) - Royal Oak Ventures Inc. ROVROV ("Royal Oak" or the "company") reported net income of $0.4 million or $nil per share for the quarter ended September 30, 2012 compared to net income of $0.1 million or $nil per share in the corresponding period in 2011. Comprehensive income, which consists of net income and other comprehensive income, increased by $2.0 million to $0.9 million for the quarter ended September 30, 2012 compared to the same period of 2011. The increase in comprehensive income was driven by $0.6 million of unrealized gains on the company's investment portfolio, compared to $1.3 million of unrealized losses recorded in the prior year.
STATEMENTS OF OPERATIONS
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Three months ended Nine months ended
September 30 September 30
(Thousands, except per share
amounts) 2012 2011 2012 2011
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Revenue
Interest and dividend income $ 221 $ 217 $ 683 $ 662
Expenses
General, administrative and
other 81 76 237 456
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140 141 446 206
Foreign currency revaluation 147 129 215 138
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Income before income taxes 287 270 661 344
Deferred income tax (expense)
recovery 81 (173) 106 (164)
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Net income $ 368 $ 97 $ 767 $ 180
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Net income per share (basic and
diluted) $ - $ - $ - $ -
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CHANGES IN NET BOOK VALUE
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The net book value per common share as at September 30, 2012 was $nil. The
information in the following table shows the changes in net book value for
the three and nine months ended September 30, 2012 and 2011.
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Three months ended September 30
2012 2011
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(Unaudited)
(Thousands, except per Per
share amounts) Total Share(1) Total Per Share
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Net book value,
beginning of period
(2) $ 33,500 $ 0.20 $ 34,410 $ 0.21
Net income 368 - 97 -
Other comprehensive
income (loss) 522 0.01 (1,164) (0.01)
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Comprehensive income
(loss) 890 0.01 (1,067) (0.01)
Net book value, end of
period(2) $ 34,390 $ 0.21 $ 33,343 $ 0.20
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Nine months ended September 30
2012 2011
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(Unaudited)
(Thousands, except per Per
share amounts) Total Share(1) Total Per Share
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Net book value,
beginning of period
(2) $ 32,927 $ 0.20 $ 34,212 $ 0.21
Net income 767 - 180 -
Other comprehensive
income (loss) 696 0.01 (1,049) (0.01)
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Comprehensive income
(loss) 1,463 0.01 (869) (0.01)
Net book value, end of
period(2) $ 34,390 $ 0.21 $ 33,343 $ 0.20
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(1) As at September 30, 2012 and December 31, 2011 the company was
capitalized with 162,496,456 shares, consisting of 3,157,189 common
voting 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
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The information in the following table has been extracted from the company's
statements of financial position as at September 30, 2012 and December 31,
2011.
September 30, December 31,
(Thousands, except per share amounts) 2012 2011
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Assets
Current assets
Cash and cash equivalents $ 8,179 $ 7,742
Marketable securities 21,739 21,162
Accounts receivable 694 134
Loans receivable 3,859 4,007
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$ 34,471 $ 33,045
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Liabilities and equity
Current liabilities
Accounts payable and accrued
liabilities $ 81 $ 118
Equity 34,390 32,927
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$ 34,471 $ 33,045
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Net book value per share (1,2) $ 0.21 $ 0.20
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(1) As at September 30, 2012 and December 31, 2011 there were 162,496,456
shares issued and outstanding(2) Net book value is a non-IFRS measure
FOR FURTHER INFORMATION PLEASE CONTACT:
Royal Oak Ventures Inc.
Derek E. Gorgi
Vice-President Finance
(416) 363-9491
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