Aberdeen Reports Shareholder Equity of $0.61 Per Share for Second Quarter Ended July 31, 2013
17 September 2013 - 2:00PM
Marketwired Canada
ABERDEEN INTERNATIONAL INC. ("Aberdeen", or the "Company") (TSX:AAB) is pleased
to announce that it has released its financial results for the second quarter of
2014, ended July 31, 2013. For more information please see the Company's
Condensed Interim Financial Statements and Management's Discussion and Analysis
("MD&A") posted under the Company's profile on SEDAR at www.sedar.com.
As at July 31, 2013, Aberdeen's Shareholders' Equity (or Net Asset Value, "NAV")
was $51.8 million, or $0.61 per share. Aberdeen's shareholders' equity decreased
by $3.4 million from $55.2 million at the end of Q1 2014. The decrease in
shareholders' equity was largely due to the performance of Aberdeen's equity
investment portfolio in the second quarter, which had an unrealized loss of $2.7
million for the quarter. In the second quarter of 2014, the stock market
performance for small capitalization mining and resource stocks continued to be
weak. On a year-over-year basis, Aberdeen's shareholders' equity decreased by
$19.5 million. Note that the reference to shareholders' equity is similar to
previous references to Net Asset Value or "NAV" by Aberdeen.
July 31, 2013 January 31, 2013 July 31, 2013
Shares outstanding 85,551,422 85,994,602 86,480,139
$/ $/ $/
$ Shares $ Shares $ Shares
-----------------------------------------------------
Cash on hand 10,417,577
1,929,014 0.02 (i) 0.12 4,073,749 0.05
Investments
Publicly traded 19,985,561 0.234 29,844,393 0.347 34,037,369 0.394
Private 20,409,748 0.239 21,039,834 0.245 14,416,279 0.167
Non-trading warrants
Intrinsic value - - 1,032,114 0.012 - -
Option value 489,716 0.006 1,415,665 0.016 758,996 0.009
-----------------------------------------------------
489,716 0.006 2,447,779 0.028 758,996 0.009
-----------------------------------------------------
Portfolio Investments 40,885,025 0.478 53,332,006 0.620 49,212,644 0.569
Loans / preferred
shares 7,913,532 0.093 6,116,040 0.071 18,319,003 0.212
-----------------------------------------------------
Total 50,727,571 0.593 69,865,623 0.812 71,605,396 0.828
-----------------------------------------------------
-----------------------------------------------------
(i) Includes cash from trades made at the end of January 2013 but settled in
February 2013.
Aberdeen reported net earnings of $(3.8) million or $(0.04) per basic share for
the three months ended July 31, 2013 on total revenue of $(2.2) million. Revenue
was comprised of $2.4 million from net investment losses and $0.2 million from
interest income and advisory services fees.
For the three months ended July 31, 2012, Aberdeen reported net earnings of
$(10.1) million or $(0.12) per basic share on total revenue of $(7.0) million
($(7.4) million from net investment losses and $0.4 million from interest income
and advisory service fees).
For the six months ended July 31, 2013, Aberdeen reported net earnings of
$(11.2) million or $(0.13) per basic share on total revenue of $(11.1) million.
Revenue was comprised of $(11.5) million from net investment losses and $0.4
million from interest income, dividends and advisory services fees. For the six
months ended July 31, 2012, Aberdeen reported net earnings of $(26.0) million or
$(0.30) per share on total revenue of $(25.4) million ($(26.5) million from net
investment losses, $0.6 million from royalties and $0.5 million from interest
income and advisory service fees).
Normal Course Issuer Bid ("NCIB")
During the six months ending July 31, 2012, 623,180 common shares were purchased
for cancellation under the Company's NCIB at an average cost of $0.17. Subject
to the regulatory provisions governing the NCIB, Aberdeen expects to continue to
purchase shares over the remainder of the fiscal year, depending on market
conditions and other investment opportunities that may be available.
About Aberdeen International Inc:
Aberdeen is a publicly traded global investment and merchant banking company
focused on small cap companies in the resource sector. Aberdeen will seek to
acquire significant equity participation in pre-IPO and/or early stage public
resource companies with undeveloped or undervalued high-quality resources.
Aberdeen will focus on companies that: (i) are in need of managerial, technical
and financial resources to realize their full potential; (ii) are undervalued in
foreign capital markets; and/or (iii) operate in jurisdictions with moderate
local political risk. Aberdeen will seek to provide value-added managerial and
board advisory services to companies. The Corporation's intention will be to
optimize the return on its investment over an 24 to 36 month investment time
frame.
For additional information, please visit our website at
www.aberdeeninternational.ca and follow us on Facebook and Twitter: AberdeenAAB.
Cautionary Note
Except for statements of historical fact contained herein, the information in
this press release constitutes "forward-looking information" within the meaning
of Canadian securities law. Such forward-looking information may be identified
by words such as "plans", "proposes", "estimates", "intends", "expects",
"believes", "may", "will" and include without limitation, statements regarding
past success as an indicator of future success; net asset value of the Company;
the potential of investee companies and the appreciation of their share price;
the Company's plan of business operations; and anticipated returns. There can be
no assurance that such statements will prove to be accurate; actual results and
future events could differ materially from such statements. Factors that could
cause actual results to differ materially include, among others, metal prices,
competition, financing risks, acquisition risks, risks inherent in the mining
industry, and regulatory risks. Most of these factors are outside the control of
the Company. Investors are cautioned not to put undue reliance on
forward-looking information. Except as otherwise required by applicable
securities statutes or regulation, the Company expressly disclaims any intent or
obligation to update publicly forward-looking information, whether as a result
of new information, future events or otherwise.
FOR FURTHER INFORMATION PLEASE CONTACT:
Aberdeen International Inc.
Mike McAllister
Manager, Investor Relations
+1 416-309-2134
info@aberdeeninternational.ca
Aberdeen International Inc.
David Stein
President and Chief Executive Officer
+1 416-861-5812
dstein@aberdeeninternational.ca
www.aberdeeninternational.ca
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