Royal Oak Announces 2010 Results
17 Juni 2011 - 1:49AM
Marketwired
Royal Oak Ventures Inc. ("Royal Oak" or "the company") recorded
comprehensive income, which consists of net income and other
comprehensive income, of $6.9 million for the year ended December
31, 2010, an increase of $36.4 million over the prior year
comprehensive loss of $29.5 million. This increased the company's
net book value by $0.04 per common share or 22%.
The company reported net income of $7.5 million or $0.05 per
common share for the year ended December 31, 2010 compared to a net
loss of $35.0 million or a loss of $0.21 per common share in the
prior year. Net income for the current year included investment
gains of $5.2 million (2009 - $nil) primarily from the sale of
certain securities. Net income in the prior year included $18.1
million of investment losses relating to impairments of securities
in the investment portfolio and a $20.2 million expense as a result
of the derecognition of the future tax asset.
The company recorded an unrealized loss of $0.6 million during
2010 (2009 - gain of $5.6 million) in other comprehensive loss. The
current year loss is the result of the release of $3.8 million of
unrealized gains from other comprehensive income to net income on
the disposition of a security, partially offset by an increase in
the fair value of the remaining investments in the portfolio.
Statements of Operations
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Years ended December 31
(Thousands, except per share amounts) 2010 2009
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Revenue
Investment income $ 2,938 $ 2,896
Investment gains (losses) and other income 5,150 (18,112)
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8,088 (15,216)
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Expenses
General, administrative and other 571 1,434
Interest expense 535 7,764
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1,106 9,198
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6,982 (24,414)
Foreign currency revaluation 612 9,543
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Income (loss) before income taxes 7,594 (14,871)
Future income tax expense (96) (20,162)
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Net income (loss) $ 7,498 $ (35,033)
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Net income (loss) per share $ 0.05 $ (0.21)
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(1) Prior year results have been restated
Change in Net Book Value
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As at December 31
2010 2009
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(Thousands, except per share
amounts) Total Per Share Total Per Share
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Net book value, beginning of year $ 28,684 $ 0.18 $ 58,166 $ 0.36
Net income (loss) 7,498 0.05 (35,033) (0.21)
Other comprehensive (loss) income (584) (0.01) 5,551 0.03
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Comprehensive income (loss) 6,914 0.04 (29,482) (0.18)
Net book value, end of year $ 35,598 $ 0.22 $ 28,684 $ 0.18
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(1) Prior year results have been
restated
Balance Sheets
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As at December 31
(Thousands) 2010 2009
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Assets
Current Asset
Cash and cash equivalents $ 9,038 $ 1,637
Marketable securities 22,541 30,109
Accounts receivable 320 554
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31,899 32,300
Loans receivable 3,915 4,235
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$ 35,814 $ 36,535
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Liabilities and shareholders' equity
Current liabilities
Accounts payable and accrued liabilities $ 216 $ 2,960
Short-term debt - 4,891
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216 7,851
Shareholders' equity 35,598 28,684
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$ 35,814 $ 36,535
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(1) Prior year results have been restated
The Company is currently up to date on all outstanding filings.
The Company is taking steps to remove the cease trade order issued
on the previously listed shares and is seeking a new listing on the
TSX Venture Exchange.
The company has restated the comparative financial statements to
reflect the correct valuation of the securities portfolio and the
corresponding tax impact. The impact on the December 31, 2009
financial statements was a $1.9 million decrease in the carrying
value of the company's marketable securities and a corresponding
decrease in accumulated other comprehensive income of $1.6 million
and net income of $0.3 million.
The company will refile on SEDAR, the CEO and CFO Certifications
of Annual Filings for the year ended December 31, 2009 as well as
the CEO and CFO Certifications of Interim Filing's for the periods
ended March 31, 2010, June 30, 2010 and September 30, 2010.
Contacts: Royal Oak Ventures Inc. Derek E. Gorgi Vice-President
Finance (416) 363-9491
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