Toronto Stock Exchange: EDV
GEORGE TOWN, Grand Cayman, Oct. 27 /CNW/ - Endeavour Mining Capital Corp.
("Endeavour" or "Corporation") recorded a net loss of US$15.9 million or
US$0.68 per share (or approximately CDN$0.76 per share) for the first quarter
ended September 30, 2006. This compares with net income of US$15.4 million or
US$0.67 per share (or approximately CDN$0.75 per share) reported for the
quarter ended August 31, 2005. The comparative results for the quarter in the
previous year are for the quarter ended August 31, 2005 as a result of the
change in the Corporations year end to June 30.
During the first quarter the resource equity markets experienced a sharp
decline which had an impact on the carrying value of several of our
investments. Despite the temporary correction in the resource markets, we
believe the fundamental value of our merchant banking holdings remains strong
and well positioned for future growth. As of September 30, 2006, the book
value per share was CDN$7.44.
Commenting, Frank Holmes, Chairman, said "the secular bull market in
commodities remains healthy yet volatile. We remain focused on generating
superior relative performance for our shareholders using our unique merchant
bank investing strategy. However, negative sentiment affected resource stocks
during the quarter even though many resources remain tight in supply. For
example, strikes kept copper prices at multi-year highs and the recent
production problems for a major uranium producer has lifted most uranium
stocks. Endeavour has approximately 15% of its portfolio invested in uranium
stocks. We believe supply risks like these examples will remain in the market
place for many years. Despite the negative sentiment EDV stock has continued
to outperform the major resource indices since the start of the calendar
year."
Frank Holmes and Bill Koutsouras will host a conference call to discuss
this earnings announcement on Friday November 3rd 2006 at 10:00 AM Eastern
Standard Time. The meeting will be webcast by V-Call and can be accessed from
the Corporation's website at www.endeavourminingcapital.com or by calling the
operator at 201-689-8031 or toll free 1-877-407-8031 prior to the scheduled
start time.
The conference call will be archived for later playback on the
Corporation's website.
Endeavour Mining Capital Corp. is a publicly traded merchant banking
company focused on the global natural resources sector. As a
venture-capitalist for resource-based companies, the Corporation combines
financial and intellectual capital to help build companies and create
shareholder value. The Corporation has a demonstrated track-record of success
and our shares are listed on the Toronto Stock Exchange under the symbol EDV.
For additional information, please visit our corporate website,
www.endeavourminingcapital.com.
On behalf of Endeavour Mining Capital Corp.
"Bill Koutsouras"
Chief Financial Officer, Director & Secretary
<<
ENDEAVOUR MINING CAPITAL CORP.
Consolidated Balance Sheets
(Expressed in Thousands of United States Dollars)
September 30, June 30,
2006 2006
(Unaudited)
------------- -------------
ASSETS
Cash and cash equivalents $ 26,279 $ 59,791
Investments (cost: Sept 30, 2006 $86,528;
June 30, 2006 $71,957) 129,358 127,938
Receivables and other assets 210 29
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$ 155,847 $ 187,758
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LIABILITIES
Investment advisor fees payable $ 260 $ 219
Performance fees payable - 15,313
Accrued expenses and other liabilities 100 194
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360 15,726
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SHAREHOLDERS' EQUITY
Share capital 52,715 52,169
Contributed surplus 514 680
Retained earnings 102,258 119,183
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155,487 172,032
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$ 155,847 $ 187,758
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ENDEAVOUR MINING CAPITAL CORP.
Consolidated Statements of Operations & Retained Earnings
(Expressed in Thousands of United States Dollars, except per share
amounts)
Three Months Ended
September 30, August 30,
2006 2005
(Unaudited) (Unaudited)
-----------------------------
INVESTMENT INCOME
Net realized (loss) gain on investments $ (1,485) $ 2,072
Change in net unrealized appreciation of
investments and foreign currencies (13,457) 17,141
Interest 246 237
Dividends, net of withholding taxes 59 31
Loan facility fees - 440
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(14,637) 19,921
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EXPENSES
Performance fees - 3,852
Investment advisory fees 838 413
General office and administrative 267 233
Professional fees 132 30
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1,237 4,528
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NET (LOSS) INCOME (15,874) 15,393
RETAINED EARNINGS, BEGINNING OF PERIOD 119,183 31,594
DIVIDENDS (1,051) (679)
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RETAINED EARNINGS, END OF PERIOD $ 102,258 $ 46,308
-------------------------------------------------------------------------
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BASIC (LOSS) EARNINGS PER SHARE $ (0.68) $ 0.67
-------------------------------------------------------------------------
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DILUTED (LOSS) EARNINGS PER SHARE $ (0.68) $ 0.66
-------------------------------------------------------------------------
-------------------------------------------------------------------------
WEIGHTED-AVERAGE COMMON SHARES OUTSTANDING 23,304,956 23,120,578
-------------------------------------------------------------------------
-------------------------------------------------------------------------
DILUTED WEIGHTED-AVERAGE COMMON SHARES
OUTSTANDING 23,304,956 23,168,739
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-------------------------------------------------------------------------
ENDEAVOUR MINING CAPITAL CORP.
Consolidated Statements of Cash Flows
(Expressed in Thousands of United States Dollars)
Three Months Ended
September 30, August 30,
2006 2005
(Unaudited) (Unaudited)
-----------------------------
OPERATING ACTIVITIES
Net (loss) income $ (15,874) $ 15,393
Adjustments to reconcile net income to
net cash provided by (used in)
operating activities:
Net realized loss (gain) on investments 1,485 (2,072)
Change in net unrealized appreciation of
investments and foreign currencies 13,457 (17,141)
(Increase) decrease in receivables and
other assets (182) 103
Increase in investment advisor fees
payable 41 22
(Decrease) increase in performance
fees payable (15,313) 3,852
Decrease in accrued expenses and
other liabilities (94) (28)
Restricted cash - (3,500)
Purchase of investments (20,652) (3,509)
Proceeds from the sale of investments 4,291 6,336
-------------------------------------------------------------------------
(32,841) (542)
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FINANCING ACTIVITIES
Received from the issue of common shares 380 -
Dividends paid to shareholders (1,051) (679)
-------------------------------------------------------------------------
(671) (679)
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NET DECREASE IN CASH AND CASH EQUIVALENTS (33,512) (1,221)
CASH AND CASH EQUIVALENTS, BEGINNING
OF PERIOD 59,791 6,923
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CASH AND CASH EQUIVALENTS, END OF PERIOD $ 26,279 $ 5,702
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CASH AND CASH EQUIVALENTS IS COMPRISED OF:
Cash in Bank $ 17,369 $ 3,909
Short Term Money Market Instruments $ 8,910 $ 1,793
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$ 26,279 $ 5,702
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>>
The Toronto Stock Exchange has not reviewed and does not accept
responsibility for the adequacy or accuracy of this release. The foregoing
information may contain forward-looking statements relating to the future
performance of Endeavour Mining Capital Corp. Forward-looking statements,
specifically those concerning future performance, are subject to certain risks
and uncertainties, and actual results may differ materially. These risks and
uncertainties are detailed from time to time in the Corporation's filings with
the appropriate securities commissions.
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