TORONTO, ONTARIO--(Marketwired - Nov. 13, 2015) - Pinetree Capital Ltd. ("Pinetree") (TSX:PNP) today announces its unaudited condensed consolidated interim financial results for the three and nine months ended September 30, 2015.
For the three months ended September 30, 2015, Pinetree had a net loss of $14 million, as compared to a net loss of $27 million for the same quarter last year. Net loss for the three months ended September 30, 2015 was primarily the result of net investment loss of $12 million, comprised of $120 thousand in net realized losses on disposals of investments and unrealized losses on investments of $12 million. Basic loss per share was $0.07 for the three months ended September 30, 2015, as compared to basic loss per share of $0.13 for the three months ended September 30, 2014.
For the nine months ended September 30, 2015, Pinetree had a net loss of $26 million, as compared to a net profit of $6 million for the same period last year. Net loss for the nine months ended September 30, 2015 was primarily the result of net investment losses of $18 million, comprised of $22 million in unrealized gains on investments offset by realized losses on dispositions of investments of $40 million. Basic loss per share was $0.13 for the nine months ended September 30, 2015, as compared to basic earnings per share of $0.04 for the nine months ended September 30, 2014.
As at September 30, 2015, the fair value of the Company's total investments was $39 million, as compared to $107 million as at December 31, 2014, a decrease of 64%. The composition of Pinetree's investment portfolio by sector as at September 30, 2015 and December 31, 2014 is outlined in the following table:
|September 30, 2015||December 31, 2014|
|Sector||($'000)||% of Total||($'000)||% of Total|
|Technology and other||20,258||52.3||70,355||65.9|
Net asset value per share ("NAV") was $0.13 as at September 30, 2015, a 48% decrease from the December 31, 2014 NAV of $0.25. (See "Use of Non-GAAP Measures" below.)
Pinetree is a diversified investment and merchant banking firm focused on the small cap market, with early stage investments in resource, biotechnology and technology companies. Pinetree's shares are listed on the Toronto Stock Exchange ("TSX") under the symbol "PNP".
Use of Non-GAAP Measures
NAV (net asset value per share) is a non-GAAP (international financial reporting standards) measure calculated as the value of total assets less the value of total liabilities divided by the total number of common shares outstanding as at a specific date. The term NAV does not have any standardized meaning according to GAAP and therefore may not be comparable to similar measures presented by other companies. There is no comparable GAAP measure presented in Pinetree's consolidated financial statements and thus no applicable quantitative reconciliation for such non-GAAP financial measure. The Company has calculated NAV consistently for many years and believes that NAV can provide information useful to its shareholders in understanding its performance, and may assist in the evaluation of its business relative to that of its peers.
Richard Patricio, LL.B.
Chief Executive Officer
Pinetree Capital Ltd.