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Longview Capital Partners earns $0.24 per share in first quarter
May 10, 2007 TSX-V: LV
FWB: L6V
Vancouver, BC – Longview Capital Partners Incorporated (TSX-V: LV)
today announced financial results for the three months ended March 31,
2007. Highlights include:
First quarter results:
advertisement
- Earnings per share of $0.24, compared with $0.09 for the first quarter of 2006
- Revenues grow to $39.1 million from $8.7 million for the first quarter of 2006
- Net income grows to $24.4 million from $5.5 million for the first quarter of 2006
- Fair value of investment portfolio increases to $119.9 million from $87.5 million at December 31, 2006
“Longview’s performance in the first quarter of 2007 confirms the
continued success of our business model” says Damien Reynolds, founder,
Chairman and CEO of Longview. “We continue to identify and develop
undervalued early stage natural resource opportunities for the benefit
of our shareholders by raising equity for these opportunities and
leading them through the development phases of becoming fully developed
public companies.”
About Longview
Longview Capital Partners is an investment company creating long-term
shareholder value by capitalizing on early stage opportunities in the
natural resource sector, and having the resultant earnings growth
recognized in its share price. Longview is incorporated under the laws
of the Province of British Columbia and began trading on the TSX Venture
Exchange under the symbol “LV” on September 5, 2005.
Attached are the Consolidated Balance Sheet, Statement of Operations
and Retained Earnings, and Statement of Cashflows for the three months
ended March 31, 2007 and 2006.
For more information on Longview Capital Partners Incorporated,
please contact Mr. Spiro Kletas, Investor Relations, at (604) 681-5755
or visit our website at
www.longviewcp.com.
Statements in this news release, other than purely historical
information, including statements relating to the Company’s future plans
and objectives or expected results, constitute Forward-looking
statements. Such statements are based on numerous assumptions and are
subject to all the risks and uncertainties inherent in the Company’s
business, including risks related to mineral exploration and
development. Consequently, actual results may vary materially from those
described in the forward-looking statements.
The TSX Venture Exchange does not accept responsibility for the
adequacy or accuracy of this release.
LONGVIEW CAPITAL PARTNERS INCORPORATED
CONSOLIDATED BALANCE SHEETS
AS AT MARCH 31, 2007 AND DECEMBER 31, 2006
(Unaudited)
|
|
March 31,
2007
|
December 31, 2006
|
|
|
|
|
|
ASSETS
|
|
|
|
|
|
|
|
Cash and cash
equivalents |
$
6,890,333 |
$ 2,734,605 |
|
Investments, at
fair value |
119,857,241 |
87,539,741 |
|
Accounts receivable
|
829,557 |
756,782 |
|
Deposits and
prepaid expenses |
103,050 |
111,910 |
|
Deferred costs |
1,133,306 |
612,119 |
|
Fixed assets |
298,287 |
232,660 |
|
|
|
|
|
|
$ 129,111,774 |
$ 91,987,817 |
|
|
|
|
|
|
|
|
|
LIABILITIES AND SHAREHOLDERS' EQUITY
|
|
|
|
|
|
|
|
Liabilities |
|
|
|
|
|
|
|
Accounts payable
and accrued liabilities |
$
1,038,970 |
$ 2,053,136 |
|
Income taxes
payable |
2,922,567 |
2,363,215 |
|
|
|
|
|
|
3,961,537 |
4,416,351 |
|
|
|
|
|
Future tax
liabilities |
27,558,800 |
16,520,596 |
|
|
|
|
|
|
31,520,337 |
20,936,947 |
|
|
|
|
|
Shareholders' equity
|
|
|
|
|
|
|
|
Share capital |
32,293,944 |
28,299,289 |
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Contributed
surplus |
7,970,934 |
6,882,074
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|
Retained
earnings |
57,326,559 |
35,869,507 |
|
|
|
|
|
|
97,591,437 |
71,050,870 |
|
|
|
|
|
|
$ 129,111,774 |
$ 91,987,817 |
| |
|
|
|
LONGVIEW CAPITAL PARTNERS INCORPORATED
CONSOLIDATED STATEMENTS OF OPERATIONS AND RETAINED EARNINGS
FOR THE THREE MONTHS ENDED MARCH 31, 2007 AND 2006
(Unaudited)
|
|
|
|
|
March 31,
2007 |
March 31,
2006 |
|
|
|
|
|
REVENUES
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|
|
|
Gain on
disposal of investments, net
|
$ 3,303,577 |
$
1,403,672 |
|
Unrealized
gain on investments, net |
35,270,107 |
7,247,212 |
|
Interest
and rental income
|
69,817 |
115 |
|
Other
income
|
473,860 |
65,678 |
|
|
|
|
|
|
39,117,361 |
8,716,677 |
|
EXPENSES
|
|
|
|
Operating,
general and administrative |
1,924,965 |
228,664 |
|
Depreciation |
14,735 |
48 |
|
Foreign
exchange loss (gain) |
196,394 |
(22,180) |
|
Interest |
1,878 |
- |
|
Stock-based
compensation |
909,052 |
196,700 |
|
|
|
|
|
|
3,047,024 |
403,232 |
|
|
|
|
|
Income before
income taxes |
36,070,337 |
8,313,445 |
|
|
|
|
|
Provision for
income taxes |
(11,597,556) |
(2,803,874) |
|
|
|
|
|
Net income for the period
|
24,472,781 |
5,509,571 |
|
|
|
|
|
Retained earnings,
beginning of period,
as previously reported |
35,869,507 |
1,712,380 |
|
|
|
|
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Change in
accounting |
(3,015,729) |
- |
|
|
|
|
|
Retained earnings,
beginning of period,
as adjusted |
32,853,778 |
1,712,380 |
|
|
|
|
|
Retained earnings, end of period
|
$ 57,326,559 |
$ 7,221,951 |
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|
|
|
|
Basic earnings per share
|
$
0.24 |
$
0.09 |
|
|
|
|
|
Diluted earnings per share
|
$ 0.21 |
$
0.09 |
|
|
|
|
|
Weighted average number of common shares outstanding
Basic
Diluted |
101,205,668
114,295,242 |
59,790,329
62,540,710 |
LONGVIEW CAPITAL PARTNERS INCORPORATED
CONSOLIDATED STATEMENTS OF CASH FLOWS
FOR THE THREE MONTHS ENDED MARCH 31, 2007 AND 2006
(Unaudited)
|
|
|
|
|
March 31, 2007 |
March 31, 2006 |
|
|
|
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|
CASH
FLOWS FROM (USED IN) OPERATING ACTIVITIES
|
|
|
|
Net income
for the period |
$ 24,472,781 |
$ 5,509,571 |
|
Items not
affecting cash: |
|
|
|
Unrealized gain on investments, net |
(35,270,107) |
(7,247,212) |
|
Gain on
disposal of investments, net |
(3,303,577) |
(1,403,672) |
|
Provision for income taxes – future |
11,038,204 |
2,499,926 |
|
Stock-based compensation |
909,052 |
196,700 |
|
Depreciation |
14,735 |
48 |
|
|
|
|
|
Changes in
non-cash working capital items: |
|
|
|
Increase in accounts receivable |
(72,775) |
4,275 |
|
Increase in deposits and prepaid expenses |
8,860 |
(14,907) |
|
Increase in accounts payable and accrued liabilities |
(1,014,166) |
363,064 |
|
Increase in income taxes payable |
559,352 |
303,948 |
|
Net cash (used in)
from operating activities |
(2,657,641) |
211,741 |
|
|
|
|
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CASH
FLOWS FROM (USED IN) INVESTING ACTIVITIES
|
|
|
|
Purchase
of investments
|
(5,681,791) |
(2,618,507) |
|
Proceeds
from disposal of investments
|
8,922,246 |
2,262,306 |
|
Deferred costs |
(521,187) |
- |
|
Purchase of
fixed assets |
(80,362) |
(1,927) |
|
Net cash from (used
in) investing activities |
2,638,906 |
(358,128) |
|
|
|
|
|
CASH
FLOWS FROM (USED IN) FINANCING ACTIVITIES
|
|
|
|
Shares and
warrants issued for cash |
3,000,000 |
15,000 |
|
Proceeds from
exercise of options |
48,925 |
- |
|
Proceeds from
exercise of warrants |
1,125,538 |
- |
|
Proceeds of loan
payable |
- |
29,394 |
|
Net cash provided
by financing activities |
4,174,463 |
44,394 |
|
|
|
|
|
Increase (decrease)
in cash and cash equivalents during the period |
4,155,728 |
(101,993) |
|
|
|
|
|
Cash and cash
equivalents, beginning of period |
2,734,605 |
151,229 |
|
|
|
|
|
Cash and cash
equivalents, end of period |
$ 6,890,333 |
$ 49,236 |
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