TORONTO, ONTARIO--(Marketwired - Apr 28, 2016) - Pinetree Capital Ltd. ("Pinetree") (PNP.TO) today announces its unaudited condensed consolidated interim financial results for the three months ended March 31, 2016.
For the three months ended March 31, 2016, Pinetree had a net loss of $1.48 million, as compared to a net loss of $7.16 million for the same quarter last year. Net loss for the three months ended March 31, 2016 was primarily the result of net investment losses of $454 thousand, comprised of $1.1 million in realized losses on dispositions of investments offset by unrealized gains on investments of $680 thousand. Basic loss per share was $0.01 for the three months ended March 31, 2016, as compared to basic loss per share of $0.04 for the three months ended March 31, 2015.
As at March 31, 2016, the fair value of the Company's total investments was $22.9 million, as compared to $27.9 million as at December 31, 2015, a decrease of 18%. The composition of Pinetree's investment portfolio by sector as at March 31, 2016 and December 31, 2015 is outlined in the following table:
|March 31, 2016||December 31, 2015|
|Sector||($'000)||% of Total||($'000)||% of Total|
|Technology and other||13,106||57.2||14,211||51.0|
Net asset value per share ("NAV") was $0.08 as at March 31, 2016, a 20% decrease from the December 31, 2015 NAV of $0.10. (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.