SOURCE: Longview Capital Partners Incorporated
Aug 20, 2007 08:30 ET
Longview Capital Partners Earns $0.07 per Share to June 30, 2007
VANCOUVER, BC--(Marketwire - August 20, 2007) - Longview Capital Partners Incorporated (TSX VENTURE: LV) (FRANKFURT: L6V) today announced financial results for the three and six months ended June 30, 2007. Highlights include:
-- Revenues increased to $20.3 million from $8.7 million for the six
months ended June 30, 2006
-- Net income grows to $7.3 million from $5.0 million for the six months
ended June 30, 2006
-- Earnings per share of $0.07 compared with $0.08 for the six months
ended June 30, 2006
-- Fair value of investment portfolio increases to $102.0 million from
$87.5 million at December 31, 2006 - a increase in value of 16.5%
-- Loss per share of $0.16 compared with $0.01 for the second quarter of
2006
-- Revenues dropped to $(18.8) million from $0.0 million for the second
quarter of 2006
-- Net loss grows to $17.1 million from $0.5 million for the second
quarter of 2006
"We are pleased with Longview's encouraging growth in revenues, net income and investment portfolio values in the first six months of 2007 over 2006," says Damien Reynolds, founder, Chairman and CEO of Longview. "We have a number of interesting investments planned to be taken public over the remainder of the year and believe the market will rapidly re-focus on the continued robust supply/demand fundamentals in the resource sector."
Mr. Reynolds continues to say, "In turbulent markets, as we have recently seen, the ability to weather short-term difficulties is a key element in the strength of the Longview business plan. An investment in Longview is a strong investment in a well diversified portfolio of quality, global, resource assets."
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 and six months ended June 30, 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.
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LONGVIEW CAPITAL PARTNERS INCORPORATED
CONSOLIDATED BALANCE SHEETS
AS AT JUNE 30, 2007 AND DECEMBER 31, 2006
(Unaudited)
==================================================
June 30, 2007 December 31, 2006
--------------------------------------------------
ASSETS
Cash and cash equivalents $ 1,352,916 $ 2,734,605
Investments, at fair value 101,973,269 87,539,741
Accounts receivable 1,404,025 756,782
Deposits and prepaid expenses 90,713 111,910
Income taxes recoverable 1,801,319 -
Deferred costs 542,056 612,119
Fixed assets 299,635 232,660
--------------------------------------------
$ 107,463,933 91,987,817
==================================================
LIABILITIES AND SHAREHOLDERS' EQUITY
Liabilities
Accounts payable and
accrued liabilities $ 1,472,423 $ 2,053,136
Income taxes payable - 2,363,215
--------------------------------------------
1,472,423 4,416,351
--------------------------------------------
Future tax liabilities 20,391369 16,520,596
--------------------------------------------
21,863,792 20,936,947
--------------------------------------------
Shareholders' equity
Share capital 37,531,000 28,299,289
Contributed surplus 7,901,360 6,882,074
Retained earnings 40,167,781 35,869,507
--------------------------------------------
85,600,141 71,050,870
--------------------------------------------
$107,463,933 $ 91,987,817
==================================================
LONGVIEW CAPITAL PARTNERS INCORPORATED
CONSOLIDATED STATEMENTS OF OPERATIONS AND RETAINED EARNINGS
FOR THE THREE AND SIX MONTH PERIODS ENDED JUNE 30, 2007 AND 2006
(Unaudited)
==================================================
Three Months Ended Six Months Ended
June 30, June 30,
2007 2006 2007 2006
--------------------------------------------------
REVENUES
Gain on disposal
of investments, net $943,939 $2,309,840 $4,247,516 $3,713,512
Unrealized (loss)/gain
on investments, net (20,708,084) (2,394,899) 14,562,023 4,852,313
Interest and
rental income 82,923 754 152,740 869
Other income 881,617 77,500 1,355,477 143,178
--------------------------------------------------
(18,799,605) (6,805) 20,317,756 8,709,872
EXPENSES
Operating, general
and administrative 5,931,039 431,594 7,856,004 660,258
Depreciation 17,881 783 32,616 831
Foreign exchange
loss (gain) 405,349 415 601,742 (21,765)
Interest 24,795 13,729 26,674 13,729
Stock-based
compensation 671,426 155,650 1,580,478 352,350
--------------------------------------------------
7,050,490 602,171 10,097,514 1,005,403
--------------------------------------------------
(Loss)/Income before
income taxes (25,850,095) (608,976) 10,220,242 7,704,469
Provision for
income taxes 8,691,317 154,786 (2,906,239) (2,649,088)
--------------------------------------------------
Net (loss)/income
for the period (17,158,778) (454,190) 7,314,003 5,055,381
--------------------------------------------------
Retained earnings, beginning of period, as
previously reported 57,326,559 7,220,951 35,869,507 1,712,380
Change in accounting - - (3,015,729) -
--------------------------------------------------
Retained earnings, beginning of period, as
adjusted 57,326,559 7,221,951 32,853,778 1,712,380
--------------------------------------------------
Retained earnings,
end of period $40,167,781 $6,767,761 $40,167,781 $6,767,761
==================================================
Basic (loss)/earnings
per share $(0.16) $(0.01) $0.07 $0.08
==================================================
Diluted (loss)/earnings
per share $(0.16) $(0.01) $0.06 $0.08
==================================================
Weighted average number of common shares outstanding
Basic 107,395,847 67,052,056 104,559,813 63,441,253
Diluted 107,395,847 69,974,868 115,611,508 66,113,028
==================================================
LONGVIEW CAPITAL PARTNERS INCORPORATED
CONSOLIDATED STATEMENTS OF CASH FLOWS
FOR THE THREE AND SIX MONTH PERIODS ENDED JUNE 30, 2007 AND 2006
(Unaudited)
==================================================
Three Months Ended Six Months Ended
June 30, June 30,
2007 2006 2007 2006
--------------------------------------------------
CASH FLOWS FROM (USED IN) OPERATING ACTIVITIES
Net (loss)/income
for the period $ (17,158,778) $ (454,190) $ 7,314,003 $ 5,055,381
Items not affecting cash:
Unrealized (loss)/gain on investments,
net 20,708,084 2,394,899 (14,562,023) (4,852,313)
Gain on disposal of investments,
net (943,939) (2,309,840) (4,247,516) (3,713,512)
Provision for income taxes
- future (7,167,431) (826,121) 3,870,773 1,673,805
Shares issued in exchange for
accrued liabilities 1,750,000 - 1,750,000 -
Stock-based
compensation 671,426 155,650 1,580,478 352,350
Depreciation 17,881 783 32,616 831
Changes in non-cash working capital items:
(Decrease)/increase in accounts receivable and income taxes recoverable
(2,375,436) 895 (2,448,562) 5,015
(Decrease)/increase in deposits and
prepaid expenses 12,338 (183,361) 21,196 (198,267)
(Decrease)/increase in accounts payable and accrued
liabilities 433,452 (328,614) (580,712) 34,605
(Decrease)/increase in income taxes
payable (2,922,567) 671,335 (2,363,215) 975,283
--------------------------------------------------
Net cash (used in) from
operating activities (6,974,970) (878,564) (9,632,962) (666,822)
--------------------------------------------------
CASH FLOWS FROM (USED IN) INVESTING ACTIVITIES
Purchase of
investments (21,016,404) (11,914,650) (26,698,196) (14,533,157)
Proceeds from disposal of
investments 19,136,232 10,775,151 28,058,478 13,037,457
Deferred costs 590,899 (171,180) 70,064 (171,180)
Purchase of
fixed assets (19,230) (22,182) (99,592) (24,110)
Net cash from
(used in) Investing
activities (1,308,503) (1,332,861) 1,330,754 (1,690,990)
--------------------------------------------------
CASH FLOWS FROM (USED IN) FINANCING ACTIVITIES
Shares and warrants issued for cash
- 2,706,834 2,999,999 2,721,834
Proceeds from exercise
of options 164,575 - 213,500 -
Proceeds from exercise
of warrants 2,581,481 - 3,707,020 -
Proceeds of
loan payable - (29,394) - -
Net cash provided by financing
activities 2,746,056 2,677,440 6,920,519 2,721,834
--------------------------------------------------
(Decrease)/increase in cash and cash equivalents
during the period (5,537,417) 466,015 (1,381,689) 364,022
Cash and cash equivalents,
beginning of period 6,890,333 49,236 2,734,605 151,229
--------------------------------------------------
Cash and cash equivalents,
end of period $ 1,352,916 $ 515,251 $ 1,352,916 $ 515,251
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