Aberdeen Reports Shareholders' Equity of $0.64 Per Share and First Quarter 2014 Financial Results
TORONTO, ONTARIO -- (Marketwired) -- 06/17/13 -- ABERDEEN INTERNATIONAL INC. ("Aberdeen", or the"Company") (TSX: AAB) released its financial results for the first quarter of 2014, ended April 30, 2013. For more information please see the Company's Condensed Interim Financial Statements and Management's Discussion and Analysis ("MD&A") posted on SEDAR at www.sedar.com.
As at April 30, 2013, Aberdeen's Shareholders' Equity (or Net Asset Value, "NAV") was $55.2 million, or $0.64 per share. Aberdeen's shareholders' equity decreased by $10.3 million from $65.5 million at the end of Q4 2013. The decrease in shareholders' equity was largely due to the performance of Aberdeen's equity investment portfolio in the first quarter, which had an unrealized loss of $8.7 million for the quarter. In the first quarter of 2014, the stock market performance for small capitalization mining and resource stocks continued to be weak. On a year-over-year basis, Aberdeen's shareholders' equity decreased by $24.0 million. Note that the reference to shareholders' equity is similar to previous references to Net Asset Value or "NAV" by Aberdeen.
April 30, 2013 January 31, 2013 April 30, 2012
Shares
outstanding 85,994,602 85,994,602 86,898,239
$ $/Shares $ $/Shares $ $/Shares
----------------------------------------------------------------
Cash on hand 3,698,856 0.04 10,417,577(i) 0.12 2,034,272 0.02
Investments
Publicly
traded 21,669,343 0.252 29,844,393 0.347 41,332,712 0.476
Private 21,363,120 0.248 21,039,834 0.245 12,902,827 0.148
Non-trading
warrants
Intrinsic
value - - 1,032,114 0.012 - -
Option
value 929,324 0.011 1,415,665 0.016 1,154,730 0.013
----------------------------------------------------------------
929,324 0.011 2,447,779 0.028 1,154,730 0.013
----------------------------------------------------------------
Portfolio
Investments 43,961,787 0.511 53,332,006 0.620 55,390,269 0.637
Loans /
preferred
shares 7,682,603 0.089 6,116,040 0.071 4,383,312 0.050
----------------------------------------------------------------
Total 55,343,246 0.644 69,865,623 0.812 61,807,853 0.711
----------------------------------------------------------------
----------------------------------------------------------------
(i) Includes cash from trades made at the end of January 2013 but settled in
February 2013.
Aberdeen reported net earnings of $(7.4) million or $(0.09) per basic share for the three months ended April 30, 2013 on total revenue of $(8.9) million. Revenue was comprised of $9.1 million from net investment losses and $0.2 million from interest income and advisory services fees. For the three months ended April 31, 2012, Aberdeen reported net earnings of $(15.9) million or $(0.18) per basic share on total revenue of $(18.5) million ($(19.2) million from net investment losses, $0.6 million from royalties, $0.1 million from interest income and advisory service fees).
Normal Course Issuer Bid ("NCIB")
Subsequent to April 30, 2013, the Company announced a normal course issuer bid ("NCIB"). The Company can purchase up to 7,073,910 common shares under the current NCIB with daily purchases limited to 50,036 common shares other than block purchase exemptions. Subsequent to April 30, 2013, the Company purchased for 50,036 common shares at an average price of $0.20 per share.
About Aberdeen International Inc:
Aberdeen is a publicly traded global investment and merchant banking company focused on small cap companies in the resource sector. Aberdeen will seek to acquire significant equity participation in pre-IPO and/or early stage public resource companies with undeveloped or undervalued high-quality resources. Aberdeen will focus on companies that: (i) are in need of managerial, technical and financial resources to realize their full potential; (ii) are undervalued in foreign capital markets; and/or (iii) operate in jurisdictions with moderate local political risk. Aberdeen will seek to provide value-added managerial and board advisory services to companies. The Corporation's intention will be to optimize the return on its investment over a 24 to 36 month investment time frame. For additional information, please visit our website at www.aberdeeninternational.ca and follow us on Twitter: AberdeenAAB.
Cautionary Note
Except for statements of historical fact contained herein, the information in this press release constitutes "forward-looking information" within the meaning of Canadian securities law. Such forward-looking information may be identified by words such as "plans", "proposes", "estimates", "intends", "expects", "believes", "may", "will" and include without limitation, statements regarding the impact of the appointment on Aberdeen; past success as an indicator of future success; net asset value of the Company; the potential of investee companies and the appreciation of their share price; the future intentions of the Company with regard to its shareholdings; the Company's plan of business operations; and anticipated returns. There can be no assurance that such statements will prove to be accurate; actual results and future events could differ materially from such statements. Factors that could cause actual results to differ materially include, among others, metal prices, competition, financing risks, acquisition risks, risks inherent in the mining industry, and regulatory risks. Most of these factors are outside the control of the Company. Investors are cautioned not to put undue reliance on forward-looking information. Except as otherwise required by applicable securities statutes or regulation, the Company expressly disclaims any intent or obligation to update publicly forward-looking information, whether as a result of new information, future events or otherwise.
Contacts:
Aberdeen International
Mike McAllister
Manager, Investor Relations
+1 416-309-2134
info@aberdeeninternational.ca
Aberdeen International
David Stein
President and CEO
+1 416-861-5812
dstein@aberdeeninternational.ca
www.aberdeeninternational.ca
