Business & Finance
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Business and Finance
Thu, July 5, 2012
Wed, July 4, 2012
Tue, July 3, 2012 Essex Angel Capital Announces Financial Results for the Three Months Ended May 31, 2012
July 03, 2012 19:39 ET
Essex Angel Capital Announces Financial Results for the Three Months Ended May 31, 2012
Reports EPS of $0.206 and Asset Growth of 568% Over Prior Quarter
WINDSOR, ONTARIO--(Marketwire - July 3, 2012) -
NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES
Essex Angel Capital Inc. (TSX VENTURE:EXC) (the "Corporation") today announces the filing of its unaudited financial results for the three and nine-month period ended May 31, 2012. During the three month period ended May 31, 2012 the Corporation posted net and comprehensive income of $7,625,659.
The net income derives from a reported $10,394,917 unrealized increase in the estimated fair value of the Corporation's investments, partly offset by a related future income tax expense of $2,416,509, and operating expenses of $353,049.
The current quarter's net income translates to $0.206 per share, basic and fully diluted. Total assets have increased by 568% from the February 29, 2012 balance sheet and 493% from the August 31, 2011 balance sheet. Excluding future income taxes, the Corporation's balance sheet remains free of long-term liabilities.
Selected financial information follows:
| Quarter ended May 31, 2012 (unaudited) | Quarter ended February 29, 2012 (unaudited) | Year ended August 31, 2011 (audited) | ||||
| Income (loss) for the quarter / year, before income taxes | $10,042,168 | ($149,648 | ) | ($748,557 | ) | |
| Provision for income taxes | ($2,416,509 | ) | $- | $- | ||
| Earnings (loss) per share - basic and fully diluted | $0.206 | ($0.005 | ) | ($0.033 | ) | |
| Working capital | $120,869 | $71,716 | $422,319 | |||
| Total assets | $12,467,879 | $1,865,379 | $2,101,878 |
"The Essex management and board are pleased to report this quarter's results to our shareholders," commented Rick Galdi, the Corporation's Chairman and CEO.
Neither TSX-V nor its Regulation Services Provider (as that term is defined in the policies of the TSX-V) accepts responsibility for the adequacy or accuracy of this release.
