Aberdeen Reports Shareholders' Equity of $0.54 Per Share and 2014 Year End Financial Results
May 02 2014 - 6:00AM
Marketwired Canada
ABERDEEN INTERNATIONAL INC. ("Aberdeen", or the "Company") (TSX: AAB) is pleased
to announce that it has released its financial results for the fourth quarter of
2014, ended January 31, 2014. For more information please see the Company's
Audited Condensed Annual Financial Statements and Management's Discussion and
Analysis ("MD&A") posted on SEDAR at www.sedar.com.
As at January 31, 2014, Aberdeen's Shareholders' Equity (or Net Asset Value,
"NAV") was $47.5 million, or $0.54 per share. Aberdeen's shareholders' equity
decreased by $2.0 million from $49.5 million at the end of Q3 2014. The decrease
in shareholders' equity was largely due to the performance of Aberdeen's equity
investment portfolio in the fourth quarter, which had a total investment loss of
$2.0 million for the quarter. On a year-over-year basis, Aberdeen's
shareholders' equity decreased by $17.9 million. Note that the reference to
shareholders' equity is similar to previous references to Net Asset Value or
"NAV" by Aberdeen.
January 31, 2014 January 31, 2013 October 31, 2013
Shares
outstanding 87,349,422 85,994,602 85,449,422
$/ $/ $/
$ Shares $ Shares $ Shares
-------------------------------------------------------------
Cash on hand 868,267 0.01 10,417,577(i) 0.12 1,176,224 0.01
Investments
Publicly
traded 17,216,988 0.197 29,844,393 0.347 17,661,275 0.207
Private 20,075,953 0.230 21,039,834 0.245 20,067,856 0.235
Non-trading
warrants
Intrinsic
value 25,000 0.000 1,032,114 0.012 - -
Option
value 545,909 0.006 1,415,665 0.016 323,105 0.004
-------------------------------------------------------------
570,909 0.007 2,447,779 0.028 323,105 0.004
-------------------------------------------------------------
Portfolio
Investments 37,863,850 0.433 53,332,006 0.620 38,052,236 0.445
Loans /
preferred
shares 6,902,617 0.079 6,116,040 0.071 8,421,625 0.099
-------------------------------------------------------------
Total 45,634,734 0.522 69,865,623 0.812 47,650,085 0.558
-------------------------------------------------------------
-------------------------------------------------------------
(i) Includes cash from trades made at the end of January 2013 but settled in
February 2013.
For the twelve months ended January 31, 2014, Aberdeen reported net earnings of
$(16.3) million or $(0.19) per basic share on total revenue of $(13.5) million.
Revenue was comprised of $(14.3) million from net investment losses and $0.8
million from interest income, dividends and advisory services fees. For the
twelve months ending January 31, 2013, Aberdeen reported net earnings of $(30.6)
million or $(0.35) per share on total revenue of $(20.5) million ($(22.4)
million from net investment losses, $0.6 million from royalties and $1.9 million
from interest and dividend income and advisory service fees).
Normal Course Issuer Bid ("NCIB")
During the twelve months ending January 31, 2014, 725,180 common shares were
purchased for cancellation under the Company's NCIB at an average cost of $0.17.
Aberdeen expects to continue to purchase shares over the remainder of its NCIB,
depending on market conditions and other investment opportunities that may be
available.
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.
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;
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.
FOR FURTHER INFORMATION PLEASE CONTACT:
Aberdeen International Inc.
Mike McAllister
Manager, Investor Relations
+1 416-309-2134
info@aberdeeninternational.ca
Aberdeen International Inc.
David Stein
President and CEO
+1 416-861-5812
dstein@aberdeeninternational.ca
www.aberdeeninternational.ca
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