3rd Quarter Results
November 12 2009 - 3:51AM
UK Regulatory
TIDMCSB
RNS Number : 4023C
Crosby Asset Management Inc
12 November 2009
Crosby ASSET MANAGEMENT Inc. ("CAM" or the "Group")
Trading Update - Nine Months to 30 September 2009
12 November 2009
CAM is pleased to announce its trading figures for the nine months ended 30
September 2009.
Summary Financials
* Revenue for the year to date of US$2.74 million (Q3 2008: US$18.85 million,).
* Loss Attributable to Shareholders for the year to date of US$9.74 million (Q3
2008: US$58.27 million).
* Loss Per Share (basic) for the year to date: US$0.04 (Q3 2008: US$0.24).
* Assets Under Management Q3 2009: US$0.6 billion (Q3 2008:US$1.0 billion).
Commentary
The Group is continuing to pursue it's strategy of reducing costs with a further
fall in the level of administration costs during the third quarter.
As reported in the previous two quarters, Crosby Wealth Management (CWM)
continues to make modest progress in terms of assets under management but
margins remain subdued. The Group is pleased to state that there have been no
substantial developments in the legal proceedings that have been brought against
CWM in relation to an execution error.
As announced on 28 August 2009 CAM has withdrawn from its joint venture with
Apollo Multi Asset Management LLP.
The process of winding up the Crosby Forsyth hedge fund of funds continues,
following the appointment of a liquidator in July 2008. Crosby Capital Partners
Limited continues to manage the Forsyth Managed Balanced and Institutional
Property funds.
Due to the lack of critical mass within the Crosby Active Opportunities Fund
('CAOF') CAOF has continued to liquidate positions, where possible, in order to
return cash to shareholders.
Stronger oil prices have continued to help with the development of Orchard
Petroleum, in which CAM has a five per cent. equity stake (rising to between
nine per cent. and ten per cent. after the repayment of debt to preference
shareholders). Total production for the period under review has been largely
stable. Whilst the overall well count has not increased substantially (now
standing at 47 wells), Orchard Petroleum has identified new prospects through
the deployment of better drilling technology and the identification of
additional geological features and is presently evaluating the best way to
exploit these opportunities and how best to fund any further development.
ABOUT CAM
CAM is an asset management group with offices in London and Hong Kong. CAM is
quoted on the AIM market of the London Stock Exchange.
For further information on Crosby please contact:
Crosby Asset Management Inc.
Simon Fry+44 (0) 20 3291 2863
Strand Hanson Limited
Stuart Faulkner / James Spinney +44 (0) 20 7409 3494
Trading Summary
+--------------------+-----------+-----------+-----+------------+-----------+
| | Unaudited | Unaudited | | Unaudited | Unaudited |
| | nine | nine | | three | three |
| | months | months | | months | months |
| | ended | ended | | ended | ended |
| | 30 | 30 | | 30 | 30 |
| | September | September | | September | September |
+--------------------+-----------+-----------+-----+------------+-----------+
| | 2009 | 2008 | | 2009 | 2008 |
+--------------------+-----------+-----------+-----+------------+-----------+
| | US$'000 | US$'000 | | US$'000 | US$'000 |
+--------------------+-----------+-----------+-----+------------+-----------+
| | | | | | |
+--------------------+-----------+-----------+-----+------------+-----------+
| Continuing | | | | | |
| operations | | | | | |
+--------------------+-----------+-----------+-----+------------+-----------+
| | | | | | |
+--------------------+-----------+-----------+-----+------------+-----------+
| Revenue | 2,735 | 18,848 | | 631 | 3,873 |
+--------------------+-----------+-----------+-----+------------+-----------+
| Cost of sales | (338) | (4,682) | | (16) | (1,145) |
+--------------------+-----------+-----------+-----+------------+-----------+
| | | | | | |
+--------------------+-----------+-----------+-----+------------+-----------+
| | | | | | |
+--------------------+-----------+-----------+-----+------------+-----------+
| Gross profit | 2,397 | 14,166 | | 615 | 2,728 |
+--------------------+-----------+-----------+-----+------------+-----------+
| | | | | | |
+--------------------+-----------+-----------+-----+------------+-----------+
| (Loss)/Gain on | | | | | |
| financial assets | (1,859) | (1,959) | | 105 | (1,986) |
| at fair value | | | | | |
| through profit or | | | | | |
| loss | | | | | |
+--------------------+-----------+-----------+-----+------------+-----------+
| Other income | 395 | 728 | | 101 | 428 |
+--------------------+-----------+-----------+-----+------------+-----------+
| | | | | | |
+--------------------+-----------+-----------+-----+------------+-----------+
| Administrative | | | | | |
| expenses | | | | | |
+--------------------+-----------+-----------+-----+------------+-----------+
| Restructuring | (580) | (7,437) | | - | (3,204) |
| expenses | | | | | |
+--------------------+-----------+-----------+-----+------------+-----------+
| Amortisation of | - | (314) | | - | - |
| intangible assets | | | | | |
+--------------------+-----------+-----------+-----+------------+-----------+
| Impairment of | (10) | (8,979) | | - | - |
| intangible assets | | | | | |
+--------------------+-----------+-----------+-----+------------+-----------+
| Other | (7,263) | (25,290) | | (1,646) | (7,792) |
| administrative | | | | | |
| expenses | | | | | |
+--------------------+-----------+-----------+-----+------------+-----------+
| | (7,853) | (42,020) | | (1,646) | (10,996) |
+--------------------+-----------+-----------+-----+------------+-----------+
| | | | | | |
+--------------------+-----------+-----------+-----+------------+-----------+
| Distribution | - | (13) | | - | (10) |
| expenses | | | | | |
+--------------------+-----------+-----------+-----+------------+-----------+
| Impairment of | (1,458) | - | | - | - |
| available-for-sale | | | | | |
| investments | | | | | |
+--------------------+-----------+-----------+-----+------------+-----------+
| Other operating | (2,076) | (4,582) | | (564) | (3,467) |
| expenses | | | | | |
+--------------------+-----------+-----------+-----+------------+-----------+
| | | | | | |
+--------------------+-----------+-----------+-----+------------+-----------+
| | | | | | |
+--------------------+-----------+-----------+-----+------------+-----------+
| Loss from | (10,454) | (33,680) | | (1,389) | (13,303) |
| operations | | | | | |
+--------------------+-----------+-----------+-----+------------+-----------+
| | | | | | |
+--------------------+-----------+-----------+-----+------------+-----------+
| Finance costs | (88) | (165) | | (26) | (32) |
+--------------------+-----------+-----------+-----+------------+-----------+
| Share of | (38) | 42 | | (39) | (27) |
| (losses)/profits | | | | | |
| of associates | | | | | |
+--------------------+-----------+-----------+-----+------------+-----------+
| Share of profits | 200 | 98 | | 127 | 32 |
| of jointly | | | | | |
| controlled | | | | | |
| entities | | | | | |
+--------------------+-----------+-----------+-----+------------+-----------+
| | | | | | |
+--------------------+-----------+-----------+-----+------------+-----------+
| | | | | | |
+--------------------+-----------+-----------+-----+------------+-----------+
| Loss before | (10,380) | (33,705) | | (1,327) | (13,330) |
| taxation | | | | | |
+--------------------+-----------+-----------+-----+------------+-----------+
| | | | | | |
+--------------------+-----------+-----------+-----+------------+-----------+
| Taxation | 33 | (70) | | 9 | 223 |
+--------------------+-----------+-----------+-----+------------+-----------+
| | | | | | |
+--------------------+-----------+-----------+-----+------------+-----------+
| Loss for the | (10,347) | (33,775) | | (1,318) | (13,107) |
| period from | | | | | |
| continuing | | | | | |
| operations | | | | | |
+--------------------+-----------+-----------+-----+------------+-----------+
| | | | | | |
+--------------------+-----------+-----------+-----+------------+-----------+
| | | | | | |
+--------------------+-----------+-----------+-----+------------+-----------+
| Discontinued | | | | | |
| operations | | | | | |
+--------------------+-----------+-----------+-----+------------+-----------+
| | | | | | |
+--------------------+-----------+-----------+-----+------------+-----------+
| Loss for the | - | (25,427) | | - | (220) |
| period from | | | | | |
| discontinued | | | | | |
| operations | | | | | |
+--------------------+-----------+-----------+-----+------------+-----------+
| | | | | | |
+--------------------+-----------+-----------+-----+------------+-----------+
| Loss for the | (10,347) | (59,202) | | (1,318) | (13,327) |
| period | | | | | |
+--------------------+-----------+-----------+-----+------------+-----------+
| | | | | | |
+--------------------+-----------+-----------+-----+------------+-----------+
| | | | | | |
+--------------------+-----------+-----------+-----+------------+-----------+
| Attributable to: | | | | | |
+--------------------+-----------+-----------+-----+------------+-----------+
| Equity holders of | | | | | |
| the Company | | | | | |
+--------------------+-----------+-----------+-----+------------+-----------+
| Loss for the | (9,737) | (32,838) | | (1,161) | (11,676) |
| period from | | | | | |
| continuing | | | | | |
| operations | | | | | |
+--------------------+-----------+-----------+-----+------------+-----------+
| Loss for the | | | | | |
| period from | - | (25,427) | | - | (220) |
| discontinued | | | | | |
| operations | | | | | |
+--------------------+-----------+-----------+-----+------------+-----------+
| | | | | | |
+--------------------+-----------+-----------+-----+------------+-----------+
| | (9,737) | (58,265) | | (1,161) | (11,896) |
+--------------------+-----------+-----------+-----+------------+-----------+
| | | | | | |
+--------------------+-----------+-----------+-----+------------+-----------+
| | | | | | |
+--------------------+-----------+-----------+-----+------------+-----------+
| Minority interests | | | | | |
+--------------------+-----------+-----------+-----+------------+-----------+
| Loss for the | (610) | (937) | | (157) | (1,431) |
| period from | | | | | |
| continuing | | | | | |
| operations | | | | | |
+--------------------+-----------+-----------+-----+------------+-----------+
| Loss for the | | | | | |
| period from | - | - | | - | - |
| discontinued | | | | | |
| operations | | | | | |
+--------------------+-----------+-----------+-----+------------+-----------+
| | | | | | |
+--------------------+-----------+-----------+-----+------------+-----------+
| | (610) | (937) | | | (1,431) |
+--------------------+-----------+-----------+-----+------------+-----------+
| | | | | | |
+--------------------+-----------+-----------+-----+------------+-----------+
| Loss for the | (10,347) | (59,202) | | (1,318) | (13,327) |
| period | | | | | |
+--------------------+-----------+-----------+-----+------------+-----------+
| | | | | | |
+--------------------+-----------+-----------+-----+------------+-----------+
| | | | | | |
+--------------------+-----------+-----------+-----+------------+-----------+
| | | | | | |
+--------------------+-----------+-----------+-----+------------+-----------+
| Dividend | - | - | | - | - |
+--------------------+-----------+-----------+-----+------------+-----------+
| | | | | | |
+--------------------+-----------+-----------+-----+------------+-----------+
| Loss per share for | | | | | |
| loss attributable | US cents | US cents | | US cents | US cents |
| to equity holders | | | | | |
| of the Company | | | | | |
| during the period | | | | | |
+--------------------+-----------+-----------+-----+------------+-----------+
| - Basic | (4.00) | (23.94) | | (0.48) | (4.89) |
+--------------------+-----------+-----------+-----+------------+-----------+
| - Diluted | | | | | |
| | N/A | N/A | | N/A | N/A |
+--------------------+-----------+-----------+-----+------------+-----------+
This information is provided by RNS
The company news service from the London Stock Exchange
END
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