Press Release Source: Longview Capital Partners Incorporated
/ CORRECTION - Longview Capital Partners Incorporated
Monday April 23, 2:02 pm ET
VANCOUVER, BC--(MARKET WIRE)--Apr 23, 2007 -- In the news release, "Longview Capital Partners Earns $34.1 Million After-Tax in 2006," issued Thursday, April 19, 2007, by Longview Capital Partners Incorporated (CDNX:LV.V - News), we are advised by the company that in the second bulleted list, the first bullet should read "Earnings per share of $0.29 compared with $0.15 for the fourth quarter of 2005" rather than "Earnings per share of $0.29 compared with $0.51 for the fourth quarter of 2005" as originially issued. Complete corrected text follows.
Longview Capital Partners Earns $34.1 Million After-Tax in 2006
Return on Equity Equals 88.0%
VANCOUVER, BC -- April 19, 2007 -- Longview Capital Partners Incorporated (CDNX:LV.V - News) today announced financial results for the fourth quarter and year ended December 31, 2006. Highlights include:
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Full year:
* Earnings per share of $0.47, compared with $0.11 for 2005
* Return on equity of 88.0% exceeds 14.5% increase in S&P/TSX Composite Index
* Revenues grow to $56.4 million from $3.9 million in 2005
* Net income grows to $34.2 million from $1.7 million in 2005
* Fair value of investment portfolio increases to $87.5 million from $9.7 million in 2005
Fourth quarter results
* Earnings per share of $0.29 compared with $0.15 for the fourth quarter of 2005
* Revenues grow to $36.9 million from $3.9 million for the fourth quarter of 2005
* Net income grows to $23.1 million from $2.4 million for the fourth quarter of 2005
"Our 2006 fiscal year was excellent in all aspects," said Damien Reynolds, founder, Chairman and CEO of Longview. "These results reflect the success of Longview's first full year of operations in which we raised a total of $23.1 million to further the Company's model of investing in early stage natural resource opportunities. Our investment portfolio has performed remarkably well in 2006 and has grown to more than $87 million at year-end. Looking forward to 2007, with Longview Technical fully formed and operational (www.longviewtechnical.com), we believe we will create even greater returns for our shareholders."
Longview's investment portfolio at December 31, 2006 included over 30 public companies and had weightings of: 21.9% in gold companies, 21.5% in uranium companies, 20.6% in tungsten and molybdenum companies, 10.4% in coal companies, and 5.6% in iron companies. Longview is developing additional early stage natural resource opportunities in areas including nickel, copper, oil and gas, and diamonds.
The company also made a restatement to its financial statements for the year ended December 31, 2005 to reflect the fair value of warrants held by the Company in accordance with the Chartered Accountants Institute of Canada Accounting Guideline 18, Investment Companies, and the future tax liabilities on unrealized gains on investments recognized. "The effect of these changes was to reduce net income by only $0.4 million, or $0.02 per share," stated Ian Fodie, CFO of Longview. "This change in accounting has also been applied to previously filed quarterly financial statements of 2006."
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 years ended December 31, 2006 and 2005.
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.
LONGVIEW CAPITAL PARTNERS INCORPORATED
(formerly Longview Strategies Incorporated)
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
YEARS ENDED DECEMBER 31, 2006 AND 2005
==================================================
2006 2005
--------------------------------------------------
(restated)
ASSETS
Cash and cash equivalents $ 2,734,605 $ 151,229
Investments, at fair value 87,539,741 9,716,130
Accounts receivable 756,782 93,720
Deposits and prepaid expenses 111,910 1,000
Deferred costs 612,119 -
Fixed assets 232,660 -
---------------------------
$ 91,987,817 $ 9,962,079
==================================================
LIABILITIES AND SHAREHOLDERS' EQUITY
Liabilities
Accounts payable and accrued liabilities $ 2,053,136 $ 83,479
Income taxes payable 2,363,215 -
---------------------------
4,416,351 83,479
Future tax liabilities 16,520,596 1,337,712
---------------------------
20,936,947 1,421,191
---------------------------
Shareholders' equity
Share capital 28,299,289 6,314,125
Contributed surplus 6,882,074 514,383
Retained earnings 35,869,507 1,712,380
---------------------------
71,050,870 8,540,888
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$ 91,987,817 $ 9,962,079
==================================================
LONGVIEW CAPITAL PARTNERS INCORPORATED
(formerly Longview Strategies Incorporated)
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
YEARS ENDED DECEMBER 31, 2006 AND 2005
==================================================
2006 2005
--------------------------------------------------
(restated)
REVENUES
Gain on disposal of investments, net $ 9,440,934 $ 20,967
Unrealized gain on investments, net 45,994,515 3,878,549
Interest and rental income 165,803 4,869
Other income 850,403 71,000
---------------------------
56,451,655 3,975,385
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EXPENSES
Operating, general and administrative 2,840,552 425,161
Depreciation 18,146 -
Foreign exchange gain (157,272) -
Interest 40,827 -
Stock-based compensation 2,006,176 477,050
---------------------------
4,748,429 902,211
---------------------------
Income before income taxes 51,703,226 3,073,174
Provision for income taxes (17,546,099) (1,337,712)
---------------------------
Net income for the year 34,157,127 1,735,462
---------------------------
Retained earnings (Deficit),
beginning of year,
as previously reported 2,097,555 (23,082)
Change in accounting (385,175) -
---------------------------
Retained earnings (Deficit),
beginning of year, as restated 1,712,380 (23,082)
---------------------------
Retained earnings, end of year $ 35,869,507 $ 1,712,380
==================================================
Basic earnings per share $ 0.47 $ 0.11
==================================================
Diluted earnings per share $ 0.45 $ 0.10
==================================================
Weighted average number of
common shares outstanding
Basic 72,969,608 15,816,377
Diluted 76,221,060 17,340,242
==================================================
LONGVIEW CAPITAL PARTNERS INCORPORATED
(formerly Longview Strategies Incorporated)
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
YEARS ENDED DECEMBER 31, 2006 AND 2005
==================================================
2006 2005
--------------------------------------------------
(restated)
CASH FLOWS FROM (USED IN)
OPERATING ACTIVITIES
Net income for the year $ 34,157,127 $ 1,735,462
Items not affecting cash:
Unrealized gain on investments, net (45,994,515) (3,878,549)
Gain on disposal of investments, net (9,440,934) (20,967)
Provision for income taxes - future 15,182,884 1,337,712
Stock-based compensation 2,006,176 477,050
Depreciation 18,146 -
Changes in non-cash working capital items:
Increase in accounts receivable (663,061) (90,072)
Increase in deposits and prepaid expenses (110,910) (1,000)
Increase in accounts payable and
accrued liabilities 1,969,657 77,575
Increase in income taxes payable 2,363,215 -
---------------------------
Net cash used in operating activities (512,215) (362,789)
---------------------------
CASH FLOWS FROM (USED IN)
INVESTING ACTIVITIES
Purchase of investments (57,819,522) (1,500,586)
Proceeds from disposal of investments 40,414,240 97,809
Purchase of fixed assets (250,806) (13,837)
---------------------------
Net cash used in investing activities (17,656,088) (1,416,614)
---------------------------
CASH FLOWS FROM (USED IN)
FINANCING ACTIVITIES
Shares and warrants issued for cash 20,244,491 1,621,342
Proceeds from exercise of options 102,500 -
Proceeds from exercise of warrants 424,688 -
---------------------------
Net cash provided by financing activities 20,751,679 1,621,342
---------------------------
Increase (decrease) in cash and
cash equivalents during the year 2,583,376 (158,061)
Cash and cash equivalents, beginning of year 151,229 309,290
---------------------------
Cash and cash equivalents, end of year $ 2,734,605 $ 151,229
==================================================
Cash and cash equivalents consist of:
Cash in bank and brokerage accounts $ 2,687,030 $ 151,229
Cash in trust 47,575 -
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$ 2,734,605 $ 151,229
==================================================
Distributed by Filing Services Canada and retransmitted by Market Wire
Contact:
For more information on Longview Capital Partners Incorporated, please
contact:
Mr. Spiro Kletas
Investor Relations
(604) 681-5755
http://www.longviewcp.com.
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