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.