3rd Quarter Results

 

TIDMCSB 
 
RNS Number : 0216W 
Crosby Asset Management Inc 
11 November 2010 
 

11 November 2010 
 
                         Crosby ASSET MANAGEMENT Inc. 
                            ("CAM" or the "Company") 
                Trading Update - Nine Months to 30 September 2010 
 
 
 
CAM is pleased to announce its trading figures, for the nine months ended 30 
September 2010. 
 
 
Summary Financials (for the nine months ended 30 September 2010) 
 
·    Revenue: US$1.63 million (nine months ended 30 September 2009: US$2.74 
million) 
 
·    Loss Attributable to Shareholders: US$0.09 million (nine months ended 30 
September 2009: US$9.74 million) 
 
·    Loss Per Share (basic): US cents 0.03 (nine months ended 30 September 2009: 
UScents 4.00) 
 
 
Commentary 
 
These results reflect the Company's strategy to constrain costs and preserve 
cash. 
 
As previously announced on 4 October 2010, CAM completed the disposal of all its 
operating businesses and, accordingly, became an investing company, as defined 
by the AIM Rules. 
 
The Company's investing strategy will be to acquire holdings in natural 
resources, minerals, metals and/or oil & gas companies which the Directors 
believe are undervalued and where one or more such transactions have the 
potential to create value for the Company's shareholders. 
 
The Company expects to be an active investor, but decisions as to whether to 
invest will be governed by the terms of each transaction. Under the investing 
strategy, there is no limit on the number of projects into which the Company may 
invest, and the Company will consider possible opportunities anywhere in the 
world, although the Company has a particular focus on Africa, South America, 
Australasia and central and Eastern Europe. 
 
 
 
 
For further information on CAM please contact: 
 
Crosby Asset Management Inc. 
Trevor Wells                                                          +44 (0) 20 
3291 2863 
 
Strand Hanson Limited 
Stuart Faulkner / James Spinney                           [phone] 
Trading Summary 
+--------------------------------+-----------+-----------+----------+-----------+-----------+ 
| Consolidated Income Statement                                                             | 
|                                                                                           | 
+-------------------------------------------------------------------------------------------+ 
|                                | Unaudited | Unaudited |          | Unaudited | Unaudited | 
|                                |      nine |      nine |          |     three |     three | 
|                                |    months |    months |          |    months |    months | 
|                                |     ended |     ended |          |     ended |     ended | 
|                                |        30 |        30 |          |        30 |        30 | 
|                                | September | September |          | September | September | 
+--------------------------------+-----------+-----------+----------+-----------+-----------+ 
|                                |      2010 |      2009 |          |      2010 |      2009 | 
+--------------------------------+-----------+-----------+----------+-----------+-----------+ 
|                                |   US$'000 |   US$'000 |          |   US$'000 |   US$'000 | 
+--------------------------------+-----------+-----------+----------+-----------+-----------+ 
|                                |           |           |          |           |           | 
+--------------------------------+-----------+-----------+----------+-----------+-----------+ 
| Revenue                        |     1,630 |     2,735 |          |       602 |       631 | 
+--------------------------------+-----------+-----------+----------+-----------+-----------+ 
| Cost of sales                  |     (291) |     (338) |          |       (6) |      (16) | 
+--------------------------------+-----------+-----------+----------+-----------+-----------+ 
|                                |           |           |          |           |           | 
+--------------------------------+-----------+-----------+----------+-----------+-----------+ 
| Gross profit                   |     1,339 |     2,397 |          |       596 |       615 | 
+--------------------------------+-----------+-----------+----------+-----------+-----------+ 
|                                |           |           |          |           |           | 
+--------------------------------+-----------+-----------+----------+-----------+-----------+ 
| Gain/(Loss) on financial       |           |           |          |           |           | 
| assets at fair value through   |         3 |   (1,859) |          |       (1) |       105 | 
| profit or loss                 |           |           |          |           |           | 
+--------------------------------+-----------+-----------+----------+-----------+-----------+ 
| Other income                   |     3,802 |       395 |          |       138 |       101 | 
+--------------------------------+-----------+-----------+----------+-----------+-----------+ 
|                                |           |           |          |           |           | 
+--------------------------------+-----------+-----------+----------+-----------+-----------+ 
| Administrative expenses        |           |           |          |           |           | 
+--------------------------------+-----------+-----------+----------+-----------+-----------+ 
| Restructuring                  |        23 |     (580) |          |      (92) |         - | 
| credit/(expenses)              |           |           |          |           |           | 
+--------------------------------+-----------+-----------+----------+-----------+-----------+ 
| Impairment of intangible       |         - |      (10) |          |         - |         - | 
| assets                         |           |           |          |           |           | 
+--------------------------------+-----------+-----------+----------+-----------+-----------+ 
| Other administrative expenses  |   (4,086) |   (7,263) |          |   (1,447) |   (1,646) | 
+--------------------------------+-----------+-----------+----------+-----------+-----------+ 
|                                |   (4,063) |   (7,853) |          |   (1,539) |   (1,646) | 
+--------------------------------+-----------+-----------+----------+-----------+-----------+ 
|                                |           |           |          |           |           | 
+--------------------------------+-----------+-----------+----------+-----------+-----------+ 
| Impairment of                  |       (6) |   (1,458) |          |        59 |         - | 
| available-for-sale investments |           |           |          |           |           | 
+--------------------------------+-----------+-----------+----------+-----------+-----------+ 
| Reversal of impairment on      |           |           |          |           |           | 
| available-for-sale investments |        75 |         - |          |        75 |         - | 
+--------------------------------+-----------+-----------+----------+-----------+-----------+ 
| Other operating expenses       |     (304) |   (2,076) |          |     (128) |     (564) | 
+--------------------------------+-----------+-----------+----------+-----------+-----------+ 
|                                |           |           |          |           |           | 
+--------------------------------+-----------+-----------+----------+-----------+-----------+ 
| Profit/(Loss) from operations  |       846 |  (10,454) |          |     (800) |   (1,389) | 
+--------------------------------+-----------+-----------+----------+-----------+-----------+ 
|                                |           |           |          |           |           | 
+--------------------------------+-----------+-----------+----------+-----------+-----------+ 
| Finance costs                  |      (90) |      (88) |          |      (34) |      (26) | 
+--------------------------------+-----------+-----------+----------+-----------+-----------+ 
| Share of losses of associates  |         - |      (38) |          |         - |      (39) | 
+--------------------------------+-----------+-----------+----------+-----------+-----------+ 
| Share of profits of jointly    |        70 |       200 |          |        19 |       127 | 
| controlled entities            |           |           |          |           |           | 
+--------------------------------+-----------+-----------+----------+-----------+-----------+ 
|                                |           |           |          |           |           | 
+--------------------------------+-----------+-----------+----------+-----------+-----------+ 
| Profit/(Loss) before taxation  |       826 |  (10,380) |          |     (815) |   (1,327) | 
+--------------------------------+-----------+-----------+----------+-----------+-----------+ 
|                                |           |           |          |           |           | 
+--------------------------------+-----------+-----------+----------+-----------+-----------+ 
| Taxation                       |         4 |        33 |          |         1 |         9 | 
+--------------------------------+-----------+-----------+----------+-----------+-----------+ 
|                                |           |           |          |           |           | 
+--------------------------------+-----------+-----------+----------+-----------+-----------+ 
| Profit/(Loss) for the period   |       830 |  (10,347) |          |     (814) |   (1,318) | 
+--------------------------------+-----------+-----------+----------+-----------+-----------+ 
|                                |           |           |          |           |           | 
+--------------------------------+-----------+-----------+----------+-----------+-----------+ 
|                                |           |           |          |           |           | 
+--------------------------------+-----------+-----------+----------+-----------+-----------+ 
| Attributable to:               |           |           |          |           |           | 
+--------------------------------+-----------+-----------+----------+-----------+-----------+ 
| Owners of the Company          |      (85) |   (9,737) |          |   (1,043) |   (1,161) | 
+--------------------------------+-----------+-----------+----------+-----------+-----------+ 
| Non-controlling interests      |       915 |     (610) |          |       229 |     (157) | 
+--------------------------------+-----------+-----------+----------+-----------+-----------+ 
|                                |           |           |          |           |           | 
+--------------------------------+-----------+-----------+----------+-----------+-----------+ 
| Profit/(Loss) for the period   |       830 |  (10,347) |          |     (814) |   (1,318) | 
+--------------------------------+-----------+-----------+----------+-----------+-----------+ 
|                                |           |           |          |           |           | 
+--------------------------------+-----------+-----------+----------+-----------+-----------+ 
|                                |           |           |          |           |           | 
+--------------------------------+-----------+-----------+----------+-----------+-----------+ 
| Dividend                       |         - |         - |          |         - |         - | 
+--------------------------------+-----------+-----------+----------+-----------+-----------+ 
|                                |           |           |          |           |           | 
+--------------------------------+-----------+-----------+----------+-----------+-----------+ 
|                                |           |           |          |           |           | 
+--------------------------------+-----------+-----------+----------+-----------+-----------+ 
| Loss per share for loss        |           |           |          |           |           | 
| attributable to owners of the  |        US |        US |          |        US |        US | 
| Company during the period      |     cents |     cents |          |     cents |     cents | 
+--------------------------------+-----------+-----------+----------+-----------+-----------+ 
|          -  Basic              |    (0.03) |    (4.00) |          |    (0.43) |    (0.48) | 
+--------------------------------+-----------+-----------+----------+-----------+-----------+ 
|          -  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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