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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Wilmington Capital Management | TSX:WCM.B | Toronto | Common Stock |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 6.90 | 6.25 | 7.55 | 0 | 14:40:11 |
Wilmington Capital Management Inc. (TSX:WCM.A)(TSX:WCM.B) today announced a net loss for the three months ended December 31, 2011 of $485,000 or ($0.06) compared to a net income of $70,000 or $0.01 for the same period in 2010. For the year ended December 31, 2011, net income amounted to $19.7 million or $2.43 per share compared to a net income of $37,000 or $0.00 per share for the same period in 2010.
In 2011, Wilmington completed its strategic plan and took comprehensive steps to broaden its investment strategy to include selective investments in the energy as well as the real estate sectors. The Corporation's principal objective will continue to focus on investments capable of generating appreciation in value as opposed to current income and on maximizing shareholder returns by investing its own capital alongside partners and co-investors in hard assets and private equity fund. These assets will be managed through existing operating platforms where the Corporation can add scale and improve valuations.
On January 7, 2011, British Columbia Investment Management Corporation ("bcIMC") purchased all of the issued and outstanding shares in Parkbridge at a price of $7.30 per common share. Pursuant to this transaction, Wilmington received $40.6 million in gross proceeds, realized a pre-tax gain of $23.6 million and repaid its loan payable secured by the Parkbridge shares of $14.6 million.
In February 2011, Wilmington acquired a 46.15% indirect interest in a portfolio of five self-storage facilities and two development properties through its interest in Real Storage Private Trust (the "Trust"). The five operating facilities are in the initial lease up stage and are expected to reach stabilized occupancy and cash flow in 2012. Wilmington's share of the cash consideration required to complete this transaction totaled $4.125 million and consisted of a $2.5 million subscription for additional equity in the Trust and a $1.625 million bridge loan advanced to the Trust. The bridge loan was due on demand and bore interest at 7% per annum. During the second quarter, the bridge loan and accrued interest were repaid with proceeds from the sale of one of the Trust's development properties. The Trust now owns 17 self-storage facilities comprising 645,978 square feet of rentable area and one development property.
On August 17, 2011, the Corporation acquired 50% of the issued and outstanding voting shares in Network Capital Management Inc. ("NCI") for consideration consisting of 589,673 Class A shares issued by the Corporation. NCI is an investment company focused on private equity having a mandate to identify and invest in early stage opportunities in energy, energy services, real estate and special situations. Pursuant to the transaction, the vendor retains control of day to day operations for a period of two years. During the year ended December 31, 2011, the Corporation loaned $50,000 to NCI by way of a non interest bearing promissory notes for working capital purposes. The loan is due on demand.
On October 26, 2011, the Corporation, through the Shackleton Partnership, acquired a 100% working interest in certain natural gas producing and processing assets in the Shackleton Field in Saskatchewan. The aggregate cost of the acquisition including closing costs, amounted to approximately $19 million and was funded by a combination of cash and debt. Wilmington's share of the cash consideration to complete the acquisition was $6.215 million which was funded by providing cash for subscription units in the Shackleton Partnership. The Corporation's effective interest in the Shackleton Partnership is 59%. The remaining 41% indirect interest was acquired by four other investors in equal amounts and their share of the cash consideration to complete the acquisition was $4.285 million which was funded by providing cash for subscription units in the Shackleton Partnership. In connection with the acquisition, the Shackleton Partnership also entered into a credit facility with a Canadian bank in the amount of $9 million of which $8.5 million was drawn to fund the acquisition. The credit facility is secured by the assets. The assets are being professionally managed by Airwell Services Ltd. (the "Operator"), an entity whose purpose is to provide management services to the Shackleton Partnership. Wilmington has a 51% direct interest in the Operator. The remaining 49% interest is held by another entity with over 30 years of oil and gas field operations experience.
Wilmington also owns land leased to commercial property owners which is located at 370 Third Street in San Francisco, California. During the fourth quarter of 2010, Wilmington reorganized its investment in this property and entered into a new secured credit facility on which $1.6 million net is drawn, bears interest at 4% per annum and is repayable on January 1, 2013. At maturity this credit facility is payable, at the borrower's discretion, in cash or in shares of the Corporation's wholly owned subsidiary which owns the property.
Beginning January 1, 2011, the Corporation has prepared its financial statements in accordance with IFRS. Accordingly, certain adjustments were made to comply with IFRS for the current and comparable periods.
2012 OUTLOOK
In 2011, the Corporation took significant steps to put in place the foundation for achieving future growth by investing in three operating platforms - the Trust, NCI and the Shackleton Partnership. In 2012 and in the years ahead, the Corporation expects to add scale to these operating platforms, improve valuations and earn attractive cash flow and total returns for shareholders.
FINANCIAL HIGHLIGHTS As reported under International Financial Reporting Standards CONSOLIDATED STATEMENTS OF INCOME ---------------------------------------------------------------------------- Three months ended Years ended Unaudited December 31 December 31 (Thousands of Canadian Dollars, except per share amounts) 2011 2010 2011 2010 ---------------------------------------------------------------------------- Income Natural gas sales $ 1,124 $ --- $ 1,124 $ --- Royalties (218) --- (218) --- ---------------------------------------------------------------------------- Natural gas revenue 906 --- 906 --- ---------------------------------------------------------------------------- Income from investment property 302 299 1,168 1,219 Investment and other income 81 211 314 631 Foreign exchange gain --- 34 --- 62 ---------------------------------------------------------------------------- ---------------------------------------------------------------------------- 1,289 544 2,388 1,912 ---------------------------------------------------------------------------- ---------------------------------------------------------------------------- Expenses Petroleum operations 740 --- 740 --- Interest 359 472 1,231 1,600 General and administrative 343 132 582 296 Depletion, depreciation and amortization 303 --- 303 --- Stock compensation 30 --- 30 --- Foreign exchange loss (5) --- 54 --- ---------------------------------------------------------------------------- 1,770 604 2,940 1,896 ---------------------------------------------------------------------------- Income (loss) before gain on sale, share of net loss from equity accounted investment and income tax expense (benefit) (481) (60) (552) 16 Gain on sale of investment in Parkbridge Lifestyle Communities Inc. --- --- 23,581 --- Share of net loss from Real Storage Private Trust (8) 44 (223) (181) Share of net loss from Network Capital Management Inc. (59) --- (73) --- ---------------------------------------------------------------------------- Income (loss) before income taxes (548) (16) 22,733 (165) Income tax expense (benefit) (63) (86) 3,012 (202) ---------------------------------------------------------------------------- Net Income (loss) $ (485) $ 70 $ 19,721 $ 37 ---------------------------------------------------------------------------- ---------------------------------------------------------------------------- Net income (loss) attributable to: Owners of the Corporation $ 572 $ --- $ 19,808 37 Non-controlling interest (87) --- $ (87) --- ---------------------------------------------------------------------------- $ (485) $ --- 19,721 37 Net income (loss) per share - basic $ (0.06) $ 0.01 $ 2.43 $ 0.00 Net income (loss) per share - diluted $ (0.06) $ 0.01 $ 2.43 $ 0.00 CONSOLIDATED BALANCE SHEET ---------------------------------------------------------------------------- Unaudited December 31, December 31, January 1, (Thousands of Canadian Dollars) 2011 2010 2010 ---------------------------------------------------------------------------- Assets Non-current assets Investment property $ 18,933 $ 18,507 $ 19,489 Investment in Real Storage Private Trust 7,096 4,819 --- Investment in Network Capital Management Inc. 1,755 --- --- Investment in Parkbridge Lifestyle Communities Inc. --- 40,466 28,109 Natural gas properties and equipment 19,436 --- --- Deferred tax asset 135 --- --- ---------------------------------------------------------------------------- 47,355 63,792 47,598 ---------------------------------------------------------------------------- Current assets Loan to Network Capital Management Inc. 50 --- --- Receivables and other assets 923 67 56 Cash and cash equivalents 18,688 2,085 1,569 ---------------------------------------------------------------------------- 19,661 2,152 1,625 ---------------------------------------------------------------------------- Total assets $ 67,016 $ 65,944 $ 49,223 ---------------------------------------------------------------------------- ---------------------------------------------------------------------------- Liabilities Non-current liabilities Secured debt $ 19,403 $ 18,949 $ 19,962 Loan payable 1,615 16,103 10,501 Asset retirement obligations 708 --- --- Deferred tax liabilities --- 3,431 1,933 ---------------------------------------------------------------------------- 21,726 38,483 32,396 ---------------------------------------------------------------------------- Current liabilities Accounts payable and accrued liabilities 1,481 588 700 Revolving loan facility 7,830 --- --- Income taxes payable 3,336 --- --- ---------------------------------------------------------------------------- 12,647 588 700 ---------------------------------------------------------------------------- Total liabilities 34,373 39,071 33,096 ---------------------------------------------------------------------------- Equity ---------------------------------------------------------------------------- Shareholders' equity 28,445 26,873 16,127 Non-controlling interest 4,198 --- --- ---------------------------------------------------------------------------- ---------------------------------------------------------------------------- Total liabilities and equity $ 67,016 $ 65,944 $ 49,223 ---------------------------------------------------------------------------- ---------------------------------------------------------------------------- CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) ---------------------------------------------------------------------------- Unaudited Three months ended December 31 Year ended December 31 (Thousands of Canadian Dollars) 2011 2010 2011 2010 ---------------------------------------------------------------------------- ---------------------------------------------------------------------------- Net income (loss) $ (485) $ 70 $ 19,721 $ 37 ---------------------------------------------------------------------------- Foreign currency translation 3 (23) 33 (55) Reversal of the fair value increment of available for sale securities --- 9,587 (23,414) 12,357 Future income taxes on above items 2 (1,102) 3,287 (1,583) ---------------------------------------------------------------------------- Other comprehensive income (loss) 5 8,272 (20,094) 10,709 ---------------------------------------------------------------------------- Comprehensive income (loss) $ (480) $ 8,342 $ (373) $ 10,746 ---------------------------------------------------------------------------- ---------------------------------------------------------------------------- Comprehensive income (loss) attributable to: Owners of the Corporation $ (393) $ 8,342 $ (286) $ 10,746 Non-controlling interest (87) --- (87) --- ---------------------------------------------------------------------------- $ (480) $ 8,342 $ (373) $ 10,746
Executive Officers of the Corporation will be available at 403-800-0869 to answer any questions on the Corporation's financial results.
This news release contains forward-looking statements concerning the Corporation's business and operations. The Corporation cautions that, by their nature, forward-looking statements involve risk and uncertainty and the Corporation's actual results could differ materially from those expressed or implied in such statements. Reference should be made to the most recent Annual Information Form for a description of the major risk factors.
Contacts: Wilmington Capital Management Inc. (403) 800-0869
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