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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 |
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Wilmington Capital Management Inc. (TSX:WCM.A)(TSX:WCM.B) ("Wilmington" or the
"Corporation") today announced a net loss attributable to shareholders for the
three months ended June 30, 2013 of $41,000 or ($0.00) per share compared to a
net loss of $139,000 or ($0.02) per share for the same period in 2012. For the
six months ended June 30, 2013, the net loss attributable to shareholders
amounted to $98,000 or $(0.01) per share compared to net loss of $463,000 or
$(0.05) per share for the same period last year.
To view a full copy of the Corporation's audited financial results for the year
ended December 31, 2012 including the Corporation's audited consolidated
financial statements, accompanying MD&A and Annual Information Form, please
refer to the SEDAR website www.sedar.com.
SECOND QUARTER 2013 HIGHLIGHTS
During the second quarter, the Corporation took significant steps to solidify
and build upon the foundation of its three operating platforms - self storage
facilities, private equity funds and natural gas assets, through additional
investment in three self-storage facilities and natural gas assets.
In May 2013, the Corporation invested $2.5 million in Real Storage Private Trust
to fund the acquisition of three self-storage facilities. The total cost of
these acquisitions amounted to $16.0 million and were comprised of a 39,000
square foot self-storage facility with capacity to add a 12,000 square foot
expansion in Barrie, Ontario and two self-storage facilities in Red Deer,
Alberta, comprising 78,000 square feet of rentable area, a file retention
facility and 96 portable storage units (totaling 11,000 square feet).
Subsequent to the second quarter, Wilmington invested $2.2 million to acquire a
36.5% ownership interest in Northpoint Resources Ltd. ("Northpoint"), a
privately held natural gas producer with assets in the Altares region of
northeastern British Columbia. Northpoint currently produces approximately 7,200
mcf per day (1,200 boepd) and has proven plus probable reserves of 7,605 Mboe
(45,630 Mmcfe). In addition, the Corporation completed the sale of its
commercial land in San Francisco, California. The sale closed on July 31, 2013.
As at June 30, 2013, Wilmington had assets under management in its operating
platforms of approximately $135 million ($66 million representing Wilmington's
share).
OPERATIONS REVIEW
Wilmington continues to execute it principal objectives of making investments
capable of generating appreciation in value as opposed to current income and to
maximize shareholder returns by investing its own capital alongside partners and
co-investors in hard assets and private equity funds. These assets are managed
through the Corporation's operating platforms where Wilmington can add scale and
improve valuations.
Storage Facilities
Real Storage Private Trust ("Trust")
The Trust (44.78% owned) now owns 20 self-storage facilities comprising 787,000
square feet of rentable area and one development property. The Trust recorded
significant improvements in 2013 as the facilities in western Canada, which were
for the most part in the initial lease up stage, achieved stabilized occupancy
levels. During the second quarter of 2013, same store occupancy levels averaged
82%, compared to 77% in 2012 and same store operating margins for Q2 2013 of 58%
compared to Q2 2012 of 55%.
Private Equity
Network Capital Management Inc. ("NCI") and Network 2012 Fund
NCI (50% owned) has funds under management now totaling approximately $37
million and the majority of Network's available capital has been successfully
deployed in a strong mix of junior oil and gas and service companies. Wilmington
committed $8 million of capital to the Network 2012 Fund.
Natural Gas Assets
Shackleton 2011 Limited Partnership (the "Shackleton Partnership")
The natural gas assets owned through the Shackleton Partnership (59% owned) have
proven to be of high quality and present good opportunities for growth and
future development once we reach a more favorable natural gas pricing
environment. The weighted average price realized during the three months ended
June 30, 2013 was $3.33 per mcf and operating netbacks averaged $1.77 per mcf
(realized price of $1.92/mcf and netbacks of $0.80/mcf for the comparable period
in 2012). Natural gas production volumes for the 100% interest in the Shackleton
field amounted to 4,231 mcf per day (705 boepd). Of its 2013 production,
approximately 50% has been hedged under fixed price contracts with an average
price of $3.18 per GJ.
Northpoint Resources Ltd. ("Northpoint")
Subsequent to the second quarter of 2013, the Corporation grew its natural gas
platform by investing in Northpoint, a privately held oil and gas producer with
assets in the Altares region of northeastern British Columbia. Northpoint's
production is approximately 7,200 mcf/d (1,200 boe/d) with total proved plus
probable reserves totaling approximately 45,630 Mmcfe (7,605 Mboe). The
Corporation acquired a 36.5% ownership interest in Northpoint for total cash
consideration of $2.2 million. In addition, and as part of an overall
recapitalization plan, Wilmington acquired $0.8 million of a 10%, $5 million
debenture issue in Northpoint which matures on July 30, 2017. Northpoint is
professionally managed by an experienced executive team. As part of the
transaction, the Corporation is entitled to nominate three of the seven
directors to the Northpoint board.
Discontinued Operations
During 2012, the Corporation took steps to nationalize its core business and
entered into an agreement to sell its interest in commercial land in San
Francisco, California. The sale closed on July 31, 2013. As part of the
transaction, the secured debt was assumed by the purchaser and certain loans
were settled.
Outlook
The Corporation believes that the foundation for achieving future growth through
its three operating platforms - the Real Storage Private Trust, Network Capital
Management Inc. and the Shackleton Partnership - are now firmly in place. 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 RESULTS
CONSOLIDATED INTERIM STATEMENTS OF INCOME (LOSS)
----------------------------------------------------------------------------
Three months ended Six months ended
Unaudited June 30 June 30
(CDN $ Thousands, except per share
amounts) 2013 2012 2013 2012
----------------------------------------------------------------------------
Income
Natural gas sales 1,282 934 2,557 2,064
Royalties (241) (170) (418) (362)
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Natural gas revenue 1,041 764 2,139 1,702
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Investment and other income 151 88 189 117
Foreign exchange gain --- --- --- 6
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1,192 852 2,328 1,825
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Expenses
Petroleum operations 358 376 692 957
General and administrative 316 276 655 585
Depletion, depreciation and
amortization 356 402 745 841
Stock compensation 46 41 92 82
Foreign exchange loss 90 21 118 ---
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Operating income (loss) 26 (264) 26 (640)
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Finance costs 88 90 166 184
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Loss before share of equity
accounted investments and income
taxes (62) (354) (140) (824)
Share of net income from Real
Storage Private Trust 44 77 67 47
Share of net (loss) income from
Network Capital Management Inc. (32) 20 (54) (4)
Share of net loss from Network 2012
Fund (39) (103) (77) (103)
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Loss before income taxes from
continuing operations (89) (360) (204) (884)
Income tax (expense) benefit (35) 91 (18) 232
----------------------------------------------------------------------------
Net Loss from continuing operations (124) (269) (222) (652)
----------------------------------------------------------------------------
Income (loss) from discontinued
operations, net of tax 118 7 212 (8)
----------------------------------------------------------------------------
Net Loss (6) (262) (10) (660)
----------------------------------------------------------------------------
----------------------------------------------------------------------------
Net (Loss) income attributable to:
Owners of the Corporation (41) (139) (98) (463)
Non-controlling interest 35 (123) 88 (197)
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(6) (262) (10) (660)
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----------------------------------------------------------------------------
----------------------------------------------------------------------------
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Net Loss per share from continuing
operations
Basic (0.02) (0.02) (0.04) (0.05)
Diluted (0.02) (0.02) (0.04) (0.05)
Net Loss per share
Basic --- (0.02) (0.01) (0.05)
Diluted --- (0.02) (0.01) (0.05)
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----------------------------------------------------------------------------
CONSOLIDATED INTERIM BALANCE SHEET
----------------------------------------------------------------------------
Unaudited June 30, December 31,
(CDN $ Thousands) 2013 2012
----------------------------------------------------------------------------
Assets
Non-current assets
Investment in Real Storage Private Trust 9,873 7,271
Investment in Network Capital Management Inc. 1,658 1,712
Investment in Network 2012 Fund 7,655 7,554
Natural gas property, plant and equipment 17,275 17,840
----------------------------------------------------------------------------
36,461 34,377
----------------------------------------------------------------------------
Current assets
Income taxes receivable 480 435
Receivables and other assets 837 885
Cash and cash equivalents 3,766 6,601
----------------------------------------------------------------------------
5,083 7,921
Assets held for sale 20,135 18,541
----------------------------------------------------------------------------
25,218 26,462
----------------------------------------------------------------------------
Total assets 61,679 60,839
----------------------------------------------------------------------------
----------------------------------------------------------------------------
Liabilities
Non-current liabilities
Asset retirement obligations 773 750
Deferred tax liabilities 360 259
----------------------------------------------------------------------------
1,133 1,009
----------------------------------------------------------------------------
Current liabilities
Accounts payable and accrued liabilities 954 1,024
Revolving loan facility 5,700 6,700
----------------------------------------------------------------------------
6,654 7,724
Liabilities held for sale 22,945 21,432
----------------------------------------------------------------------------
29,599 29,156
----------------------------------------------------------------------------
Total liabilities 30,732 30,165
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Equity
Shareholders' equity 27,045 26,860
Non-controlling interest 3,902 3,814
----------------------------------------------------------------------------
Total equity 30,947 30,674
----------------------------------------------------------------------------
----------------------------------------------------------------------------
Total liabilities and equity 61,679 60,839
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----------------------------------------------------------------------------
CONSOLIDATED INTERIM STATEMENTS OF COMPREHENSIVE INCOME (LOSS)
----------------------------------------------------------------------------
Three months ended Six months ended
Unaudited June 30 June 30
(CDN $ Thousands) 2013 2012 2013 2012
----------------------------------------------------------------------------
----------------------------------------------------------------------------
Net Loss (6) (262) (10) (660)
Items that may subsequently be
reclassified to Profit or Loss
Share of other comprehensive (loss)
income from Network 2012 Fund (83) (281) 178 (281)
Future income taxes on above items 11 --- (23) ---
----------------------------------------------------------------------------
Other comprehensive (loss) income
from continuing operations (72) (281) 155 (281)
Items that may subsequently be
reclassified to Profit or Loss
Other comprehensive income (loss)
from discontinued operations, net
of tax 22 12 36 (5)
----------------------------------------------------------------------------
Total other comprehensive (loss)
income (50) (269) 191 (286)
----------------------------------------------------------------------------
Comprehensive (loss) income (56) (531) 181 (946)
----------------------------------------------------------------------------
----------------------------------------------------------------------------
Comprehensive (loss) income
attributable to:
Owners of the Corporation (91) (408) 93 (749)
Non-controlling interest 35 (123) 88 (197)
----------------------------------------------------------------------------
(56) (531) 181 (946)
----------------------------------------------------------------------------
----------------------------------------------------------------------------
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.
FOR FURTHER INFORMATION PLEASE CONTACT:
Wilmington Capital Management Inc.
Executive Officers
(403) 800-0869
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