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| Share Name | Share Symbol | Market | Type |
|---|---|---|---|
| Amarillo Gold Corporation | TSXV:AGC | TSX Venture | 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% | 0.435 | 0.395 | 0.45 | 0 | 01:00:00 |
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Augen Capital Corp. ("Augen" or "the Company") (TSX VENTURE:AUG) today announced
its unaudited interim consolidated financial results for the second quarter
ended June 30, 2010.
In the quarter ended June 30, 2010, the Company reported income of $70,315
compared to income of $27,198 for the second quarter of 2009. Net income was
$12,682 in the second quarter of 2010 compared to a net loss of $201,892 in same
quarter of 2009. In 2010, the Company reported an unrealized gain on investments
held-for-trading of $545,257 compared to an unrealized gain of $247,111 in 2009.
Net income in 2010 was decreased by an income tax provision of $7,777 compared
to a decrease in the net loss by an income tax recovery of $100,808 in the same
quarter of 2009.
The Company generates income primarily through the activities of its Merchant
Banking (MB) segment, the strength of which is closely related to global market
conditions and the general economic environment. Management believes the current
market conditions have become more difficult especially for junior exploration
companies. While the market has improved markedly since the lows of early 2009,
the current uncertainty is likely to have an impact on the Company's investment
portfolio as a result of less liquidity and increased volatility.
The Managed Products (MP) consulting asset base declined by 52% year-over-year
at June 30, 2010, which is primarily the result of fluctuations in fair value of
the MP consulting asset base and the redemption of assets from the RS Fund, now
the Exemplar Portfolios Ltd. Further, Augen has not offered or consulted on any
new flow-through limited partnerships since mid-2008.
Consolidated expenses increased by $58,765 in the second quarter of 2010
compared to the second quarter of 2009. Year-over-year, the Company reduced
certain components of its general and administrative expenses by $27,195. The
reduction in these expenses was fully offset by an increase in corporate
development and professional fees of $82,815 which related to new merchant
banking initiatives and litigation costs.
----------------------------------------------------------------------------
Consolidated Statements of Operations and Comprehensive Earnings
----------------------------------------------------------------------------
For the three
months ended
June 30, Merchant Banking Managed Products Total
2010 2009 2010 2009 2010 2009
$ $ $ $ $ $
----------------------------------------------------------------------------
----------------------------------------------------------------------------
Income (loss) 65,629 (9,312) 4,686 36,510 70,315 27,198
Expenses 560,483 351,973 30,194 179,939 590,677 531,912
----------------------------------------------------------------------------
Earnings (loss)
before
undernoted
items (494,854) (361,285) (25,508) (143,429) (520,362) (504,714)
Share of
(earnings) loss
and capital
transactions
and impairment
loss from
equity-
accounted
investment - 37,870 - - - 37,870
Unrealized
(gain) loss on
investments
held-for-
trading (545,257) (247,111) - - (545,257) (247,111)
Non-recurring
charges - 1,038 - 1,040 - 2,078
Amortization 3,993 2,574 443 2,575 4,436 5,149
----------------------------------------------------------------------------
Earnings (loss)
before income
taxes 46,410 (155,656) (25,951) (147,044) 20,459 (302,700)
----------------------------------------------------------------------------
Income taxes
Current 7,435 6,439
Future 342 (107,247)
----------------------------------------------------------------------------
7,777 (100,808)
----------------------------------------------------------------------------
Net earnings
(loss) and
comprehensive
earnings (loss) 12,682 (201,892)
----------------------------------------------------------------------------
----------------------------------------------------------------------------
For the six month period ended June 30, 2010, the Company reported income of
$140,727 compared to income of $104,727 for the same period of 2009. The net
loss was $636,956 in the first half of 2010 compared to a net loss of $601,416
in the first half of 2009. In 2010, the Company reported an unrealized gain on
investments held-for-trading of $549,890 compared to an unrealized gain of
$415,345 in 2009. The net loss in 2010 was increased by an income tax provision
of $18,114 compared to a decrease in net loss by an income tax recovery of
$290,108 in the first half of 2009.
----------------------------------------------------------------------------
Consolidated Statements of Operations and Comprehensive Earnings
----------------------------------------------------------------------------
For the six
months ended
June 30, Merchant Banking Managed Products Total
2010 2009 2010 2009 2010 2009
$ $ $ $ $ $
----------------------------------------------------------------------------
Income (loss) 132,570 36,391 8,157 68,336 140,727 104,727
Expenses 1,047,843 783,691 60,584 355,161 1,108,427 1,138,852
----------------------------------------------------------------------------
Earnings
(loss) before
undernoted
items (915,273) (747,300) (52,427) (286,825) (967,700) (1,034,125)
Share of
(earnings)
loss and
capital
transactions
and
impairment
loss from
equity-
accounted
investment 192,160 223,487 - - 192,160 223,487
Unrealized
(gain) loss
on
investments
held-for-
trading (549,890) (415,345) - - (549,890) (415,345)
Non-recurring
charges - 19,479 - 19,480 - 38,959
Amortization 7,985 5,149 887 5,149 8,872 10,298
----------------------------------------------------------------------------
Earnings
(loss) before
income taxes (565,528) (580,070) (53,314) (311,454) (618,842) (891,524)
----------------------------------------------------------------------------
Income taxes
Current 7,107 (7,627)
Future 11,007 (282,481)
----------------------------------------------------------------------------
18,114 (290,108)
----------------------------------------------------------------------------
Net earnings
(loss) and
comprehensive
earnings
(loss) (636,956) (601,416)
----------------------------------------------------------------------------
----------------------------------------------------------------------------
Merchant Banking Portfolio
The Company's investment portfolio had a fair value of $2,300,903 as at June 30,
2010, having increased by $1,081,309 year-over-year, an 89% increase. As a
result of the increase in value of the MB portfolio and transactional activity,
the Company reported an unrealized gain on investments held for trading for six
consecutive quarters, and has reported a net realized gain on the sale of
investments held for trading for the second consecutive quarter. A realized gain
of $23,983 was reported during the first half of 2010.
Investment in Augen Gold Corp. ("AGC")
Change in designation of investment
As a result of recent third party private placement equity financings completed
by AGC, the Company's share position in AGC declined from approximately 32%
prior to these financings to approximately 15% currently. The management
services agreement between the Company and AGC, for the provision of CEO, CFO
and other services has been terminated effective June 30, 2010. The Company no
longer has the ability to exert significant influence over the strategic
operating, investing and financing policies of AGC.
Effective the second quarter of 2010, the Company's investment in AGC is no
longer accounted for under CICA Handbook Section 3051 and is instead accounted
for as an investment held-for-trading. This change has been reflected in the
Company's financial statements for the quarter ended June 30, 2010. Any
variations between the carrying value and fair value of the investment will be
reported in earnings as unrealized appreciation or depreciation in the value of
the investment.
Non-revolving secured loan facility
In November 2009, the Company agreed to provide a non-revolving secured loan
facility to a maximum of $1,100,000 to AGC at an interest rate of 12% per annum.
Based on the amount advanced from the facility, the Company was entitled to
appoint one director to the board of AGC. Pursuant to the terms of the loan
facility, the outstanding loan balance of $269,432 plus accrued interest was
repaid by AGC from proceeds of its brokered private placement on May 20, 2010.
The director nominated by the Company has since resigned from the board of
directors of AGC.
The full interim unaudited consolidated financial statements for the three and
six months ended June 30, 2010 are available at www.augencc.com or at
www.sedar.com.
About Augen Capital
Augen Capital Corp. ("Augen") (TSX VENTURE:AUG) is a Toronto-based public
merchant bank specializing in the financing of and investment in emerging
resource companies. Augen manages a merchant banking hard dollar portfolio of
emerging resource stocks.
For more information on Augen Capital, visit our website at www.augencc.com
The Company's public documents may be accessed at www.sedar.com
This news release contains forward-looking statements. These statements are
based on certain factors and assumptions as set forth in this news release
including expected growth, results of operations, performance and business
prospects and opportunities. While the Company considers these factors and
assumptions to be reasonable based on information currently available, they may
prove to be incorrect. A number of factors could cause actual results to differ
materially from those in the forward-looking statements, including, but not
limited to results of exploration, project development, reclamation and capital
costs of the companies in the merchant banking portfolios ("investee
companies"), and the Company's financial condition and prospects, could differ
materially from those currently anticipated in such statements for many reasons
such as: changes in general economic conditions and conditions in the financial
markets; changes in demand and prices for the minerals the investee companies
expect to produce; litigation, legislative, environmental and other judicial,
regulatory, political and competitive developments; technological and
operational difficulties encountered in connection with the activities of the
Company and investee companies. Additional risks and uncertainties can be found
in our Management's Discussion and Analysis and in filings with the Canadian
provincial securities commissions. Forward-looking statements are given only as
at the date of this news release and the Company disclaims any obligation to
update or revise the forward-looking statements, whether as a result of new
information, future events or otherwise.
Shares outstanding: 36,615,615
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