ABERDEEN INTERNATIONAL INC. ("Aberdeen", or the "Company")
(TSX:AAB) is pleased to announce that it has released its financial
results for the second quarter of 2014, ended July 31, 2013. For
more information please see the Company's Condensed Interim
Financial Statements and Management's Discussion and Analysis
("MD&A") posted under the Company's profile on SEDAR at
www.sedar.com.
As at July 31, 2013, Aberdeen's Shareholders' Equity (or Net
Asset Value, "NAV") was $51.8 million, or $0.61 per share.
Aberdeen's shareholders' equity decreased by $3.4 million from
$55.2 million at the end of Q1 2014. The decrease in shareholders'
equity was largely due to the performance of Aberdeen's equity
investment portfolio in the second quarter, which had an unrealized
loss of $2.7 million for the quarter. In the second quarter of
2014, the stock market performance for small capitalization mining
and resource stocks continued to be weak. On a year-over-year
basis, Aberdeen's shareholders' equity decreased by $19.5 million.
Note that the reference to shareholders' equity is similar to
previous references to Net Asset Value or "NAV" by Aberdeen.
July 31, 2013 January 31, 2013 July 31, 2013
Shares outstanding 85,551,422 85,994,602 86,480,139
$/ $/ $/
$ Shares $ Shares $ Shares
-----------------------------------------------------
Cash on hand 10,417,577
1,929,014 0.02 (i) 0.12 4,073,749 0.05
Investments
Publicly traded 19,985,561 0.234 29,844,393 0.347 34,037,369 0.394
Private 20,409,748 0.239 21,039,834 0.245 14,416,279 0.167
Non-trading warrants
Intrinsic value - - 1,032,114 0.012 - -
Option value 489,716 0.006 1,415,665 0.016 758,996 0.009
-----------------------------------------------------
489,716 0.006 2,447,779 0.028 758,996 0.009
-----------------------------------------------------
Portfolio Investments 40,885,025 0.478 53,332,006 0.620 49,212,644 0.569
Loans / preferred
shares 7,913,532 0.093 6,116,040 0.071 18,319,003 0.212
-----------------------------------------------------
Total 50,727,571 0.593 69,865,623 0.812 71,605,396 0.828
-----------------------------------------------------
-----------------------------------------------------
(i) Includes cash from trades made at the end of January 2013 but settled in
February 2013.
Aberdeen reported net earnings of $(3.8) million or $(0.04) per
basic share for the three months ended July 31, 2013 on total
revenue of $(2.2) million. Revenue was comprised of $2.4 million
from net investment losses and $0.2 million from interest income
and advisory services fees.
For the three months ended July 31, 2012, Aberdeen reported net
earnings of $(10.1) million or $(0.12) per basic share on total
revenue of $(7.0) million ($(7.4) million from net investment
losses and $0.4 million from interest income and advisory service
fees).
For the six months ended July 31, 2013, Aberdeen reported net
earnings of $(11.2) million or $(0.13) per basic share on total
revenue of $(11.1) million. Revenue was comprised of $(11.5)
million from net investment losses and $0.4 million from interest
income, dividends and advisory services fees. For the six months
ended July 31, 2012, Aberdeen reported net earnings of $(26.0)
million or $(0.30) per share on total revenue of $(25.4) million
($(26.5) million from net investment losses, $0.6 million from
royalties and $0.5 million from interest income and advisory
service fees).
Normal Course Issuer Bid ("NCIB")
During the six months ending July 31, 2012, 623,180 common
shares were purchased for cancellation under the Company's NCIB at
an average cost of $0.17. Subject to the regulatory provisions
governing the NCIB, Aberdeen expects to continue to purchase shares
over the remainder of the fiscal year, depending on market
conditions and other investment opportunities that may be
available.
About Aberdeen International Inc:
Aberdeen is a publicly traded global investment and merchant
banking company focused on small cap companies in the resource
sector. Aberdeen will seek to acquire significant equity
participation in pre-IPO and/or early stage public resource
companies with undeveloped or undervalued high-quality resources.
Aberdeen will focus on companies that: (i) are in need of
managerial, technical and financial resources to realize their full
potential; (ii) are undervalued in foreign capital markets; and/or
(iii) operate in jurisdictions with moderate local political risk.
Aberdeen will seek to provide value-added managerial and board
advisory services to companies. The Corporation's intention will be
to optimize the return on its investment over an 24 to 36 month
investment time frame.
For additional information, please visit our website at
www.aberdeeninternational.ca and follow us on Facebook and Twitter:
AberdeenAAB.
Cautionary Note
Except for statements of historical fact contained herein, the
information in this press release constitutes "forward-looking
information" within the meaning of Canadian securities law. Such
forward-looking information may be identified by words such as
"plans", "proposes", "estimates", "intends", "expects", "believes",
"may", "will" and include without limitation, statements regarding
past success as an indicator of future success; net asset value of
the Company; the potential of investee companies and the
appreciation of their share price; the Company's plan of business
operations; and anticipated returns. There can be no assurance that
such statements will prove to be accurate; actual results and
future events could differ materially from such statements. Factors
that could cause actual results to differ materially include, among
others, metal prices, competition, financing risks, acquisition
risks, risks inherent in the mining industry, and regulatory risks.
Most of these factors are outside the control of the Company.
Investors are cautioned not to put undue reliance on
forward-looking information. Except as otherwise required by
applicable securities statutes or regulation, the Company expressly
disclaims any intent or obligation to update publicly
forward-looking information, whether as a result of new
information, future events or otherwise.
Contacts: Aberdeen International Inc. Mike McAllister Manager,
Investor Relations +1 416-309-2134info@aberdeeninternational.ca
Aberdeen International Inc. David Stein President and Chief
Executive Officer +1 416-861-5812dstein@aberdeeninternational.ca
www.aberdeeninternational.ca
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