Wilmington Announces 2012 Fourth Quarter Results
2013年3月20日 - 10:40AM
Marketwired Canada
Wilmington Capital Management Inc. ("Wilmington" or the "Corporation")
(TSX:WCM.A)(TSX:WCM.B) today announced a net loss attributable to shareholders
for the three months ended December 31, 2012 of $938,000 or ($0.11) compared to
a net loss attributable to shareholders of $398,000 or ($0.05) for the same
period in 2011. For the year ended December 31, 2012, net loss attributable to
shareholders amounted to $1.5 million or ($0.18) per share compared to a net
income of $19.7 million or $2.43 per share for the same period in 2011.
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.
Operations Review
Strategic Plan
The Corporation's principal objectives are to make 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.
During 2012, Wilmington continued to take steps to solidify the foundation of
its three operating platforms - self-storage facilities, private equity funds
and natural gas assets. Core management teams, operational, accounting and
reporting systems as well as a pipeline of new opportunities are in place. As at
December 31, 2012, Wilmington had assets under management in its operating
platforms of approximately $135 million ($64 million representing Wilmington's
share).
Investment in Real Storage Private Trust (the "Trust")
The Trust (44.78% owned) owns 17 self-storage facilities comprising 645,978
square feet of rentable area and one development property. The Trust showed
significant improvements in 2012 as the five properties in western Canada, which
were for the most part in the initial lease up stage, approached stabilized
occupancy levels. Across the portfolio of 17 properties, occupancy levels
averaged 78%, compared to 73% in 2011. Operating margins improved to 52% up from
47% achieved in 2011.
Investment in Network Capital Management Inc. ("NCI") and Network 2012 Fund
NCI (50% owned) successfully closed its $22.3 million fund in early 2012
bringing total assets under management to $49 million. The majority of the
capital in the 2012 fund was deployed during the year in a strong mix of junior
oil and gas and service companies. Wilmington invested $8 million in the 2012
fund.
Investment in Shackleton 2011 Limited Partnership (the "Shackleton Partnership"
or the "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 2012 was $2.33 per mcf
and operating netbacks averaged $0.98 per mcf. Natural gas production volumes
for the 100% interest in the Shackleton field amounted to 5,283 mcf per day (881
boepd) for the year. Estimated proved plus probable reserves attributable to the
Shackleton assets as evaluated by GLJ Petroleum Consultants Ltd. with an
effective date of December 31, 2012 were 19,702 MMcf. The outlook for natural
gas pricing has improved significantly and a better pricing environment will be
beneficial to the operating performance of the Shackleton assets. Of its 2013
production, approximately 50% has been hedged under fixed price contracts with
an average price of $3.18 per mcf.
Discontinued Operations
During the fourth quarter, the Corporation took further steps to rationalize its
core business and entered into an agreement to sell its interest in commercial
land in San Francisco, California. The sale is scheduled to close during the
second quarter of 2013.
2013 Outlook
The Corporation is pleased with the progress made in solidifying and building
upon its three operating platforms - the Trust, NCI and the Shackleton
Partnership. In 2013 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
CONSOLIDATED STATEMENTS OF INCOME
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Unaudited Three months ended Years ended
December 31 December 31
(Thousands of Canadian Dollars,
except per share amounts) 2012 2011 2012 2011
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Income
Natural gas sales $ 1,403 $ 1,124 $ 4,498 $ 1,124
Royalties (269) (218) (822) (218)
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Natural gas revenue 1,134 906 3,676 906
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Investment and other income 40 71 233 278
Foreign exchange gain --- 31 33 ---
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1,174 1,008 3,942 1,184
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Expenses
Petroleum operations 469 409 1,808 409
Depletion, depreciation and
amortization 419 303 1,628 303
General and administrative 425 672 1,201 911
Foreign exchange loss 9 --- --- 40
Stock compensation 71 30 210 30
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Operating loss (219) (406) (905) (509)
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Finance costs 95 87 377 87
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Loss before gain on sale, share of
equity accounted investments and
income taxes (314) (493) (1,282) (596)
Gain on sale of investment 12 --- 12 23,581
Share of net income (loss) from Real
Storage Private Trust 25 (8) 163 (223)
Share of net loss from Network
Capital Management Inc. (27) (59) (43) (73)
Share of net loss from Network 2012
Fund (39) --- (147) ---
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(Loss) income before income taxes (343) (560) (1,297) 22,689
Income tax benefit (expense) 50 81 327 (2,985)
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Net Income (loss) from continuing
operations (293) (479) (970) 19,704
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Income from discontinued operations,
net of tax (944) (6) (938) 17
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Net income (loss) $ (1,237) $ (485) $ (1,908) $ 19,721
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Net income (loss) attributable to:
Owners of the Corporation $ (938) $ (398) $ (1,524) $ 19,808
Non-controlling interest (299) (87) (384) (87)
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$ (1,237) $ (485) $ (1,908) $ 19,721
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Net (loss) income per share from
continuing operations
Basic $ --- $ (0.03) $ (0.07) $ 2.43
Diluted $ --- $ (0.03) $ (0.07) $ 2.43
Net (loss) income per share
Basic $ (0.11) $ (0.05) $ (0.18) $ 2.43
Diluted $ (0.11) $ (0.05) $ (0.18) $ 2.43
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CONSOLIDATED BALANCE SHEET
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December 31, December 31,
(Thousands of Canadian Dollars) 2012 2011
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Assets
Non-current assets
Investment property $ --- $ 18,933
Investment in Real Storage Private Trust 7,271 7,096
Investment in Network Capital Management Inc. 1,712 1,755
Investment in Network 2012 Fund 7,554 ---
Natural gas property, plant and equipment 17,840 19,436
Deferred tax asset --- 135
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34,377 47,355
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Current assets
Loan to Network Capital Management Inc. --- 50
Income taxes receivable 435 ---
Receivables and other assets 885 923
Cash and cash equivalents 6,601 18,688
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7,921 19,661
Assets held for sale 18,541 ---
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26,462 19,661
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Total assets $ 60,839 $ 67,016
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Liabilities
Non-current liabilities
Secured debt $ --- $ 19,403
Loan payable --- 1,615
Asset retirement obligations 750 708
Deferred tax liabilities 259 ---
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1,009 21,726
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Current liabilities
Accounts payable and accrued liabilities 1,024 1,481
Revolving loan facility 6,700 7,830
Income taxes payable --- 3,336
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7,724 12,647
Liabilities held for sale 21,432 ---
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29,156 12,647
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Total liabilities 30,165 34,373
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Equity
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Shareholders' equity 26,860 28,445
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Non-controlling interest 3,814 4,198
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Total equity 30,674 32,643
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Total liabilities and equity $ 60,839 $ 67,016
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CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS)
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Unaudited Three months ended Year ended
December 31 December 31
(Thousands of Canadian Dollars) 2012 2011 2012 2011
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Net income (loss) $ (1,237) $ (485) $ (1,908) $ 19,721
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Share of other comprehensive loss
from Network 2012 Fund 81 --- (299) ---
Reversal of the fair value
increment of available for sale
securities --- --- --- (23,414)
Future income taxes on above items (9) --- 39 3,287
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Other comprehensive income (loss)
from continuing operations 72 --- (260) (20,127)
Other comprehensive (loss) income
from discontinued operations, net
of tax 18 5 (11) 33
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Comprehensive income (loss) $ (1,147) $ (480) $ (2,179) $ (373)
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Comprehensive income (loss)
attributable to:
Owners of the Corporation $ (848) $ (393) $ (1,795) $ (286)
Non-controlling interest (299) 87 (384) (87)
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$ (1,147) $ (480) $ (2,179) $ (373)
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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
Wilmington Capital Manag... (TSX:WCM.B)
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Wilmington Capital Manag... (TSX:WCM.B)
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