TORONTO, ONTARIO--(Marketwired - Dec. 14, 2016) - ABERDEEN INTERNATIONAL INC. ("Aberdeen", or the "Company") (TSX:AAB) is pleased to announce that it has released its financial results for the third quarter ended October 31, 2016.
Highlights:
- Net income for the nine months ended October 31, 2016 was $9.9 million or $0.11 per basic share;
- Aberdeen's largest public shareholding by value, Lithium X Energy Corp., continues to trade well and closed at $2.02 per share on the TSX Venture on December 13, 2016;
- In the quarter, the Company made new investments in QMX Gold Corporation, Pitchblack Resources Ltd, Valencia Ventures Inc. and a private Ontario company, 2523701 Ontario Inc., which holds lithium claims in Namibia.
- Completed NCIB by repurchasing and cancelling 6.6 million Aberdeen shares.
As at October 31, 2016, Aberdeen's shareholders' equity and net asset value ("NAV") was $34.6 million, or $0.39 per share. Given the nature of Aberdeen's operations, there is currently no difference between "shareholder equity" and "net asset value" for Aberdeen. On a year-over-year basis, Aberdeen's shareholders' equity has increased by $8.1 million.
| October 31, 2016 | January 31, 2016 | October 31, 2015 | ||||||
| Shares outstanding | 88,912,282 | 95,546,628 | 96,206,784 | |||||
| $ | $/Shares | $ | $/Shares | $ | $/Shares | |||
| Cash on hand | 1,513,635 | 0.017 | 604,613 | 0.006 | 2,793,769 | 0.029 | ||
| Investments | ||||||||
| Publicly traded | 13,041,522 | 0.147 | 2,754,448 | 0.029 | 2,634,604 | 0.027 | ||
| Private | 19,044,924 | 0.214 | 19,322,417 | 0.202 | 12,156,907 | 0.126 | ||
| Non-trading warrants | ||||||||
| Intrinsic value | - | - | - | 0.000 | 116,000 | 0.001 | ||
| Option value | 45,520 | 0.001 | 423,920 | 0.004 | 426,280 | 0.004 | ||
| 45,520 | 0.001 | 423,920 | 0.004 | 542,280 | 0.005 | |||
| Portfolio Investments | 32,131,966 | 0.361 | 22,500,785 | 0.235 | 15,333,792 | 0.159 | ||
| Loans | 1,709,903 | 0.019 | - | - | - | - | ||
| Total | 35,355,504 | 0.398 | 23,105,398 | 0.241 | 18,127,561 | 0.188 | ||
For the three months ended October 31, 2016, Aberdeen reported a net loss of $2.5 million or $0.03 per basic share on total revenue of $(2.0) million. For the three months ending October 31, 2015, Aberdeen reported a net loss of $1.1 million or $0.01 per basic share on total revenue of $0.3 million ($0.2 million from net investment gains and $0.1 million from interest and dividend income and advisory fees).
For the nine months ended October 31, 2016, Aberdeen reported net earnings of $9.9 million or $0.11 per basic share on total revenue of $12.4 million. Revenue was comprised of $12.2 million from net investment gains and $0.2 million from interest income and advisory fees. For the nine months ending October 31, 2015, Aberdeen reported a net loss of $9.2 million or $0.10 per basic share on total revenue of $(6.0) million ($(6.5) million from net investment losses and $0.5 million from dividend income and advisory fees).
Aberdeen's management is encouraged by the Company's solid performance during the first three quarters of 2016 and is looking forward to continuing to build on that performance through the balance of the fiscal year. During the quarter, the Company completed its deferred consideration agreement with Routemaster transferring 1,439,000 LIX common shares to Routemaster as final payment for the acquisition of PLASA. The Company also monetized another 1,250,000 LIX common shares for proceeds of approximately $2.8 million and invested in equity interests in a few companies, such as QMX Gold Corporation, that management believes are positioned for significant and transformative growth. In addition, the value of the Company's holdings of LIX common shares have made a rebound since the end of the quarter appreciating approximately $1.6 million since October 31, 2016. The Company continues to review opportunistic investments through which it feels it can achieve an exceptional capital appreciation.
Normal Course Issuer Bid ("NCIB")
During the nine months ended October 31, 2016, the Company purchased and cancelled 6,634,346 shares at an average price of $0.18. The Company has now completed its NCIB for the year.
ABOUT ABERDEEN INTERNATIONAL
Aberdeen International is a global resource investment company and merchant bank focused on small capitalization companies in the mining and metals sector. African Thunder Platinum, Aberdeen's premiere investment, is a platinum group metals project in South Africa's well-known Bushveld Complex. Aberdeen has further enhanced its investment holdings with its holding of 50% of Potasio y Litio de Argentina SA, which holds the Sal de los Angeles lithium project in Argentina.
For additional information, please visit our website at www.aberdeeninternational.ca and follow us on Facebook, Twitter and Linkedin.
