VANCOUVER, BRITISH COLUMBIA — (Marketwired) — 04/26/13 — Royal Oak Ventures Inc. (“Royal Oak” or the “company”) (CNSX: ROV)(CNSX: ROV.B) recorded comprehensive income of $1.6 million for the year ended December 31, 2012, a $2.9 million increase over the comprehensive loss of $1.3 million in the prior year. Comprehensive income in the current year consisted of other comprehensive income of $2.0 million (2011 – loss of $0.6 million) and a net loss of $0.4 million (2011 – $0.6 million).
The company classifies marketable securities within its investment portfolio as available-for-sale financial instruments and accordingly records unrealized changes in the fair value of these investments in other comprehensive income. The company recorded a pre-tax unrealized gain of $2.2 million during 2012 (2011 – loss of $0.7 million) in other comprehensive income, which included $1.2 million of previously unrealized losses transferred to net income as a result of the disposition of certain securities within the portfolio. The remainder of the gain in other comprehensive income is a result of an increase in the fair value of the company-s marketable securities.
The company reported a net loss of $0.4 million for the year ended December 31, 2012 compared to a loss of $0.6 million in 2011 or $nil per share (2011 – $nil). The current year loss included a $1.2 million loss (2011 – $nil) on the disposition of a security held within the company-s investment portfolio.
CHANGES IN NET BOOK VALUE
The net book value of the company-s common shares as at December 31, 2012 was $0.21 per share. The information in the following table shows the changes in net book value for the years ended December 31, 2012 and 2011.
STATEMENTS OF FINANCIAL POSITION
The information in the following table has been extracted from the company-s statements of financial position as at December 31, 2012 and 2011.
Contacts:
Royal Oak Ventures Inc.
Derek E. Gorgi
Vice-President Finance
(416) 363-9491