VANCOUVER, BRITISH COLUMBIA — (Marketwire) — 11/28/11 — Royal Oak Ventures Inc. (“Royal Oak” or the “company”) recorded a comprehensive loss of $1.1 million for the quarter ended September 30, 2011, which consists of net income and other comprehensive loss, compared to comprehensive income of $4.1 million in the same period in the prior year. The current period loss was primarily the result of a $1.2 million unrealized loss on the company-s marketable securities, which are recorded at fair value.
The company reported net income of $0.1 million or $nil per common share for the quarter ended September 30, 2011 compared to $6.1 million or $0.04 per common share in the corresponding period of 2010. Net income in the current quarter decreased compared to the same period in the prior year which included a $4.9 million disposition gain as well as a $1.7 million special distribution received on one of the portfolio investments.
The company recorded an unrealized loss of $1.2 million in other comprehensive loss during the three months ended September 30, 2011 (2010 – $2.0 million), as a result of a decrease in the fair value of the company-s marketable securities portfolio.
The company is seeking approval of the listing application for its common voting and non-voting shares. Pending approval, the company-s common voting and non-voting shares will be relisted and admitted to trading.
Contacts:
Royal Oak Ventures Inc.
Derek E. Gorgi
Vice-President Finance
(416) 363-9491