TORONTO, ONTARIO — (Marketwire) — 08/28/12 — Royal Oak Ventures Inc. (CNSX: ROV)(CNSX: ROV.B) (“Royal Oak” or the “company”) reported net income of $0.1 million or $nil per common share for the quarter ended June 30, 2012 compared to a net loss of $0.1 million or $nil per common share in the corresponding period in 2011. The increase in net income in comparison to the prior year is primarily the result of a higher amount of investment income generated on the company-s investment portfolio and a reduction of operating costs.
The company recorded a comprehensive loss of $0.3 million for the quarter ended June 30, 2012 compared with a loss of $0.7 million in the comparative quarter in 2011. Comprehensive loss in the current quarter consisted of net income of $0.1 million (2011 – net loss of $0.1 million) and other comprehensive loss of $0.4 million (2011 – $0.6 million).
The company recorded pre-tax unrealized losses of $0.5 million in other comprehensive loss in the current quarter (2011 – $0.7 million), as a result of a decrease in the fair value of the company-s marketable securities portfolio.
In July of 2012, the company completed the listing of its common voting and non-voting shares on the CNSX under the symbols “ROV” and “ROV.B” respectively.
STATEMENTS OF OPERATIONS
CHANGES IN NET BOOK VALUE
The net book value per common share as at June 30, 2012 was $0.20. The information in the following table shows the changes in net book value for the three and six months ended June 30, 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 June 30, 2012 and December 31, 2011.
Contacts:
Royal Oak Ventures Inc.
Derek E. Gorgi
Vice-President Finance
(416) 363-9491