VANCOUVER, BRITISH COLUMBIA — (Marketwired) — 08/23/13 — Royal Oak Ventures Inc. (“Royal Oak” or the “company”) recorded net income of $132 thousand ($nil per share) for the three months ended June 30, 2013, an increase of 20% over the $110 thousand ($nil per share) recorded in the same period in 2012. The increase in net income was primarily the result of higher general and administration costs in the prior year as a result of costs incurred to complete the re-listing of the company.
The company classifies securities within its investment portfolio as available-for-sale financial instruments and accordingly records unrealized change in the fair value of these investments in other comprehensive income. The company recorded a pre-tax unrealized loss of $256 thousand during the period (2012 – $492 thousand) as a result of a decrease in the fair value of the company-s securities. This resulted in the company recording a comprehensive loss of $90 thousand in quarter (2012 – $321 thousand comprehensive loss).
Net income and comprehensive income for the six months ended June 30, 2013 were $357 thousand (2012 – $399 thousand) and $416 thousand (2012 – $573 thousand) respectively.
STATEMENTS OF OPERATIONS
CHANGES IN NET BOOK VALUE
The net book value of the company-s common shares as at June 30, 2013 was $0.22 per share. The information in the following table shows the changes in net book value for the three and six months ended June 30, 2013 and 2012.
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, 2013 and December 31, 2012.
Contacts:
Royal Oak Ventures Inc.
Derek E. Gorgi
Vice-President Finance
(416) 363-9491