Longview Capital Partners Earns $0.24 Per Share in First Quarter
14:32 10.05.07
VANCOUVER, BRITISH COLUMBIA -- (MARKET WIRE) -- May 10, 2007 -- Longview Capital Partners Incorporated (TSX VENTURE: LV)(FRANKFURT: L6V) today announced financial results for the three months ended March 31, 2007. Highlights include: First quarter results: - Earnings per share of $0.24, compared with $0.09 for the first quarter of 2006 - Revenues grow to $39.1 million from $8.7 million for the first quarter of 2006 - Net income grows to $24.4 million from $5.5 million for the first quarter of 2006 - Fair value of investment portfolio increases to $119.9 million from $87.5 million at December 31, 2006 "Longview's performance in the first quarter of 2007 confirms the continued success of our business model," says Damien Reynolds, founder, Chairman and CEO of Longview. "We continue to identify and develop undervalued early stage natural resource opportunities for the benefit of our shareholders by raising equity for these opportunities and leading them through the development phases of becoming fully developed public companies." About Longview Longview Capital Partners is an investment company creating long-term shareholder value by capitalizing on early stage opportunities in the natural resource sector, and having the resultant earnings growth recognized in its share price. Longview is incorporated under the laws of the Province of British Columbia and began trading on the TSX Venture Exchange under the symbol "LV" on September 5, 2005. Attached are the Consolidated Balance Sheet, Statement of Operations and Retained Earnings, and Statement of Cashflows for the three months ended March 31, 2007 and 2006. Statements in this news release, other than purely historical information, including statements relating to the Company's future plans and objectives or expected results, constitute Forward-looking statements. Such statements are based on numerous assumptions and are subject to all the risks and uncertainties inherent in the Company's business, including risks related to mineral exploration and development. Consequently, actual results may vary materially from those described in the forward-looking statements. LONGVIEW CAPITAL PARTNERS INCORPORATED CONSOLIDATED BALANCE SHEETS AS AT MARCH 31, 2007 AND DECEMBER 31, 2006 (Unaudited) -------------------------------------------------- -------------------------------------------------- March 31, 2007 December 31, 2006 -------------------------------------------------- ASSETS Cash and cash equivalents $ 6,890,333 $ 2,734,605 Investments, at fair value 119,857,241 87,539,741 Accounts receivable 829,557 756,782 Deposits and prepaid expenses 103,050 111,910 Deferred costs 1,133,306 612,119 Fixed assets 298,287 232,660 --------------------------------- $ 129,111,774 $ 91,987,817 -------------------------------------------------- -------------------------------------------------- LIABILITIES AND SHAREHOLDERS' EQUITY Liabilities Accounts payable and accrued liabilities $ 1,038,970 $ 2,053,136 Income taxes payable 2,922,567 2,363,215 --------------------------------- 3,961,537 4,416,351 Future tax liabilities 27,558,800 16,520,596 --------------------------------- 31,520,337 20,936,947 --------------------------------- Shareholders' equity Share capital 32,293,944 28,299,289 Contributed surplus 7,970,934 6,882,074 Retained earnings 57,326,559 35,869,507 --------------------------------- 97,591,437 71,050,870 --------------------------------- $ 129,111,774 $ 91,987,817 -------------------------------------------------- -------------------------------------------------- LONGVIEW CAPITAL PARTNERS INCORPORATED CONSOLIDATED STATEMENTS OF OPERATIONS AND RETAINED EARNINGS FOR THE THREE MONTHS ENDED MARCH 31, 2007 AND 2006 (Unaudited) -------------------------------------------------- -------------------------------------------------- March 31, 2007 March 31, 2006 -------------------------------------------------- REVENUES Gain on disposal of investments, net $ 3,303,577 $ 1,403,672 Unrealized gain on investments, net 35,270,107 7,247,212 Interest and rental income 69,817 115 Other income 473,860 65,678 --------------------------------- 39,117,361 8,716,677 --------------------------------- EXPENSES Operating, general and administrative 1,924,965 228,664 Depreciation 14,735 48 Foreign exchange loss (gain) 196,394 (22,180) Interest 1,878 - Stock-based compensation 909,052 196,700 --------------------------------- 3,047,024 403,232 --------------------------------- Income before income taxes 36,070,337 8,313,445 Provision for income taxes (11,597,556) (2,803,874) Net income for the period 24,472,781 5,509,571 Retained earnings, beginning of period, as previously reported 35,869,507 1,712,380 Change in accounting (3,015,729) - --------------------------------- Retained earnings, beginning of period, as adjusted 32,853,778 1,712,380 --------------------------------- Retained earnings, end of period $ 57,326,559 $ 7,221,951 -------------------------------------------------- -------------------------------------------------- Basic earnings per share $ 0.24 $ 0.09 -------------------------------------------------- -------------------------------------------------- Diluted earnings per share $ 0.21 $ 0.09 -------------------------------------------------- -------------------------------------------------- Weighted average number of common shares outstanding Basic 101,205,668 59,790,329 Diluted 114,295,242 62,540,710 -------------------------------------------------- -------------------------------------------------- LONGVIEW CAPITAL PARTNERS INCORPORATED CONSOLIDATED STATEMENTS OF CASH FLOWS FOR THE THREE MONTHS ENDED MARCH 31, 2007 AND 2006 (Unaudited) -------------------------------------------------- -------------------------------------------------- March 31, 2007 March 31, 2006 -------------------------------------------------- CASH FLOWS FROM (USED IN) OPERATING ACTIVITIES Net income for the period $ 24,472,781 $ 5,509,571 Items not affecting cash: Unrealized gain on investments, net (35,270,107) (7,247,212) Gain on disposal of investments, net (3,303,577) (1,403,672) Provision for income taxes - future 11,038,204 2,499,926 Stock-based compensation 909,052 196,700 Depreciation 14,735 48 Changes in non-cash working capital items: Increase in accounts receivable (72,775) 4,275 Increase in deposits and prepaid expenses 8,860 (14,907) Increase in accounts payable and accrued liabilities (1,014,166) 363,064 Increase in income taxes payable 559,352 303,948 --------------------------------- Net cash (used in) from operating activities (2,657,641) 211,741 --------------------------------- CASH FLOWS FROM (USED IN) INVESTING ACTIVITIES Purchase of investments (5,681,791) (2,618,507) Proceeds from disposal of investments 8,922,246 2,262,306 Deferred costs (521,187) - Purchase of fixed assets (80,362) (1,927) --------------------------------- Net cash from (used in) investing activities 2,638,906 (358,128) --------------------------------- CASH FLOWS FROM (USED IN) FINANCING ACTIVITIES Shares and warrants issued for cash 3,000,000 15,000 Proceeds from exercise of options 48,925 - Proceeds from exercise of warrants 1,125,538 - Proceeds of loan payable - 29,394 --------------------------------- Net cash provided by financing activities 4,174,463 44,394 --------------------------------- Increase (decrease) in cash and cash equivalents during the period 4,155,728 (101,993) Cash and cash equivalents, beginning of period 2,734,605 151,229 --------------------------------- Cash and cash equivalents, end of period $ 6,890,333 $ 49,236 -------------------------------------------------- -------------------------------------------------- The TSX Venture Exchange does not accept responsibility for the adequacy or accuracy of this release. Contacts: Longview Capital Partners Incorporated Mr. Spiro Kletas Investor Relations (604) 681-5755 Website: www.longviewcp.com
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