TSX: PNP     Last: 3.77     Change: -0.04
TSX: PNP     Last: 3.77     Change: -0.04

Pinetree Capital Ltd. Announces Unaudited Financial Results For The Three Months Ended March 31, 2015

May 12, 2015

TORONTO, Ontario (May 12, 2015) – Pinetree Capital Ltd. (“Pinetree”) (TSX: PNP) today announces its unaudited interim consolidated financial results for the three months ended March 31, 2015.

For the three months ended March 31, 2015, Pinetree had a net loss of $7.16 million, as compared to a net profit of $30.3 million for the same quarter last year.   Net loss for the three months ended March 31, 2015 was primarily the result of net investment losses of $3.6 million, comprised of $29.5 million in realized losses on dispositions of investments offset by unrealized gains on investments of $25.9 million.  Basic loss per share was $0.04 for the three months ended March 31, 2015, as compared to basic earnings per share of $0.20 for the three months ended March 31, 2014.  

As at March 31, 2015, the fair value of the Company’s total investments was $87 million, as compared to $107 million as at December 31, 2014, a decrease of 18%. The composition of Pinetree’s investment portfolio by sector as at March 31, 2015 and December 31, 2014 is outlined in the following table: 

  Sector March 31, 2015 December 31, 2014
($’000) % of Total ($’000) % of Total


22,573 25.9 26,903 25.2

Technology and other

56,862 65.2 70,355 65.9


7,757 8.9 9,502 8.9

Total investments

87,156 100.0 106,760 100.0

Net asset value per share (“NAV”) was $0.22 as at March 31, 2015, a 12% decrease from the December 31, 2014 NAV of $0.25.  (See “Use of Non-GAAP Measures” below.)
About Pinetree
Pinetree is a diversified investment and merchant banking firm focused on the small cap market, with early stage investments in resource, biotechnology and technology companies.  Pinetree’s shares are listed on the Toronto Stock Exchange (“TSX”) under the symbol “PNP”.

Pinetree discloses an unaudited monthly net asset value per share within 15 days after each month-end.  For the latest month-end net asset value per share and for more details about Pinetree and its investments, please visit our website at www.pinetreecapital.com.

Use of Non-GAAP Measures
NAV (net asset value per share) is a non-GAAP (international financial reporting standards) measure calculated as the value of total assets less the value of total liabilities divided by the total number of common shares outstanding as at a specific date.  The term NAV does not have any standardized meaning according to GAAP and therefore may not be comparable to similar measures presented by other companies.  There is no comparable GAAP measure presented in Pinetree’s consolidated financial statements and thus no applicable quantitative reconciliation for such non-GAAP financial measure.  The Company has calculated NAV consistently for many years and believes that NAV can provide information useful to its shareholders in understanding its performance, and may assist in the evaluation of its business relative to that of its peers.

For more information:
Richard Patricio, LL.B.
Chief Executive Officer
Pinetree Capital Ltd.
130 King Street West, Suite 2500
Toronto, Ontario, Canada, M5X 2A2
Phone: 416-941-9600
Email: ir@pinetreecapital.com
Website: www.pinetreecapital.com

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