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PINETREE CAPITAL LTD. ANNOUNCES UNAUDITED FINANCIAL RESULTS
FOR THE THREE AND SIX MONTHS ENDED JUNE 30, 2009
TORONTO, Ontario (August 12, 2009) – Pinetree Capital Ltd. (“Pinetree”) (TSX: PNP) today announces its
unaudited financial results for the three and six months ended June 30, 2009.
During the second quarter, Pinetree generated net income of $44.6 million, as compared to $4.8 million for the
same quarter last year. The net income was primarily from net investment gains of $58.5 million in the quarter,
comprised of $79.0 million in unrealized gains on investments and $305,000 in gains from equity accounted
investments, partially offset by realized losses on dispositions of investments of $20.8 million. Earnings per
share were $0.34, as compared to $0.04 per share in the three months ended June 30, 2008.
For the six months ended June 30, 2009, Pinetree generated net income of $73.2 million, as compared to a net
loss of $51.6 million in the same period last year. The net income was primarily from net investment gains of
$103.2 million in the period, comprised of $127.0 million in unrealized gains on investments, realized losses on
dispositions of investments of $26.7 million and $334,000 in losses from equity accounted investments.
Earnings per share were $0.56, as compared to a loss per share of $0.45 in the six months ended June 30,
2008.
The composition of Pinetree’s investment portfolio (accounted for at fair value) by sector as at June 30, 2009, as
compared to December 31, 2008, is outlined in the following table:
June 30, 2009 December 31, 2008
Sector ($’000)
% of
Total ($’000) % of Total
Resources:
Precious Metals 131,079 48.3 50,540 37.7
Uranium 61,681 22.7 26,953 20.1
Base Metals 30,175 11.1 23,529 17.6
Oil & Gas 21,349 7.9 10,066 7.5
Molybdenum 5,068 1.9 3,159 2.4
Potash and Rare Earths 4,257 1.6 3,658 2.7
Total Resources 253,609 93.5 117,905 88.0
Technology/Other 9,576 3.4 8,205 6.1
Biotechnology 3,428 1.3 5,493 4.1
Energy Related Technology 4,799 1.8 2,366 1.8
As at June 30, 2009, total investments at fair value stood at $271.4 million, as compared to $134.0 million as at
December 31, 2008, and the aggregate number of investments decreased to 422 from 427 as at the end of the
last year. Three hundred seventy-two of the investments or 88.1% (December 31, 2008 – 87.5%), were in the
resource sector, consistent with Pinetree’s primary investment strategy.
Net asset value per share increased to $1.91 as at June 30, 2009, from $1.33 as at December 31, 2008.
“Following last year’s challenges, the first half of 2009 has been quite positive for many resource issuers. We
are pleased with the progress made in recapturing some of the value in our portfolio, as a result of improved
market sentiment which is consistent with our long term view of the resource sectors that form the focus of our
investing activity”, said Sheldon Inwentash, Chairman and CEO of Pinetree.
About Pinetree
Pinetree Capital Ltd. ("Pinetree") was incorporated under the laws of the Province of Ontario and its shares are
publicly-traded on the Toronto Stock Exchange (“TSX”) under the symbol “PNP”. Pinetree is a diversified
investment and merchant banking firm focused on the small cap market. Pinetree’s investments are primarily in
the resources sector: Uranium, Oil & Gas, Molybdenum, Precious Metals, Potash and Rare Earths, and Base
Metals. Pinetree’s investment approach is to develop a macro view of a sector, build a position consistent with
the view by identifying micro-cap opportunities within that sector, and devise an exit strategy designed to
maximize our relative return in light of changing fundamentals and opportunities.
For more details about Pinetree and its investments, please visit our website at pinetreecapital.com
Use of Non-GAAP Measures
“Net asset value per share” is a non-GAAP measure defined as shareholders’ equity divided by the total number of common
shares of Pinetree outstanding. The term net asset value per share does not have any standardized meaning according to
GAAP and therefore may not be comparable to similar measures presented by other companies. We believe that the
measure provides information useful to our shareholders in understanding our performance, facilitates the comparison of the
quarterly and year-end results of our ongoing operations and provides a meaningful measure to evaluate our business
relative to that of our peers.
Investor Relations:
Larry Goldberg, C.A.
Executive Vice President and Chief Financial Officer
Pinetree Capital Ltd.
130 King Street West, Suite 2500
Toronto, Ontario, Canada, M5X 1A9
Phone: 416-941-9600
Email: ir@pinetreecapital.com
Web Site: pinetreecapital.com