Longview Strategies Reports Third Consecutive Profitable Quarter and Commencement of Trading in Germany
Monday August 28, 9:45 am ET
VANCOUVER, BRITISH COLUMBIA--(CCNMatthews - Aug. 28, 2006) - Longview Strategies Inc. (TSX VENTURE:LV - News; FWB:L6V) is pleased to announce a pre-tax profit of $1.98 million as part of the Company's financial results for its second quarter ending June 30, 2006. This represents the Company's third consecutive profitable quarter since the Company's inception in August 2005. The current quarter's net income translates to $0.02 per share on a fully diluted, weighted-average basis. Total assets have increased by 25% from the March 31 balance sheet and 146% from the December 31 balance sheet. Longview is very pleased with this performance given the market volatility over the second quarter of the year.
Revenues for the second quarter were $2.6 million, the majority of which was made up of gains on Longview's current portfolio of marketable securities. The Company is in the process of raising additional equity to take advantage of further opportunities (see release dated August 14, 2006) and had working capital of $15,232,186 million at June 30, 2006.
Longview Strategies is a Tier 1 investment issuer on the TSX Venture Exchange, focused on natural resource. Selected annual information follows:
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----------------------------------------------------------------------- Quarter ended Quarter ended
June 30, 2006 March 31, 2006
-----------------------------------------------------------------------Income (loss) for the Period (Pre-tax) $ 1,976,942 $ 6,298,170
Provision for Income tax (829,067) (435,647)
Basic Earnings (loss) per Share 0.017 0.098
Working capital 15,232,186 11,414,407
Total Assets 22,193,287 17,711,870
Total Long-term Liabilities - -
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Longview Strategies is also pleased to announce that its shares have been listed for trading on the Frankfurt Stock Exchange under the symbol L6V. Longview is pleased that its shares will trade in Europe, as it will offer the Company a larger breadth of investment coverage.
On behalf of the Board of Directors,
Damien Reynolds, Chairman & CEO
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.
The TSX Venture Exchange does not accept responsibility for the adequacy or accuracy of this release.
