Repadre reports 1st quarter financial results

SYMBOL RPD - TORONTO



Apr 20, 2001, 01:00 ET from Repadre Capital Corporation

    TORONTO, April 20 /PRNewswire/ - Repadre Capital Corporation reports
 earnings of $1.4 million or $0.05 per share for the three month period ended
 March 31, 2001 compared to earnings of $0.3 million or $0.01 per share for the
 same period in 2000. Gross income for the first quarter totaled $2.3 million
 compared to $1.2 million in the first quarter of 2000.
     Results from the Tarkwa mine operated by GFGL continued to exceed
 expectations. For the quarter ended March 31, 2001, gold production was
 115,000 ounces at a cash cost of less than US$160 per ounce. Repadre's
 attributable 18.9% share of production was 22,000 ounces. During the quarter,
 GFGL fully repaid all of its bank debt, two years ahead of schedule.
 
                    Summarized Financial Information
 
                                       Quarter Ended         Quarter Ended
                                       March 31, 2001        March 31, 2000
                                       --------------        --------------
 
     Royalty Revenue                       $    555             $    589
     Income from GFGL                         1,472                  374
     Investment Income                          266                  212
                                       --------------        --------------
     Gross Income                             2,293                1,175
     Net Income                          $    1,381             $    272
 
     Average shares outstanding          28,928,000           28,920,000
 
     Earning per share
        Basic                            $     0.05             $   0.01
        Fully diluted                    $     0.05             $   0.01
 
 
     Repadre pursues royalties and merchant banking opportunities in the
 mineral resource industry on a global basis.
 
 
 
                            REPADRE CAPITAL CORPORATION
 
                         Consolidated Balance Sheets
           as at March 31, 2001 (Unaudited) and December 31, 2000
               (Expressed in thousands of Canadian dollars)
 
                                                             2001        2000
 
     ASSETS
 
     Current assets
       Cash and short-term investments                  $   2,783   $   2,878
       Gold and silver bullion                                531         366
       Loans receivable                                     2,073       1,897
       Accounts receivable                                    621         632
       Income taxes recoverable                               977         978
       Prepaid expenses                                        94         114
                                                        ----------------------
                                                            7,079       6,865
                                                        ----------------------
     Marketable securities                                  3,621       3,983
     Interest in Gold Fields Ghana Limited                 53,707      52,235
     Net royalty interests                                 24,139      24,301
     Loans receivable                                       2,271       2,194
     Deferred financing costs                                  57          85
     Capital assets                                           502         501
                                                        ----------------------
                                                        $  91,376   $  90,164
     -------------------------------------------------------------------------
     -------------------------------------------------------------------------
 
     LIABILITIES AND SHAREHOLDERS' EQUITY
 
     Current liabilities
       Accounts payable and accrued liabilities         $     182   $     387
       Current portion of long-term debt                      236         225
       Convertible debenture                                3,200       3,200
                                                        ----------------------
                                                            3,618       3,812
     Future income taxes                                    1,278       1,320
     Deferred revenue                                         112          48
     Shareholders' equity
       Capital stock                                       95,374      95,371
       Other paid-in capital                                  585         585
       Warrants                                               772         772
       Retained earnings                                  (10,363)    (11,744)
                                                        ----------------------
                                                           86,368      84,984
                                                        ----------------------
                                                        $  91,376   $  90,164
     -------------------------------------------------------------------------
     -------------------------------------------------------------------------
 
 
                          REPADRE CAPITAL CORPORATION
 
                     Consolidated Statement of Operations
          for the quarters ended March 31, 2001 and 2000 (Unaudited)
                 (Expressed in thousands of Canadian dollars)
 
 
                                                        2001             2000
 
     Income
       Royalty revenue                         $        555      $       589
       Income from GFGL                               1,472              374
       Investment income                                266              212
                                              -------------------------------
                                                      2,293            1,175
                                              -------------------------------
 
     Expenses
       General and administrative                       694              676
       Amortization of
        royalty interests                               162              192
       Amortization of
        deferred financing costs                         28               28
       Amortization of capital assets                     5                4
       Royalty development costs                         21               34
       Write-downs                                        -                -
                                              -------------------------------
                                                        910              934
                                              -------------------------------
     Income (loss) before income taxes                1,383              241
     Income taxes                                         2              (31)
                                              -------------------------------
     Net income (loss) for the period          $      1,381      $       272
     ------------------------------------------------------------------------
     ------------------------------------------------------------------------
 
     Average number of common shares
       Outstanding                               28,928,000       28,920,000
 
     Net income per common share
       Basic                                   $       0.05      $      0.01
       Fully diluted                           $       0.05      $      0.01
 
 
 
                  Consolidated Statement of Retained Earnings
          for the quarters ended March 31, 2001 and 2000 (Unaudited)
 
 
                                                       2001             2000
 
 
     Retained earnings, beginning of period    $    (11,744)     $   (14,487)
     Net income (loss) for the period                  1,381             272
                                              -------------------------------
     Retained earnings, end of period          $    (10,363)     $   (14,215)
     ------------------------------------------------------------------------
     ------------------------------------------------------------------------
 
 
 
                       REPADRE CAPITAL CORPORATION
 
                    Consolidated Statement of Cash Flows
         for the quarters ended March 31, 2001 and 2000 (Unaudited)
                (Expressed in thousands of Canadian dollars)
 
                                                       2001             2000
 
     Cash provided by (used for):
     Operations
       Net income (loss) for the period        $      1,381      $       272
       Items not involving cash
         Amortization and write-downs                   108              209
         Amortization of deferred revenue               (12)             (31)
         Gain on sale of
          marketable securities                         (78)            (172)
         Income from GFGL                            (1,472)            (374)
         Future income taxes                            (42)             (31)
                                              -------------------------------
                                                       (115)            (127)
       Decrease (increase) in
        non-cash working capital
         Gold and silver bullion                       (165)              33
         Accounts receivable                             11             (233)
         Prepaid expenses                                20               12
         Income taxes recoverable                         1               20
         Accounts payable                              (205)             (63)
     ------------------------------------------------------------------------
                                                       (453)            (358)
     ------------------------------------------------------------------------
     Investing
       Proceeds on sale of
        marketable securities                           440              181
       Loans disbursed                                  (79)               -
       Increase in capital assets                        (6)              (2)
     ------------------------------------------------------------------------
                                                        355              179
     ------------------------------------------------------------------------
     Financing
       Issuance of capital stock                          3                4
     ------------------------------------------------------------------------
                                                          3                4
     ------------------------------------------------------------------------
     Increase (decrease) in cash                        (95)            (175)
     Cash, beginning of period                        2,878            2,253
     ------------------------------------------------------------------------
     Cash, end of period                       $      2,783      $     2,078
     ------------------------------------------------------------------------
     ------------------------------------------------------------------------
 
 
    Some of the statements contained in this release may be forward-looking
 statements, such as estimates and statements that describe Repadre's future
 plans, objectives or goals. Since forward-looking statements address future
 events and conditions, by their very nature, they involve inherent risks and
 uncertainties. There can be no assurance that such statements will prove to be
 accurate and that actual results and future events in each case could differ
 materially from those currently anticipated in such statements by reason of
 such factors as, but not limited to, changes in general economic and market
 conditions.
 
 

SOURCE Repadre Capital Corporation
    TORONTO, April 20 /PRNewswire/ - Repadre Capital Corporation reports
 earnings of $1.4 million or $0.05 per share for the three month period ended
 March 31, 2001 compared to earnings of $0.3 million or $0.01 per share for the
 same period in 2000. Gross income for the first quarter totaled $2.3 million
 compared to $1.2 million in the first quarter of 2000.
     Results from the Tarkwa mine operated by GFGL continued to exceed
 expectations. For the quarter ended March 31, 2001, gold production was
 115,000 ounces at a cash cost of less than US$160 per ounce. Repadre's
 attributable 18.9% share of production was 22,000 ounces. During the quarter,
 GFGL fully repaid all of its bank debt, two years ahead of schedule.
 
                    Summarized Financial Information
 
                                       Quarter Ended         Quarter Ended
                                       March 31, 2001        March 31, 2000
                                       --------------        --------------
 
     Royalty Revenue                       $    555             $    589
     Income from GFGL                         1,472                  374
     Investment Income                          266                  212
                                       --------------        --------------
     Gross Income                             2,293                1,175
     Net Income                          $    1,381             $    272
 
     Average shares outstanding          28,928,000           28,920,000
 
     Earning per share
        Basic                            $     0.05             $   0.01
        Fully diluted                    $     0.05             $   0.01
 
 
     Repadre pursues royalties and merchant banking opportunities in the
 mineral resource industry on a global basis.
 
 
 
                            REPADRE CAPITAL CORPORATION
 
                         Consolidated Balance Sheets
           as at March 31, 2001 (Unaudited) and December 31, 2000
               (Expressed in thousands of Canadian dollars)
 
                                                             2001        2000
 
     ASSETS
 
     Current assets
       Cash and short-term investments                  $   2,783   $   2,878
       Gold and silver bullion                                531         366
       Loans receivable                                     2,073       1,897
       Accounts receivable                                    621         632
       Income taxes recoverable                               977         978
       Prepaid expenses                                        94         114
                                                        ----------------------
                                                            7,079       6,865
                                                        ----------------------
     Marketable securities                                  3,621       3,983
     Interest in Gold Fields Ghana Limited                 53,707      52,235
     Net royalty interests                                 24,139      24,301
     Loans receivable                                       2,271       2,194
     Deferred financing costs                                  57          85
     Capital assets                                           502         501
                                                        ----------------------
                                                        $  91,376   $  90,164
     -------------------------------------------------------------------------
     -------------------------------------------------------------------------
 
     LIABILITIES AND SHAREHOLDERS' EQUITY
 
     Current liabilities
       Accounts payable and accrued liabilities         $     182   $     387
       Current portion of long-term debt                      236         225
       Convertible debenture                                3,200       3,200
                                                        ----------------------
                                                            3,618       3,812
     Future income taxes                                    1,278       1,320
     Deferred revenue                                         112          48
     Shareholders' equity
       Capital stock                                       95,374      95,371
       Other paid-in capital                                  585         585
       Warrants                                               772         772
       Retained earnings                                  (10,363)    (11,744)
                                                        ----------------------
                                                           86,368      84,984
                                                        ----------------------
                                                        $  91,376   $  90,164
     -------------------------------------------------------------------------
     -------------------------------------------------------------------------
 
 
                          REPADRE CAPITAL CORPORATION
 
                     Consolidated Statement of Operations
          for the quarters ended March 31, 2001 and 2000 (Unaudited)
                 (Expressed in thousands of Canadian dollars)
 
 
                                                        2001             2000
 
     Income
       Royalty revenue                         $        555      $       589
       Income from GFGL                               1,472              374
       Investment income                                266              212
                                              -------------------------------
                                                      2,293            1,175
                                              -------------------------------
 
     Expenses
       General and administrative                       694              676
       Amortization of
        royalty interests                               162              192
       Amortization of
        deferred financing costs                         28               28
       Amortization of capital assets                     5                4
       Royalty development costs                         21               34
       Write-downs                                        -                -
                                              -------------------------------
                                                        910              934
                                              -------------------------------
     Income (loss) before income taxes                1,383              241
     Income taxes                                         2              (31)
                                              -------------------------------
     Net income (loss) for the period          $      1,381      $       272
     ------------------------------------------------------------------------
     ------------------------------------------------------------------------
 
     Average number of common shares
       Outstanding                               28,928,000       28,920,000
 
     Net income per common share
       Basic                                   $       0.05      $      0.01
       Fully diluted                           $       0.05      $      0.01
 
 
 
                  Consolidated Statement of Retained Earnings
          for the quarters ended March 31, 2001 and 2000 (Unaudited)
 
 
                                                       2001             2000
 
 
     Retained earnings, beginning of period    $    (11,744)     $   (14,487)
     Net income (loss) for the period                  1,381             272
                                              -------------------------------
     Retained earnings, end of period          $    (10,363)     $   (14,215)
     ------------------------------------------------------------------------
     ------------------------------------------------------------------------
 
 
 
                       REPADRE CAPITAL CORPORATION
 
                    Consolidated Statement of Cash Flows
         for the quarters ended March 31, 2001 and 2000 (Unaudited)
                (Expressed in thousands of Canadian dollars)
 
                                                       2001             2000
 
     Cash provided by (used for):
     Operations
       Net income (loss) for the period        $      1,381      $       272
       Items not involving cash
         Amortization and write-downs                   108              209
         Amortization of deferred revenue               (12)             (31)
         Gain on sale of
          marketable securities                         (78)            (172)
         Income from GFGL                            (1,472)            (374)
         Future income taxes                            (42)             (31)
                                              -------------------------------
                                                       (115)            (127)
       Decrease (increase) in
        non-cash working capital
         Gold and silver bullion                       (165)              33
         Accounts receivable                             11             (233)
         Prepaid expenses                                20               12
         Income taxes recoverable                         1               20
         Accounts payable                              (205)             (63)
     ------------------------------------------------------------------------
                                                       (453)            (358)
     ------------------------------------------------------------------------
     Investing
       Proceeds on sale of
        marketable securities                           440              181
       Loans disbursed                                  (79)               -
       Increase in capital assets                        (6)              (2)
     ------------------------------------------------------------------------
                                                        355              179
     ------------------------------------------------------------------------
     Financing
       Issuance of capital stock                          3                4
     ------------------------------------------------------------------------
                                                          3                4
     ------------------------------------------------------------------------
     Increase (decrease) in cash                        (95)            (175)
     Cash, beginning of period                        2,878            2,253
     ------------------------------------------------------------------------
     Cash, end of period                       $      2,783      $     2,078
     ------------------------------------------------------------------------
     ------------------------------------------------------------------------
 
 
    Some of the statements contained in this release may be forward-looking
 statements, such as estimates and statements that describe Repadre's future
 plans, objectives or goals. Since forward-looking statements address future
 events and conditions, by their very nature, they involve inherent risks and
 uncertainties. There can be no assurance that such statements will prove to be
 accurate and that actual results and future events in each case could differ
 materially from those currently anticipated in such statements by reason of
 such factors as, but not limited to, changes in general economic and market
 conditions.
 
 SOURCE Repadre Capital Corporation