Pyxis Capital Inc. - Quarterly Results

    TORONTO, Aug. 10 /CNW/ - Pyxis announced today that net income for the
quarter ended June 30, 2007 was $13.5 million compared to $2.2 million for the
same quarter in 2006. The increase in net income reflects partial
monetizations of the Company's long term investment holdings and increased net
gains there from of $8.8 million and increased interest income of $2.8 million
offset by higher income taxes. Net income for the nine months ended June 30,
2007 was $59.8 million compared to $93.8 million for the same period in 2006.
The decrease in net income is due to the extraordinary gain realized in 2006
which did not recur offset by increased realized gains in 2007. Comprehensive
income for the nine months ended June 30, 2007 was $98.8 million compared to
$93.8 million for the same period in 2006.

    $ millions, except per      3 months    3 months    9 months    9 months
     share amounts                 ended       ended       ended       ended
    June 30,                        2007        2006        2007        2006

    Total revenue               $   13.6    $    1.4    $  104.6    $   13.0
    Income before extraordinary
     gain                       $   13.5    $    2.2    $   59.8    $   11.4
    Extraordinary gain          $      -    $      -    $      -    $   82.4
    Net income                  $   13.5    $    2.2    $   59.8    $   93.8
    Comprehensive income        $   23.7    $    2.2    $   98.8    $   93.8
    Earnings per share before
     extraordinary gain         $   0.07    $  (0.02)   $   0.51    $   0.07
    Net earnings per share      $   0.07    $  (0.02)   $   0.51    $   0.99
    Comprehensive earnings per
     share                      $   0.15    $  (0.02)   $   1.09    $   0.99

    The first quarter report to shareholders for the three months ended
December 31, 2006 and the second quarter report to shareholders for the six
months ended March 31, 2007 were amended and both the original and amended
copies will be available at The amendments reflect compliance
with CICA Handbook section 1530 and conforming changes of the current
presentation of the third quarter report to shareholders for the nine months
ended June 30, 2007. The impact of the amendments were to reclass the
$71.8 million unrealized gain in the first quarter report presented on the
income statement to a transition adjustment of $32.0 million on the
Accumulated Other Comprehensive Income Statement and to present the remainder
of the unrealized gain of $39.8 million on the Other Comprehensive Income
statement. The amendments were non-cash and did not change shareholder's
equity in either the first quarter or the second quarter.
    The Company cautions that reported net income is largely dependent on
factors and events which do not occur evenly period to period, including the
receipt of dividends, currency exchange fluctuations, security market price
fluctuations and other non-typical, non-recurring events. Accordingly, these
results for both the quarter, and annualized for the year, may not be
indicative of future results. In the current year the Company also adopted a
new accounting policy for investments and now records investments at market
value, as compared to recording investments at book value as was done in the
prior years.

    Pyxis is a financial services company. The Company's shares are listed on
the TSX under the symbol PYX, PYX.a and PYX.e.

    This press release includes certain forward looking statements including
management's assessment of the Company's future plans and operations based on
current views and expectations. All statements other than statements of
historic facts are forward looking statements. These statements contain
substantial known and unknown risks and uncertainties, some of which are
beyond the Company's control. The Company's actual results, performance or
achievement could differ materially from those expressed in, or implied by,
these forward looking statements. Readers should not place undue reliance on
these forward looking statements which represent estimates and assumptions
only as of the date on which such statements are made. The Company undertakes
no obligation to publicly revise or update any forward looking statements,
whether as a result of new information, future events or otherwise.

    %SEDAR: 00023389E

For further information:

For further information: Andrew Kim, President and Chief Executive
Officer; PYXIS CAPITAL INC., 175 King Street East, 2nd Floor, Toronto,
Ontario, M5A 1J4, Telephone: (416) 867-9079, Facsimile: (416) 867-1961

Organization Profile


More on this organization

Custom Packages

Browse our custom packages or build your own to meet your unique communications needs.

Start today.

CNW Membership

Fill out a CNW membership form or contact us at 1 (877) 269-7890

Learn about CNW services

Request more information about CNW products and services or call us at 1 (877) 269-7890