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Wilmington Announces 2012 Third Quarter Results

TORONTO, ONTARIO -- (Marketwire) -- 11/13/12 -- Wilmington Capital Management Inc. ("Wilmington" or the "Corporation") (TSX:WCM.A)(TSX:WCM.B) today announced a net loss for the three months ended September 30, 2012 of $11,000 or ($0.01) per share compared to a net loss of $35,000 or ($0.00) per share for the same period in 2011. For the nine months ended September 30, 2012, the net loss amounted to $671,000 or ($0.07) per share compared to net income of $20.2 million or $2.52 per share for the same period in 2011.

To view a full copy of the Corporation's unaudited condensed financial results for the period ended September 30, 2012 including the Corporation's unaudited condensed interim consolidated financial statements and accompanying MD&A, please refer to the SEDAR website www.sedar.com.

OPERATING HIGHLIGHTS

During the third quarter, the Corporation continued to take steps to solidify the foundation of its three newly formed operating platforms - self storage facilities, private equity funds and natural gas assets. Those steps included enhancing the management teams, implementing operational, accounting and reporting systems and developing a solid pipeline of new opportunities.

Real Storage Private Trust (44.78% owned) continued to show operational improvements across its portfolio of 17 self-storage facilities containing 648,978 square feet of rentable area and one development site. The five properties located in western Canada, which were acquired in February, 2011, performed exceptionally well and are expected to reach stabilized occupancy levels in 2012. The majority of the western facilities are newly constructed and in the initial lease-up stage. Overall, occupancy across the portfolio averaged 81% for the three months ended September 30, 2012 as compared to 75% for the same period in 2011. Operating margins for the three months ended September 30, 2012 increased to 57%, up from 54% achieved for the comparable period in 2011.

On the private equity front, Network Capital Management Inc. (50% owned) successfully closed its $22.3 million 2012 fund. Network's committed funds under management now total $50 million and the majority of Network's available capital has been successfully deployed in a strong mix of junior oil and gas and service companies. Wilmington committed $8 million of capital to the 2012 fund.

The natural gas assets owned through the Shackleton Partnership (59% owned) have proven to be of high quality and present good opportunities for growth and future development once we reach a more favorable natural gas pricing environment. The weighted average price realized during the quarter was $2.28 per mcf and operating netbacks averaged $0.81 per mcf. Natural gas production volumes amounted to 4,911 mcf per day (818 boepd) for the third quarter. Estimated proved plus probable reserves attributable to the Shackleton assets as evaluated by GLJ Petroleum Consultants Ltd. with an effective date of December 31, 2011 were 24,392 MMcf. The outlook for natural gas pricing has improved significantly and a better pricing environment will be beneficial to the future operating performance of the Shackleton assets. Of its 2013 production, approximately 25% has been hedged at $3.65 per mcf.

OUTLOOK

The Corporation believes that the foundation for achieving future growth through its three operating platforms - the Real Storage Private Trust, Network Capital Management Inc. and the Shackleton Partnership - are now firmly in place. In the years ahead, the Corporation expects to add scale to these operating platforms, improve valuations and earn attractive cash flow and total returns for shareholders.


FINANCIAL HIGHLIGHTS                                                        
                                                                            
As reported under International Financial Reporting Standards               
                                                                            
CONSOLIDATED STATEMENTS OF INCOME                                           
                                                                            
----------------------------------------------------------------------------
                                           Three months       Nine months   
                                          ended September   ended September 
Unaudited                                       30                30        
(Thousands of Canadian Dollars, except                                      
 per share amounts)                         2012     2011     2012     2011 
----------------------------------------------------------------------------
                                                                            
Income                                                                      
Natural gas sales                        $ 1,031  $   ---  $ 3,095  $   --- 
Royalties                                   (191)     ---     (553)     --- 
----------------------------------------------------------------------------
Natural gas revenue                          840      ---    2,542      --- 
----------------------------------------------------------------------------
                                                                            
Income from investment property              293      288      887      866 
Investment and other income                   86       72      221      223 
Foreign exchange gain                         36      ---       42      --- 
----------------------------------------------------------------------------
                                           1,255      360    3,692    1,099 
----------------------------------------------------------------------------
                                                                            
Expenses                                                                    
Petroleum operations                         393      ---    1,371      --- 
Interest                                     377      293    1,120      872 
General and administrative                   190       44      796      239 
Depletion, depreciation and amortization     368      ---    1,209      --- 
Stock compensation                            57      ---      139      --- 
Foreign exchange loss                        ---       75      ---       59 
----------------------------------------------------------------------------
                                           1,385      412    4,635    1,170 
----------------------------------------------------------------------------
                                                                            
Loss before gain on sale of investment,                                     
 share of net loss from equity accounted                                    
 investment and income tax expense                                          
 (benefit)                                  (130)     (52)    (943)     (71)
                                                                            
Gain on sale of investment in Parkbridge                                    
 Lifestyle Communities Inc.                  ---      ---      ---   23,581 
                                                                            
Share of net income (loss) from Real                                        
 Storage Private Trust                        91       39      138     (215)
Share of net loss from Network Capital                                      
 Management Inc.                             (12)     (14)     (16)     (14)
Share of net loss from Network 2012 Fund      (5)     ---     (108)     --- 
----------------------------------------------------------------------------
Income (loss) before income taxes            (56)     (27)    (929)  23,281 
Income tax expense (benefit)                 (45)       8     (258)   3,075 
----------------------------------------------------------------------------
Net income (loss)                        $   (11) $   (35) $  (671) $20,206 
----------------------------------------------------------------------------
----------------------------------------------------------------------------
                                                                            
Net income (loss) attributable to:                                          
 Owners of the Corporation               $  (123) $   (35) $  (586) $20,206 
 Non-controlling interest                $   112  $   ---  $   (85) $   --- 
----------------------------------------------------------------------------
                                         $   (11) $   (35) $  (671) $20,206 
----------------------------------------------------------------------------
----------------------------------------------------------------------------
                                                                            
Net income (loss) per share - basic      $ (0.01) $ (0.00) $ (0.07) $  2.52 
Net income (loss) per share - diluted    $ (0.01) $ (0.00) $ (0.07) $  2.52 
----------------------------------------------------------------------------
                                                                            
CONSOLIDATED BALANCE SHEET                                                  
                                                                            
----------------------------------------------------------------------------
Unaudited                                    September 30,      December 31,
(Thousands of Canadian Dollars)                       2012              2011
----------------------------------------------------------------------------
                                                                            
Assets                                                                      
Non-current assets                                                          
Investment property                       $         18,239  $         18,933
Investment in Real Storage Private Trust             7,234             7,096
Investment in Network Capital Management                                    
 Inc.                                                1,740             1,755
Investment in Network 2012 Fund                      4,830               ---
Natural gas properties and equipment                18,227            19,436
Deferred tax asset                                     ---               135
----------------------------------------------------------------------------
                                                    50,270            47,355
----------------------------------------------------------------------------
Current assets                                                              
Loan to Network Capital Management Inc.                ---                50
Receivables and other assets                         1,095               923
Cash and cash equivalents                            9,647            18,688
----------------------------------------------------------------------------
                                                    10,742            19,661
----------------------------------------------------------------------------
Total assets                              $         61,012  $         67,016
----------------------------------------------------------------------------
----------------------------------------------------------------------------
                                                                            
                                                                            
Liabilities                                                                 
Non-current liabilities                                                     
Secured debt                              $            ---  $         19,403
Loan payable                                           ---             1,615
Asset retirement obligations                           740               708
Deferred tax liabilities                               212               ---
----------------------------------------------------------------------------
                                                       952            21,726
----------------------------------------------------------------------------
Current liabilities                                                         
Secured debt                                        18,678               ---
Loan payable                                         1,613               ---
Accounts payable and accrued liabilities               969             1,481
Revolving loan facility                              7,050             7,830
Income taxes payable                                   ---             3,336
----------------------------------------------------------------------------
                                                    28,310            12,647
----------------------------------------------------------------------------
Total liabilities                                   29,262            34,373
----------------------------------------------------------------------------
                                                                            
Equity                                                                      
----------------------------------------------------------------------------
Shareholders' equity                                27,637            28,445
Non-controlling interest                             4,113             4,198
----------------------------------------------------------------------------
                                                                            
----------------------------------------------------------------------------
Total liabilities and equity              $         61,012  $         67,016
----------------------------------------------------------------------------
----------------------------------------------------------------------------
                                                                            
                                                                            
                                                                            
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS)                      
                                                                            
----------------------------------------------------------------------------
                                    Three months ended   Nine months ended  
Unaudited                              September 30         September 30    
(Thousands of Canadian Dollars)         2012      2011      2012       2011 
----------------------------------------------------------------------------
                                                                            
----------------------------------------------------------------------------
Net income (loss)                   $    (11) $    (35) $   (671) $  20,206 
----------------------------------------------------------------------------
----------------------------------------------------------------------------
Foreign currency translation             (24)       66       (29)       (30)
Fair value increment of available                                           
 for sale securities                     ---       ---       ---    (23,414)
Share of other comprehensive loss                                           
 from Network 2012 Fund                  (99)      ---      (380)       --- 
Future income taxes on above items        48       ---        48      3,285 
----------------------------------------------------------------------------
Other comprehensive income (loss)        (75)       66      (361)   (20,099)
----------------------------------------------------------------------------
Comprehensive income (loss)         $    (86) $     31  $ (1,032) $     107 
----------------------------------------------------------------------------
----------------------------------------------------------------------------
                                                                            
Comprehensive income (loss)                                                 
 attributable to:                                                           
  Owners of the Corporation         $   (198) $     31  $   (947) $     107 
  Non-controlling interest               112       ---       (85)       --- 
----------------------------------------------------------------------------
                                    $    (86) $     31  $ (1,032) $     107 
----------------------------------------------------------------------------
----------------------------------------------------------------------------

Executive Officers of the Corporation will be available at 403-800-0869 to answer any questions on the Corporation's financial results.

This news release contains forward-looking statements concerning the Corporation's business and operations. The Corporation cautions that, by their nature, forward-looking statements involve risk and uncertainty and the Corporation's actual results could differ materially from those expressed or implied in such statements. Reference should be made to the most recent Annual Information Form for a description of the major risk factors.

Boe Conversion: Certain natural gas volumes have been converted to barrels of oil equivalent ("boe") whereby 6,000 cubic feet (mcf) of natural gas is equal to 1 barrel (bbl) of oil. This conversion ratio (6:1) is based on an energy equivalency conversion applicable at the burner tip and does not represent a value equivalency at the wellhead.

Contacts:
Wilmington Capital Management Inc.
(403) 800-0869

About Marketwired .
Copyright © 2009 Marketwired. All rights reserved. All the news releases provided by Marketwired are copyrighted. Any forms of copying other than an individual user's personal reference without express written permission is prohibited. Further distribution of these materials is strictly forbidden, including but not limited to, posting, emailing, faxing, archiving in a public database, redistributing via a computer network or in a printed form.

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