Consolidated revenues declined slightly for the year ended December 31, 2012 compared to the prior year as the Company terminated its asset management agreements in connection with the sale of its interest in NorRock Realty Finance Corporation (formerly C.A. Bancorp Canadian Realty Finance Corporation) in the second quarter of 2011. This was offset slightly by an increase in investment income from its investment in Digital Payment Technologies Corp. ("DPT").
Consolidated net results of investments for the year ended December 31, 2012 yielded a net result of $1.3 million compared to a net gain from results of investments of $9.3 million in 2011 related to the Company's previous investment in High Fidelity HDTV Inc. The Company recorded an unrealized gain related to the Company's investment in DPT in 2012.
The Company's operating expenses for the year ended December 31, 2012 compared to the previous year were lower as the Company reduced its employee expenses in-line with its diminishing operations. The majority of the Company's operating expenses are related to those associated with a public company and are generally fixed and recur on an annual basis. The Company also incurred or accrued one-time corporate expenses in 2012 related to the Offer (defined herein).
Balance Sheet Highlights---------------------------------------------------------------------------- December 31, December 31,In C$ millions except per share amounts 2012 2011----------------------------------------------------------------------------Cash and liquid assets $ 25.5 $ 13.4Investments in private entities and loans receivable 16.4 27.8Other assets 0.1 0.1----------------------------------------------------------------------------Total Assets $ 41.9(2) $ 41.3(2)Total Liabilities 0.8 1.3(2)--------------------------------------------------------------------------------------------------------------------------------------------------------Total Shareholders' Equity $ 41.1 $ 39.9(2)----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------Number of shares outstanding (millions) 12.3 12.3--------------------------------------------------------------------------------------------------------------------------------------------------------Net book value per share $ 3.35 $ 3.26--------------------------------------------------------------------------------------------------------------------------------------------------------Closing market price per share $ 3.10 $ 2.25Market price discount to net book value 7% 31%----------------------------------------------------------------------------
The Company had cash and liquid assets of approximately $25.5 million ($25.0 million net of current liabilities) at December 32, 2012. The Company believes it has sufficient working capital to support the Company's operations.
