Pine Valley Mining Income Statement

Financials in millions CAD. Fiscal year is April - March.

Millions CAD. Fiscal year is Apr - Mar.

Fiscal Year	TTM	FY 2006	FY 2005	FY 2004	FY 2003	FY 2002
Period Ending	Dec '06 Dec 31, 2006	Mar '06 Mar 31, 2006	Mar '05 Mar 31, 2005	Mar '04 Mar 31, 2004	Mar '03 Mar 31, 2003	Mar '02 Mar 31, 2002
Operating Revenue	60.91	59.46	19.68	-	-	-
Revenue	60.91	59.46	19.68	-	-	-
Revenue Growth (YoY)	25.68%	202.20%	-	-	-	-
Cost of Revenue	57.47	44.21	16.24	-	-	-
Gross Profit	3.44	15.25	3.44	-	-	-
Selling, General & Admin	12.27	9.67	4.29	1	0.4	1.12
Amortization of Goodwill & Intangibles	-	-	-	-	-	0.01
Other Operating Expenses	-0.12	0.21	0.07	-	-	-
Operating Expenses	51.34	13.44	4.91	1.02	3.31	1.13
Operating Income	-47.9	1.8	-1.48	-1.02	-3.31	-1.13
Interest Expense	-2.57	-2.02	-0.89	-0.08	-0.14	-0.97
Interest & Investment Income	0.13	0.05	0.03	0.01	0	0.01
Currency Exchange Gain (Loss)	-0.36	1.36	2.01	0.03	0.02	-0.04
Other Non Operating Income (Expenses)	-0.26	-0.29	-0.09	-0.05	-0.02	-0.02
EBT Excluding Unusual Items	-50.96	0.91	-0.42	-1.11	-3.46	-2.15
Gain (Loss) on Sale of Investments	-	-	-	-	-	-0.19
Pretax Income	-56.55	0.91	-0.42	-1.11	-3.46	-2.34
Income Tax Expense	-0.18	0.3	0.03	-	-	-
Net Income	-56.37	0.61	-0.45	-1.11	-3.46	-2.34
Net Income to Common	-56.37	0.61	-0.45	-1.11	-3.46	-2.34
Shares Outstanding (Basic)	76	72	58	41	28	20
Shares Outstanding (Diluted)	76	73	58	41	28	20
Shares Change (YoY)	7.61%	24.23%	44.16%	43.23%	41.54%	6.71%
EPS (Basic)	-0.74	0.01	-0.01	-0.03	-0.12	-0.12
EPS (Diluted)	-0.75	0.01	-0.01	-0.03	-0.12	-0.12
Free Cash Flow	9.12	-14.31	-26.41	-3.25	-0.59	-1.41
Free Cash Flow Per Share	0.12	-0.20	-0.45	-0.08	-0.02	-0.07
Gross Margin	5.65%	25.64%	17.46%	-	-	-
Operating Margin	-78.63%	3.03%	-7.50%	-	-	-
Profit Margin	-92.53%	1.02%	-2.30%	-	-	-
Free Cash Flow Margin	14.97%	-24.07%	-134.22%	-	-	-
EBITDA	-39.04	5.37	-0.92	-0.99	-0.39	-1.12
EBITDA Margin	-64.10%	9.04%	-4.69%	-	-	-
D&A For EBITDA	8.85	3.57	0.55	0.04	2.92	0.01
EBIT	-47.9	1.8	-1.48	-1.02	-3.31	-1.13
EBIT Margin	-78.63%	3.03%	-7.50%	-	-	-
Effective Tax Rate	-	32.97%	-	-	-	-

Source: S&P Global Market Intelligence. Standard template. Financial Sources.