Ace Aviation Holdings Inc. announced unaudited consolidated earnings results for the second quarter and six months ended June 30, 2012. For the second quarter of 2012, the company recorded a reduction in net assets in liquidation of CAD 275 million. This reduction is primarily due to the initial distribution to shareholders which was paid on June 8, 2012 in connection with the voluntary liquidation of ACE. Net assets in liquidation amounted to CAD 104 million or CAD 3.20 per share against CAD 431 million last year. For the quarter, cash flows used in operations were CAD 2 million against CAD 11 million a year ago.

For the six months, the company reported loss before taxes of CAD 3 million against CAD 41 million a year ago. Loss was CAD 3 million or CAD 0.09 per basic and diluted share against CAD 41 million or CAD 1.26 per basic and diluted share a year ago. Net assets in liquidation amounted to CAD 104 million or CAD 3.20 per share against CAD 431 million last year. Cash flows used in operations were CAD 7 million against CAD 12 million a year ago.