TORONTO, Feb. 14 /CNW/ - Northern Financial Corporation (TSX: NFC)
("Northern Financial") today announced a profit of $456,266 in its
wholly owned subsidiary, Northern Securities Inc. ("Northern
Securities") for the third quarter ended December 31 of its fiscal year
ending March 31, 2011. The third quarter profit is an improvement
from a profit of $45,749 in the same period in the prior fiscal year.
Revenue in the second quarter for Northern Securities was $3,489,807.
Northern Securities reported net income of $385,511 for the nine months
ended December 31, 2010, compared to a loss of $292,941 in the prior
Northern Securities is focused on maintaining and enhancing
profitability. Northern Securities supports small cap and mid cap
companies in raising capital, providing merger and acquisition advisory
services, providing research coverage, marketing companies to
institutional investors, and providing market liquidity in the shares
of such companies.
Northern Financial, the parent company of Northern Securities, reported
net income of $163,864 for its third quarter ended December 31, 2010,
in its 2011 fiscal year, compared to a loss of $1,004,567 in the prior
year. Included in net income was a loss of $44,159 representing the
Company's share of the loss of its associated company, Jaguar Financial
Corporation ("Jaguar"), compared to a loss of $178,618 in the prior
Total revenue for Northern Financial increased to $4,028,244 in the
quarter ended December 31, 2010, compared to $2,352,303 in the prior
year. Total expenses for the quarter ended December 31, 2010, were
$3,820,221 compared with expenses of $3,178,252 in the prior year.
For the nine months ended December 31, 2010, Northern Financial's net
loss was $1,341,940 compared to a loss of $1,746,119 in the prior
year. Revenue increased to $7,995,479 from $7,872,262 while expenses
decreased to $9,440,658 from $9,507,669. Northern Financial's share of
the earnings of Jaguar was $138,205, compared to a loss $110,712 in the
Vic Alboini, Chairman and Chief Executive Officer of Northern Financial
stated: "Our business in our Capital Markets Group and Private Client
Group was quite good in the third quarter, driven both by long standing
clients and new clients. Our good pipeline of business has continued
in the fourth quarter ending March 31, 2011."
About Northern Financial Corporation
Northern Financial Corporation wholly owns Northern Securities Inc., a
full service investment dealer that provides financial advisory
services to retail and institutional clients and investment banking
services to small capitalization companies.
The Toronto Stock Exchange does not accept responsibility for the
adequacy or accuracy of this news release. This press release may
contain forward-looking statements with respect to the Company, its
operations, strategy, financial performance and condition. These
statements generally can be identified by use of forward looking words
such as "may", "will", "expect", "estimate", "anticipate", intends",
"believe" or "continue" or the negative thereof or similar variations.
The actual results and performance of the Company discussed herein
could differ materially from those expressed or implied by such
statements. Such statements are qualified in their entirety by the
inherent risks and uncertainties surrounding future expectations.
Important factors that could cause actual results to differ materially
from expectations include, among other things, general economic and
market factors, competition, changes in government regulations and the
factors described under "Risk Factors" in the Management's Discussion
and Analysis and Filing Statement of the Company which are available at
www.sedar.com. The cautionary statements qualify all forward-looking
statements attributable to the Company and persons acting on their
behalf. Unless otherwise stated, all forward-looking statements speak
only as of the date of this press release and the Company has no
obligation to update such statements.
SOURCE Northern Financial Corporation
For further information:
|Vic Alboini |
Chairman and CEO
| || ||or |
| || || || || ||Doug Chornoboy|
Senior Vice President and CFO