TORONTO, Feb. 6 /CNW/ - Jaguar Financial Inc. ("Jaguar" or the "Company")
(TSX: JFI) today reported results for its fiscal year ended December 31, 2007.
Net income for the year was $4,518,643, compared to a net loss of $1,297,246
Revenue for the fiscal year ended December 31, 2007 was $10,417,697
compared with $3,450,395 in the prior year. The Company generated a net gain
on investments of $10,117,137, comprised of realized gains of $10,967,843 and
unrealized losses of $850,706. The Company's two largest investments to date,
Century II Holdings Inc. and Rand A Technology Corporation accounted for
$10.8 million of the realized gain. There is no comparative result for 2006,
given the Company's change in business to that of a merchant bank in the first
quarter of the current year. The Company's investment portfolio is recorded on
a mark to market basis and will experience, at various times, unrealized gains
or losses based on equity market conditions.
Interest revenue for the year was $353,704, a decrease compared to
interest revenue of $1,088,825 in the prior year. The decrease is due to
Jaguar's shift in investment focus as a merchant bank, moving funds away from
short-term deposits to equity investments.
The Company recorded an equity loss of $53,144 from its investment in
Added Capital Corporation. There is no comparative for the prior year. The
prior year included a gain of $2,361,570 from the sale of the Company's
Total expenses increased from $4,747,641 in 2006 to $5,899,054 in 2007.
The increase in expenses is related to increased bonuses, advisory and
financing fees, and other costs relating to the Company's investments. The
Company also incurred $670,974 of transaction costs relating to investments.
As well, stock based compensation expenses increased due to the granting of
8,550,000 stock options to employees and directors in Q3 of fiscal 2007. The
prior year included $726,103 of exploration costs.
As at December 31, 2007, cash and cash equivalents were $9,163,422, and
the fair value of the Company's investment portfolio, including its investment
in associated companies, was $21,389,750. Total assets were $32,005,068.
Jaguar is a Canadian merchant bank that invests in undervalued small
capitalization companies in a variety of industry sectors.
The Toronto Stock Exchange does not accept responsibility for the
adequacy or accuracy of this news release. This news release may contain
certain forward looking statements which involve known and unknown risks,
delays, and uncertainties not under Jaguar's control which may cause
actual results, performances or achievements of Jaguar to be materially
different from those implied by such forward looking statements.
For further information:
For further information: on this press release, please contact: Vic
Alboini, Chairman and Chief Executive Officer, (416) 644-8110