TORONTO, July 19, 2012 /CNW/ - Northern Financial Corporation (TSX-V:
NFC) ("Northern Financial" or the "Company") today reported its
financial results for the fiscal year ended March 31, 2012, and the
financial results of its wholly owned subsidiary, Northern Securities
Inc. ("Northern Securities").
Financial results for year ended March 31, 2012 for Northern Securities
Northern Securities reported net income of $941,183 compared to net
income of $830,656 in the prior year. Northern Securities continued to
take steps in fiscal 2012, which continued in fiscal 2013, to reduce
its fixed cost base by reducing the number of its employees, reducing
salaries, renegotiating agreements, and implementing other cost saving
Financial results for year ended March 31, 2012 for Northern Financial
For the year ended March 31, 2012, Northern Financial reported a loss of
$4,209,895 for fiscal 2012 compared to a loss of $1,322,019 in the
prior year. Please refer to the Company's audited annual financial
statements and annual MD&A for the year ended March 31, 2012, which are
available on www.SEDAR.com.
Northern today also announced the resignation of Kyler Wells, Senior
Vice President and General Counsel of Northern. Mr. Wells will be
joining the Toronto office of Heenan Blaikie.
Vic Alboini, Chairman and Chief Executive Officer of Northern stated "On
behalf of the Board, I want to thank Kyler for his very valuable
service to the Company over the past four and a half years and to wish
him every success."
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 TSX Venture 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:
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