TORONTO, Feb. 10 /CNW/ - Northern Financial Corporation (TSX: NFC) ("Northern" or the "Company") today reported a loss of $1,004,567 for its third quarter ended December 31, 2009, in its 2010 fiscal year, reducing the loss reported in the prior year of $2,153,499.
Revenue of $2,352,303 for the quarter ended December 31, 2009 was down from revenue of $3,422,589 in the prior year. The Company's continued implementation of operating efficiencies reduced expenses from $4,069,827 in the third quarter of fiscal 2009 to $3,178,252 in the current quarter.
Net income in the Company's wholly-owned subsidiary, Northern Securities Inc. ("NSI") was $45,749 compared to a loss of $212,380 in the prior year. NSI led five financings during the quarter.
Northern recorded a merchant banking loss of $28,969 in the third quarter compared to a gain of $708,819 in the prior year.
Northern owns 13.0% of the issued common shares of Jaguar Financial Corporation ("Jaguar"). Northern's share of the loss of Jaguar was $178,618 in the third quarter ended December 31, 2009, compared to a loss of $1,506,261 in the prior year.
For the nine months ended December 31, 2009, the Company's net loss was $1,746,119 compared to a loss of $6,315,089 in the prior year. Revenue decreased to $7,872,262 from $8,599,853 while expenses decreased to $9,507,669 from $11,988,768. The Company's share of the loss of Jaguar was $110,712, compared to a loss of $2,926,174 in the prior year.
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.
SOURCE Northern Financial Corporation
For further information: For further information: Ann Krallisch, Director, Business Development, Northern Securities Inc., (416) 644-8113, Fax: (416) 644-0270, e-mail: firstname.lastname@example.org