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 measures.
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.
Chairman and CEO