TORONTO, Feb. 12 /CNW/ - Jaguar Financial Corporation ("Jaguar" or the "Company") (TSX: JFC) today reported a net loss of $164,658 for the year ended December 31, 2009, a significant turnaround from the loss of $24,102,323 reported in 2008.
Net income from operations, before the Company's share of losses of its associated company Lakeside Steel Inc. ("Lakeside"), was $2,552,007 compared to a loss of $25,825,775 in the prior year. The Company recorded an equity loss of $2,716,665 from its investment in Lakeside compared to a gain of $1,723,452 in the prior year.
Total revenue for the year ended December 31, 2009, was $8,158,934 compared with negative $20,123,612 in 2008. The Company generated investment gains of $7,834,036 in 2009 compared to negative $19,119,937 in 2008. Gain on derivatives was $238,941 compared to a loss of $1,336,365 in the prior year.
Total expenses decreased from $5,702,163 in 2008 to $5,606,927 in 2009. The decrease is driven by a reduction in salaries and advisory fees, partially offset by an increase in participation fees paid to lenders who participate in the Company's investment gains.
As at December 31, 2009, the fair value of the Company's investment portfolio, including its investment in Lakeside, was $12,804,323.
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.
SOURCE Jaguar Financial Corporation
For further information: For further information: For additional information on this press release, please contact: Vic Alboini, Chairman and Chief Executive Officer, (416) 644-8110