CALGARY, May 28, 2012 /CNW/ - NewNorth Projects Ltd. ("NewNorth") (TSXV:NNP) today announced its financial results for the quarter ending March 31, 2012.
Mr. Greg Herndier, President and Chief Executive Officer of NewNorth, reports a net loss after tax of $377,000 which includes debenture interest of $23,000.
After tax loss per share, basic and diluted is $0.03.
- On January 19, 2012, NewNorth redeemed all of its outstanding debentures. This is an early redemption as the debentures were not due until May 30, 2012. The principal payout was $4,749,423. Interest of $23,000 was paid to the holders of the debentures.
- At March 31, 2012, the Company's current ratio (current assets to current liabilities) is 8.36:1 and the adjusted debt to equity ratio is 0.33:1 which exceeds NewNorth's operating loan covenants requirements of a current ratio not to be less than 1.25:1 and an adjusted debt to equity ratio not to exceed 2:1.
Management believes that the value of the net assets of NewNorth significantly exceeds the current share value.
NewNorth is an integrated land and building development Corporation operating in Alberta, the Northwest Territories and Nunavut.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
The contents of this release have not been approved or disapproved by any securities authority or stock exchanges.
For further information:
Mr. Greg N. Herndier, Chief Executive Officer or Mrs. Shannon Cook, Controller at (403) 531-0280.