TOTAL PROFITS OF
$1,212,000
FOR NINE MONTHS TO
SEPTEMBER 30, 2009
TORONTO
,
Nov. 12
/CNW/ - Jaguar Financial Corporation ("Jaguar" or the "Company") today reported results for its third quarter ended
September 30, 2009
, of its 2009 fiscal year.
For the third quarter ended
September 30, 2009
, the Company reported net income of
$791,802
compared to a loss of
$8,172,149
in the third quarter of 2008. The Company's recovery after a difficult fiscal 2008 is well underway, reporting net income of
$1,212,565
for the nine months ended
September 30, 2009
, compared to a loss of
$12,725,400
in the same period in 2008. Included in net income is the Company's non-cash share of the loss of its associated company, Lakeside Steel Inc. ("Lakeside"), of
$756,447
compared to a gain of
$618,777
in the quarter ended
September 30, 2008
.
Operating income, excluding the share of net income of Lakeside, was
$1,548,249
and
$2,974,042
for the three and nine months ended
September 30, 2009
respectively. This compares to losses of
$8,790,926
and
$13,306,786
for the equivalent periods in the prior year.
The improved results in the third quarter were driven by gains of
$2,191,678
in the Company's investment portfolio compared to losses of
$6,119,522
in the third quarter of the prior year. For the nine months ended
September 30, 2009
, the Company had investment gains of
$8,066,021
compared to losses of
$8,625,691
in the prior year. Included in the year to date amount are realized gains of
$6,104,737
on the Company's investment in HudBay Minerals Inc. ("HudBay") and
$1,182,333
on its investment in Kinbauri Gold Corporation ("Kinbauri").
Jaguar reduced substantially its expenses from
$2,518,692
in the third quarter ended
September 30, 2008
, to
$666,429
in the
September 30, 2009
quarter. A substantial portion of the expenses in the
September 30, 2009
quarter, or
$417,741
, related to profit participation paid to lenders who financed the Company's investments in Kinbauri and HudBay.
Jaguar had cash and investments at fair value of
$15,560,267
as at
September 30, 2009
.
Vic Alboini, Chairman and Chief Executive Officer stated: "We have developed a brand name for catalytic investments in small cap and mid cap companies in
Canada
, following our realized gains in investments in HudBay, Kinbauri, Virtek Vision International and Century II Holdings. Our current major investments are in WGI Heavy Minerals, Lakeside Steel and
Royal Laser
Corp."
About Jaguar
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.
For further information: Vic Alboini, Chairman and Chief Executive Officer, (416) 644-8110
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