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
.
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: For additional information on this press release, please contact: Vic Alboini, Chairman and Chief Executive Officer, (416) 644-8110
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