Northern Financial Reports First Quarter of Fiscal 2013 Results

(TSXV: NFC)

TORONTO, Aug. 29, 2012 /CNW/ - Northern Financial Corporation (TSXV: NFC) ("Northern Financial" or the "Company") today reported results for its first quarter ended June 30,  2012, of its fiscal 2013 year ending March 31, 2013, and the financial results of its wholly owned subsidiary, Northern Securities Inc. ("Northern Securities").

Financial results for first quarter ended June 30, 2012, for Northern Securities

For the three months ended June 30, 2012, Northern Securities reported net income of $1,344,000 compared with a loss of $63,000 in the prior year.

Financial results for first quarter ended June 30, 2012 for Northern Financial

For the first quarter ended June 30, 2012, Northern Financial reported a loss of $1,426,764 compared to a loss of $85,000 in the prior year.    Included in the net loss was a loss of $202,487 representing the Company's share of the net income of Jaguar Financial Corporation.  The net loss also included a negative, non-cash net valuation adjustment of $210,521 on the Company's broker warrant portfolio.

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.

SOURCE: Northern Financial Corporation

Ann Krallisch
Director, Business Development
Northern Securities Inc.
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e-mail: [email protected]