(TSX: NFC)
TORONTO
,
Feb. 10
/CNW/ - Northern Financial Corporation (TSX: NFC) ("Northern" or the "Company") today reported a loss of
$1,004,567
for its third quarter ended
December 31, 2009
, in its 2010 fiscal year, reducing the loss reported in the prior year of
$2,153,499
.
Revenue of
$2,352,303
for the quarter ended
December 31, 2009
was down from revenue of
$3,422,589
in the prior year. The Company's continued implementation of operating efficiencies reduced expenses from
$4,069,827
in the third quarter of fiscal 2009 to
$3,178,252
in the current quarter.
Net income in the Company's wholly-owned subsidiary, Northern Securities Inc. ("NSI") was
$45,749
compared to a loss of
$212,380
in the prior year. NSI led five financings during the quarter.
Northern recorded a merchant banking loss of
$28,969
in the third quarter compared to a gain of
$708,819
in the prior year.
Northern owns 13.0% of the issued common shares of Jaguar Financial Corporation ("Jaguar"). Northern's share of the loss of Jaguar was
$178,618
in the third quarter ended
December 31, 2009
, compared to a loss of
$1,506,261
in the prior year.
For the nine months ended
December 31, 2009
, the Company's net loss was
$1,746,119
compared to a loss of
$6,315,089
in the prior year. Revenue decreased to
$7,872,262
from
$8,599,853
while expenses decreased to
$9,507,669
from
$11,988,768
. The Company's share of the loss of Jaguar was
$110,712
, compared to a loss of
$2,926,174
in the prior year.
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.
For further information: Ann Krallisch, Director, Business Development, Northern Securities Inc., (416) 644-8113, Fax: (416) 644-0270, e-mail: [email protected]
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