Northern Financial Corporation

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Northern Financial cuts Q3 loss to $113,302


2006-02-03 07:43 MT - News Release

Ms. Ann Krallisch reports

NORTHERN FINANCIAL REPORTS THIRD QUARTER OF FISCAL 2006 RESULTS

Northern Financial Corp. has released results for its third quarter ended Dec. 31, 2005, of its 2006 fiscal year. Revenue in the third quarter of fiscal 2006 was $4,478,293, a modest increase compared with $4,463,719 in the third quarter of fiscal 2005. The company's net loss in the third quarter of fiscal 2006 was $113,302, a substantial improvement compared with a net loss of $835,813 in the third quarter of fiscal 2005.

In the third quarter of fiscal 2006, the company reported underwriting and advisory revenue of $1,524,425, representing a 34-per-cent decrease from underwriting and advisory revenue of $2,293,258 in the third quarter of the previous year. The company reported commission revenue of $1,383,427 in the third quarter of fiscal 2006, an increase of 16 per cent compared with commission revenue of $1,193,256 in the third quarter of the previous year. The company reported net trading revenue of $1,238,046, an improvement of approximately 100 per cent over net trading revenue of $621,010 in the third quarter of the previous year.

As at Dec. 31, 2005, the company had cash, deposits and securities (including long-term investments in publicly listed securities) of $13,870,240 compared with $12,134,272 as at Dec. 31, 2004.

Revenue for the nine-month period in the current fiscal year was $13,388,977, compared with revenue of $9,047,386 for the nine-month period in the prior year. The company's net loss in the nine-month period in the 2006 fiscal year was $392,980, compared with a net loss of $3,543,173 in the same period in the previous year.

"We experienced solid private client commission growth in the quarter which we attribute to the expansion of our private client group under the leadership of George Garner. Our strategy is to continue to expand this side of our business and we are very pleased with the pace and quality of new hires to date," commented Vic Alboini, chairman and chief executive officer. "Our Capital Markets platform also continues to improve. Our goal is to continue to increase the level of underwriting revenue and substantially increase the level of institutional commission revenue in coming quarters by building on the investment we have made in our investment banking, research, institutional sales and trading teams in recent quarte," said Mr. Alboini.

We seek Safe Harbor.

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Northern Financial sub hires analysts


2006-01-11 14:29 MT - News Release

Mr. Vic Alboini reports

NORTHERN SECURITIES ANNOUNCES OTTAWA OFFICE, QUEBEC PRESENCE AND HIRING OF ADDITIONAL CAPITAL MARKETS PROFESSIONALS

Northern Financial Corp.'s Northern Securities Inc., its wholly owned subsidiary, is opening an office in Ottawa, Ont. Its presence in Quebec subject to regulatory approval and the company is hiring three additional professionals in its capital markets group.

George Garner, executive vice-president, private client group, stated: "Our expansion into Ottawa continues our commitment to offer private client services to clients across Canada. We are especially pleased that Derek Wood, who has been an investment adviser with Northern Securities in Calgary, is responsible for and is now based in our Ottawa office."

Vic Alboini, chairman and chief executive officer of Northern Securities, stated: "There are exceptional small cap companies in Ottawa and Quebec that are underserviced. We believe we have an opportunity to make a difference with the Northern small cap focus in these markets."

The following persons have joined the capital markets group at Northern Securities.

Tim Murray

Mr. Murray joins the office of Northern Securities in Calgary, Alta., as an oil and gas analyst. Previously, Mr. Murray was employed by an institutional investment dealer in Calgary, where he was an associate energy analyst and with a large bank-owned investment dealer. Mr. Murray has his business administration degree from the University of New Hampshire. He is a level III graduate of the chartered financial analyst program, and has completed numerous energy and securities courses.

David Brill

Mr. Brill joins the office of Northern Securities in Toronto, Ont., as a special situations analyst. Mr. Brill has over 18 years of experience in the financial services industry at both large and boutique investment dealers. He has also served as chief operating officer at a financial services firm and as a trader at a large investment dealer. Mr. Brill has his master of business administration degree with distinction from the Wharton School, his bachelor of commerce from the University of Toronto and is a CFA charter holder.

As a result of the hiring of Mr. Murray and Mr. Brill, Northern Securities has two oil and gas analysts, two special situations analysts, one mining analyst, a technology analyst, an associate technology analyst and an analyst in retail and consumer products.

Christophe Romary

Mr. Romary joins the investment banking team of Northern Securities, with responsibility for its business in Quebec. Mr. Romary has over 10 years of experience in the securities industry in Montreal, Que., as a senior member of the management teams of several large investment dealers. Previously, he was the head of the technology group of a bank-owned investment dealer in Montreal. Mr. Romary also worked with Motorola in Montreal, and Thomson CSF and Aerospatiale in France. Mr. Romary has his MBA from Institut Superieur Des Affaires in France, his engineering degree, majoring in telecommunications from Ecole Nationale Superieure de Physique de Marseille (ENSPM) in France, his applied studies degree, also from ENSPM, and his bachelor's degree in electrical engineering. Mr. Romary joins the investment banking team, and, subject to regulatory approval, will be based in Montreal and be responsible for the Northern Securities' presence in the Quebec market.