HUMBOLDT REPORTS EARNINGS OF $2.6 MILLION FOR THE NINE MONTHS ENDED SEPTEMBER 30, 2010
27 November 2010 - 4:45AM
PR Newswire (Canada)
CALGARY, Nov. 26 /CNW/ -- CALGARY, Nov. 26 /CNW/ - Humboldt Capital
Corporation (TSX-V: HMB) Humboldt is pleased to report that at
September 30, 2010, the Company's net asset value had increased to
$49.3 million or $3.99 per share, fully diluted, compared with
$38.7 million, or $3.16 per share, fully diluted, a year
earlier. Humboldt closed the quarter with $8.5 million of
working capital or 17 % of its asset value. Earnings totaled $4.3
million for the third quarter of 2010. Earnings for the nine
months ended September 30, 2010 were $2.6 million or $0.22 per
share compared with $8.2 million or $0.67 per share for the nine
months ended September 30, 2009. Humboldt is in an enviable
position, with a substantial cash balance built up during 2007 and
early 2008, to allow it to weather any significant economic and
stock market set back. From this position of strength
Humboldt plans to continue to upgrade the quality of its holdings
while reducing its portfolio diversity over the next year.
Highlights Nine Months Ended September 30, (Thousands, except per
share amounts) 2010 2009 2008 Earnings (loss) and comprehensive $
2,649 $ 8,163 $ (10,859) earnings (loss) for the period Earnings
(loss) per share, diluted $ 0.22 $ 0.67 $ (0.88) Eligible Dividends
paid $ - $ 3,042 $ - Dividends per share $ - $ 0.25 $ - Share
capital $ 2,017 $ 2,033 $ 2,048 Retained earnings $ 45,783 $ 35,291
$ 41,916 Shareholders' equity $ 49,297 $ 38,664 $ 45,304 Cash and
cash equivalents $ 8,261 $ 14,699 $ 22,621 Shares outstanding
12,022 12,120 12,207 Net asset value per share, diluted $ 3.99
$3.16 $3.64 Humboldt Financial Statements and Management's
Discussion and Analysis for the nine months ended September 30,
2010 have been filed on SEDAR and can be found on Humboldt's
website at www.humboldtcapital.com. Forward-looking statements -
the press release today contains "forward-looking"
information. Actual results could differ materially from the
conclusions, forecasts or projections in the forward-looking
information. Certain material factors and assumptions were
applied in drawing the conclusions or making the forecasts or
projections as reflected in the forward-looking information.
Additional information about the material factors that could cause
actual results to differ materially from the conclusion, forecast
or projection in the forward-looking information and the material
factors or assumptions that were applied in drawing the conclusion
or making the forecast or projection as reflected in the
forward-looking information is contained in the press release. THE
TSX VENTURE EXCHANGE HAS NOT REVIEWED AND DOES NOT ACCEPT
RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE. piR.W.
Lamond, Chairman of the Board - or - C.A. (Tony) Teare, Executive
Vice President/ibr/ HUMBOLDT CAPITAL CORPORATIONbr/
Telephone: (403) 269-9889br/ Fax: (403) 269-9890br/
TSX-V: HMB/p
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