Humboldt Reports Earnings of $16 Million for the Year Ended December 31, 2010
26 April 2011 - 11:00PM
Marketwired Canada
Humboldt (TSX VENTURE:HMB) is pleased to report earnings of $16 million for the
year ended December 31, 2010. The Company reported earnings of $16.2 million
reported for the prior year.
At year end, shareholders' equity had increased to $62.6 million or $5.01 per
share, fully diluted, compared with $46.7 million or $3.77 per share reported
for 2009.
Humboldt closed the year with $7.0 million of working capital, equivalent to 11%
of its asset value.
Appointment of new director
Humboldt is also pleased to announce the appointment of Clair Calvert to the
board of directors of the Company. Mr. Calvert has extensive experience in the
investment industry and will be a valuable asset to the Humboldt board.
Mr. Calvert replaces Allan R Twa, who has been a member of Humboldt's Board for
28 years and has resigned in order to reduce his work load. The company is
grateful to Mr. Twa for the benefit of his long service as a Board member.
Highlights
Year ended December 31,
--------------------------------
(Thousands, except per share amounts) 2010 2009 2008
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Earnings (loss) and comprehensive income
(loss) for the period $ 15,967 $ 16,199 $ (22,486)
Earnings (loss) per share, diluted $ 1.32 $ 1.33 $ (1.84)
Eligible Dividends paid $ - $ 3,042 $ -
Dividends per share $ - $ 0.25 $ -
Share capital $ 2,015 $ 2,033 $ 2,047
Retained earnings $ 59,964 $ 43,997 $ 30,842
Shareholders' equity $ 62,605 $ 46,694 $ 33,669
Cash and cash equivalents $ 6,497 $ 10,376 $ 21,867
Shares outstanding 12,008 12,115 12,201
Net asset value per share, diluted $ 5.01 $3.77 $2.75
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Humboldt Financial Statements and Management's Discussion and Analysis for the
Year ended December 31, 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.
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