Humboldt Reports Financial Results for the Nine Months Ended September 30, 2011
November 25 2011 - 8:00AM
Marketwired
Humboldt (TSX VENTURE:HMB) is pleased to report the results of
operations for the nine months ended September 30, 2011. At the
quarter end, shareholders' equity totaled $42.1 million or $3.45
per share, fully diluted, compared with $49.3 million or $3.99 per
share reported at September 30, 2010. Humboldt did not escape the
general market slump of 2011 and the shareholders equity was down
$20.5 million from a value of $62.6 million from December 31,
2010.
The general market is continuing to show weakness due to debt
issues in Europe and the U.S. and a general concern regarding the
slow recovery of world economies. In addition, there is concern
that China may be entering a slower growth phase and may have its
own debt issues, which negatively impacts the outlook for commodity
prices.
Prevailing low interest rates, policies promoting economic
stimulus, as well as improving confidence in key economic
jurisdictions should lead to improved world economic growth in the
future. Economic policies in the United States should also be
relatively accommodative to economic growth with 2011 being a key,
pre- election year.
The stock market capitulation in Q1 09, clearly indicated the
panic bottom for this market cycle and with the steady increase in
worldwide indices since, bodes well for a sustained, but choppy,
upward move. Humboldt anticipates that the recent summer correction
was a "sell in May" event and will soon fade and a year end
recovery will commence.
Since the beginning of the economic recovery, many of Humboldt's
holdings have shown significant gains. This has resulted from
higher commodity prices, companies focusing on their best projects,
increased access to capital for substantial exploration targets and
to general sector rotation back into high impact energy
exploration.
Humboldt is in an enviable position, with a cash balance and
other liquidity 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,
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(Thousands, except per share amounts) 2011 2010 2009
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Earnings (loss) and comprehensive
earnings (loss) for the period $ (20,502) $ 2,649 $ 8,163
Earnings (loss) per share, diluted $ (1.71) $ 0.22 $ 0.67
Eligible Dividends paid $ - $ - $ 3,042
Dividends per share $ - $ - $ 0.25
Share capital $ 2,066 $ 2,017 $ 2,033
Retained earnings $ 39,462 $ 45,783 $ 35,291
Shareholders' equity $ 42,103 $ 49,297 $ 38,664
Cash and cash equivalents $ 873 $ 8,261 $ 14,699
Shares outstanding 11,967 12,022 12,120
Net asset value per share, diluted $ 3.45 $ 3.99 $ 3.16
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Humboldt Financial Statements and Management's Discussion and
Analysis for the nine months ended September 30, 2011 have been
filed on SEDAR and can be found on Humboldt's website at
www.humboldtcapital.com.
Neither the TSX Venture Exchange nor its Regulation Service
Provider (as that term is defined in the policies of the TSX
Venture Exchange) accepts responsibility for the adequacy or
accuracy of this release.
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.
Contacts: Humboldt Capital Corporation R.W. Lamond Chairman of
the Board (403) 269-9889 (403) 269-9890 (FAX) Humboldt Capital
Corporation C.A. (Tony) Teare Executive Vice President (403)
269-9889 (403) 269-9890 (FAX)www.humboldtcapital.com
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