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Share Name | Share Symbol | Market | Type |
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TSXV:HMB | TSX Venture | Common Stock |
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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 ---------------------------------------------------------------------------- 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 ---------------------------------------------------------------------------- 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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