Profit forecast in detail - looks good to meNorthern Securities reports estimated $400,000 profit in Q1 FY 2011
TORONTO, July 5 /CNW/ - Northern Financial Corporation (TSX: NFC) ("Northern" or the "Company") today announced an estimated $400,000 profit in its wholly owned investment dealer subsidiary, Northern Securities Inc. ("Northern Securities") for the first quarter ended June 30 of its fiscal year ending March 31, 2011. This announcement is in line with the dis closure provided in its June 22 press release that Northern Securities expected a good increase in profitability for its first quarter of fiscal 2011.
As a result of the profitability in the first quarter, Northern Securities has been profitable for the three quarterly periods ended June 30, 2010. Consistent profitability in Northern Securities is the current key focus with ultimately the same focus at Northern, the parent company of Northern Securities. The estimated first quarter results of the parent company, when published on or before August 15, will take into account public company expenses , legal and accounting fees, and stock compensation expense incurred in the allocation of common shares to employees under the Equity Incentive Plan and the Employee Share Purchase Plan.
Northern had 11,813,114 shares issued and outstanding as at June 30, 2010.