NEWNORTH ANNOUNCES RESULTS FOR THE QUARTER ENDED SEPTEMBER 30, 2010
January 19 2011 - 5:06PM
PR Newswire (Canada)
CALGARY, Nov. 10, 2010 /CNW/ -- CALGARY, Nov. 10, 2010 /CNW/ -
NewNorth Projects Ltd. (NNP - TSXV) today announced its financial
results for the quarter ended September 30, 2010. Mr. Greg
Herndier, President and Chief Executive Officer of NewNorth,
reports a net loss after tax of $1,213,000 which includes debenture
interest of $417,000. After tax loss per share, basic and
diluted is $0.10. Select information for the year: --
NewNorth continues to find itself in a good balance sheet position,
exceeding its operating loan covenants (current ratio not to be
less than 1.25:1 and adjusted debt to equity not to exceed 2:1). At
September 30, 2010, the Company's current ratio is 14.85:1 and the
adjusted debt to equity ratio is 0.43:1. -- In the first quarter of
2010, NewNorth added revenue producing commercial assets to its
portfolio by purchasing Chilkat Enterprises Ltd. Chilkat's core
asset is land and buildings located on Old Airport Road in
Yellowknife, NT. The property is fully leased. This acquisition
strengthens NewNorth's position in the Northwest Territories and
increases its rental portfolio. -- A Normal Course Issuer Bid
("NCIB") was entered into in January, 2010. 36,000 shares have been
purchased in 2010 at an average price of 0.46. Management believes
that the value of NewNorth significantly exceeds the current stock
prices. NNP continues to add value to land holdings by obtaining
the necessary approvals. Having those approvals will allow
NNP to begin to execute development plans. NewNorth is
an integrated land and building development Corporation operating
in Alberta, the Northwest Territories and Nunavut. The TSX Venture
Exchange does not accept responsibility for the adequacy of
accuracy of this release. The contents of this release have not
been approved or disapproved by any securities authority or stock
exchanges. To view this news release in HTML formatting, please use
the following URL:
http://www.newswire.ca/en/releases/archive/January2011/19/c3843.html
piMr. Greg N. Herndier, Chief Executive Officer or Mrs. Shannon
Cook,/iiController at (403)531-0280/i/p
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