Manitou Capital Corporation
TSX VENTURE : MOU

Manitou Capital Corporation

November 26, 2008 16:32 ET

Manitou Capital Announces Results for the Nine Months Ended September 30, 2008

TORONTO, ONTARIO--(Marketwire - Nov. 26, 2008) - Manitou Capital Corporation (Manitou) (TSX VENTURE:MOU) today announced its results for the nine months ended September 30, 2008.

Manitou had earnings of $38,884 ($0.0027 per share) for the nine months ended September 30, 2008, as compared to earnings of $241,103 ($0.0169 per share) for the nine months ended September 30, 2007. The earnings for the nine month period ended September 30, 2007 include a tax benefit recorded in the quarter ended September 30, 2007 of $170,000 related to tax loss carry-forwards in Manitou's 62% owned subsidiary, Manitou Investment Management Ltd. (MIM). Manitou's earnings before tax and non-controlling interest were $165,686 ($0.0116 per share) and $269,507 ($0.0190 per share) respectively for the nine months ended September 30, 2008 and September 30, 2007.

For the three months ended September 30, 2008 Manitou had earnings of $28,226 ($0.0020 per share) as compared to earnings of $158,646 ($0.0111 per share) for the three months ended September 30, 2007. Earnings before tax and non-controlling interest were $70,304 ($0.0049 per share) and $100,811 ($0.0070 per share) respectively for the three months ended September 30, 2008 and September 30, 2007.

As a result of William J. Biggar's recent appointment as President and CEO of North American Palladium Ltd., Mr. Biggar was obliged to resign as a Director of Manitou effective November 24, 2008. Richard J.G. Boxer has replaced Mr. Biggar as Chairman of Manitou's audit committee.

Manitou shares are listed for trading on the TSX Venture Exchange under the symbol MOU.



MANITOU CAPITAL CORPORATION
FINANCIAL HIGHLIGHTS

Three Months Ended Three Months Ended
September 30, 2008 September 30, 2007
------------------ ------------------

Revenue $573,949 $610,044

Earnings $28,226 $158,646

Earnings per share $0.0020 $0.0111



Nine Months Ended Nine Months Ended
September 30, 2008 September 30, 2007
------------------ ------------------

Revenue $1,744,017 $1,831,213

Earnings $38,884 $241,103

Earnings per share $0.0027 $0.0169


The TSX Venture Exchange has neither approved nor disapproved of the information contained herein.

Contact Information

  • Manitou Capital Corporation
    Deborah O'Reilly
    Chief Financial Officer
    (416) 628-6523
    Website: www.manitoucapital.com