Sonor Investments Limited
TSX VENTURE : SNI.PR.A

April 15, 2010 15:10 ET

Sonor Investments Limited Reports Financial Results for the Year Ended December 31, 2009 and Three Months Ended March 31, 2010

TORONTO, ONTARIO--(Marketwire - April 15, 2010) - Sonor Investments Limited (TSX VENTURE:SNI.PR.A) today reported its financial results for the year ended December 31, 2009 and the three months ended March 31, 2010.

  Year ended December 31   3 months ended March 31
           
  2009 2008   2010 2009
  $000 $000   $000 $000
           
Revenue 3,923 4,339   144 259
           
Net Income (loss) 2,783 (854)   3 (206)
           

Michael Gardiner, President and Chief Executive Officer, stated that as at March 31, 2010 Company's assets totalled $51.1 million. These assets included $13.2 million of marketable securities, $31.9 million in a private investment, $6.0 million of cash and cash equivalents.

During the year ended December 31, 2009, the Company realized $349,000 in net capital losses on the sale of investments and $345,000 on the value of investments. This compares to net capital losses of $229,000 on the sale of investments and $4,029,000 on the value of investments during the year ended December 31, 2008. During the three months ended March 31, 2010, the Company sold its entire holdings of Canadian Asset Backed Commercial Paper to an independent third party for proceeds of $635,000 which were equal to the carrying value of these investments. Sonor did not dispose of any other available for sale investments and hence no gains or losses were realized. This compares to net capital gains of $41,000 on the sale of investments and net capital losses of $345,000 on the value of investments during the corresponding period of the previous year.

Loss on value of investments is determined each quarter by testing available for sale investments for impairment. The impairment process includes a review of all shares with particular emphasis on shares trading below book value for more than six months and more than 25% below book value at the end of the fiscal year.

Sonor Investments Limited is an investment corporation located in Toronto, Canada. The First Preference Shares of Sonor trade on The TSX Venture Exchange under the symbol SNI.PR.A.

Contact Information

  • Sonor Investments Limited
    Mr. Michael Gardiner
    President and CEO
    (416) 369-1499
    or
    Sonor Investments Limited
    Mr. Stephen Mills
    Treasurer & CFO
    (416) 369-1499