Humboldt Capital Corporation

Humboldt Capital Corporation

March 21, 2005 09:00 ET

Humboldt Continues Growth in Net Asset Value in 2004


NEWS RELEASE TRANSMITTED BY CCNMatthews

FOR: HUMBOLDT CAPITAL CORPORATION

TSX VENTURE SYMBOL: HMB

MARCH 21, 2005 - 09:00 ET

Humboldt Continues Growth in Net Asset Value in 2004

CALGARY, ALBERTA--(CCNMatthews - March 21, 2005) - Humboldt Capital
Corporation (TSX VENTURE:HMB) reported that its net asset value, after
tax, increased by 22% to total $49.8 million, or $4.03 per share
compared with $41.0 million, or $3.31 per share in 2003.

Subsequent to year end, Humboldt's net asset value per share has
increased a further 11% as share values continue to rise.

Humboldt reported earnings of $8.8 million, or $0.72 per share for 2004
compared with $16.0 million, or $1.29 per share in 2003. Retained
earnings increased to $48.0 million from the $39.3 million reported for
the prior year.

The Company adopted the recommendations of the Canadian Institute of
Chartered Accountants for accounting for its investments, as outlined in
accounting guideline AcG-18. AcG-18 requires that the change in the
valuation of the Company's investments be recorded in the Company's net
income for the period in which the change occurs. Humboldt previously
reported the unrealized gain and the related income tax effect in a
separate category under the shareholders' equity of the balance sheet.
As a result, the information for 2003 and 2002 has been restated to
conform to this policy.



FINANCIAL SUMMARY

Years Ended December 31
-----------------------------
(Restated) (Restated)
(Thousands, except per share amounts) 2004 2003 2002
------------------------------------------------------------------------
Earnings $ 8,770 $ 15,983 $ 2,089
per share $ 0.72 $ 1.29 $ 0.16

Share capital $ 1,844 $ 1,762 $ 1,794
Retained earnings $ 47,906 $ 39,253 $ 23,575
Shareholders' equity $ 49,750 $ 41,015 $ 25,369

Shares outstanding 12,351 12,331 12,625
Net asset value, per share (diluted) $ 4.03 $ 3.31 $ 2.00
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Forward-looking statements - statements included in this press release
that are not historical facts may be considered "forward-looking
statements." All estimates and statements that describe the Company's
objectives, goals or future plans are forward-looking statements.
Forward-looking statements involve inherent risks and uncertainties
where actual results could differ materially from those currently
anticipated.

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Contact Information

  • FOR FURTHER INFORMATION PLEASE CONTACT:
    Humboldt Capital Corporation
    R.W. Lamond
    Chairman of the Board
    (403) 269-9889
    or
    Humboldt Capital Corporation
    C.A. (Tony) Teare
    Executive Vice President
    (403) 269-9889
    (403) 269-9890 (FAX)
    The TSX Venture Exchange has not reviewed and does not accept
    responsibility for the adequacy or accuracy of this release.