Humboldt Capital Corporation
TSX VENTURE : HMB

Humboldt Capital Corporation

April 10, 2006 14:36 ET

Humboldt Reports 64% Increase in Net Asset Value and $32 Million of Earnings for 2005

CALGARY, ALBERTA--(CCNMatthews - April 10, 2006) - Humboldt Capital Corporation (TSX VENTURE:HMB) reported that its net asset value, after tax, increased by 64% to total $81.7 million, or $6.48 per share compared with $49.8 million, or $4.03 per share in 2004.

The Company reported earnings of $32.0 million, or $2.56 per share for 2005 compared with $8.8 million, or $0.72 per share in 2004. Retained earnings increased to $79.8 million from the $47.9 million reported for the prior year.

Humboldt's net asset value and earnings for 2005 were substantially increased due to gains in the value of Diaz Resources Ltd. and Sharon Energy Ltd., Humboldt's principal holdings. These companies are currently active in the development of a deep, multi-zone Wilcox gas play in Texas. In addition, major gains were reported for the Company's portfolio of energy and mining stocks.


FINANCIAL SUMMARY

Years Ended December 31
------------------------------------------------
(Restated)
(Thousands, except per
share amounts) 2005 2004 2003
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Earnings $ 31,961 $ 8,793 $ 15,983
per share $ 2.56 $ 0.72 $ 1.29

Share capital $ 1,908 $ 1,844 $ 1,762
Retained earnings $ 79,800 $ 47,906 $ 39,253
Shareholders' equity $ 81,708 $ 49,750 $ 41,015

Shares outstanding 12,349 12,351 12,331
Net asset value, per
share (diluted) $ 6.48 $ 4.03 $ 3.31
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Forward-looking statements - the press release today contains "forward-looking" information. Actual results could differ materially from the conclusions, forecasts or projections in the forward-looking information. Certain material factors and assumptions were applied in drawing the conclusions or making the forecasts or projections as reflected in the forward-looking information. Additional information about the material factors that could cause actual results to differ materially from the conclusion, forecast or projection in the forward-looking information and the material factors or assumptions that were applied in drawing the conclusion or making the forecast or projection as reflected in the forward-looking information is contained in the press release.

The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this release.

Contact Information

  • Humboldt Capital Corporation
    R.W. Lamond
    Chairman of the Board
    (403) 269-9889
    (403) 269-9890 (FAX)
    or
    Humboldt Capital Corporation
    C.A. (Tony) Teare
    Executive Vice President
    (403) 269-9889
    (403) 269-9890 (FAX)
    Website: www.humboldtcapital.com