Humboldt Capital Corporation
TSX VENTURE : HMB

Humboldt Capital Corporation

May 31, 2011 09:00 ET

Humboldt Reports Earnings for the Three Months Ended March 31, 2011

CALGARY, ALBERTA--(Marketwire - May 31, 2011) - Humboldt Capital Corporation (TSX VENTURE:HMB)

Humboldt is pleased to report continued growth for the first quarter of 2011. At the quarter end, shareholders' equity had increased to $62.8 million or $5.04/share, fully diluted, compared with $47.3 million or $3.86/share reported in Q1 2010.

Humboldt closed the quarter with $7.5 million of working capital, equivalent to 12% of its asset value.

At the time of writing, the market is going through a normal early spring corrective phase with continued debt issues in Europe increasing general concern. In addition, China may be entering a slower growth phase, which negatively impacts the outlook for commodity prices.

However, the overall trend for economic growth is intact, with a steadily improving outlook virtually worldwide. Prevailing low interest rates, policies promoting economic stimulus, as well as improving confidence in key economic jurisdictions should lead to continued economic growth. Economic policies in the United States should also be relatively accommodative due to 2011 being a key, pre- election year.


Highlights
                                                Three Months Ended March 31
                                             -------------------------------
(Thousands, except per share amounts)              2011      2010      2009
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Earnings and comprehensive earnings for
 the period                                    $    220  $    642  $  1,703
 Earnings per share, diluted                   $   0.02  $   0.05  $   0.14
Share capital                                  $  2,012  $  2,033  $  2,042
Retained earnings                              $ 60,184  $ 43,283  $ 31,345
Shareholders' equity                           $ 62,803  $ 47,336  $ 35,328
Cash and cash equivalents                      $  7,465  $  9,408  $ 21,476

Shares outstanding                               11,990    12,115    12,169
Net asset value per share, diluted             $   5.04  $   3.86  $   2.82
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Humboldt Financial Statements and Management's Discussion and Analysis for the three months ended March 31, 2011 have been filed on SEDAR and can be found on Humboldt's website at www.humboldtcapital.com.

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)

    Humboldt Capital Corporation
    C.A. (Tony) Teare
    Executive Vice President
    (403) 269-9889
    (403) 269-9890 (FAX)
    www.humboldtcapital.com