Humboldt Capital Corporation
TSX VENTURE : HMB

Humboldt Capital Corporation

April 26, 2011 09:00 ET

Humboldt Reports Earnings of $16 Million for the Year Ended December 31, 2010

CALGARY, ALBERTA--(Marketwire - April 26, 2011) - Humboldt (TSX VENTURE:HMB) is pleased to report earnings of $16 million for the year ended December 31, 2010. The Company reported earnings of $16.2 million reported for the prior year.

At year end, shareholders' equity had increased to $62.6 million or $5.01 per share, fully diluted, compared with $46.7 million or $3.77 per share reported for 2009.

Humboldt closed the year with $7.0 million of working capital, equivalent to 11% of its asset value.

Appointment of new director

Humboldt is also pleased to announce the appointment of Clair Calvert to the board of directors of the Company. Mr. Calvert has extensive experience in the investment industry and will be a valuable asset to the Humboldt board.

Mr. Calvert replaces Allan R Twa, who has been a member of Humboldt's Board for 28 years and has resigned in order to reduce his work load. The company is grateful to Mr. Twa for the benefit of his long service as a Board member.

Highlights
Year ended December 31,
(Thousands, except per share amounts)201020092008
Earnings (loss) and comprehensive income (loss) for the period$15,967$16,199$(22,486)
Earnings (loss) per share, diluted$1.32$1.33$(1.84)
Eligible Dividends paid$-$3,042$-
Dividends per share$-$0.25$-
Share capital$2,015$2,033$2,047
Retained earnings$59,964$43,997$30,842
Shareholders' equity$62,605$46,694$33,669
Cash and cash equivalents$6,497$10,376$21,867
Shares outstanding12,00812,11512,201
Net asset value per share, diluted$5.01$3.77$2.75

Humboldt Financial Statements and Management's Discussion and Analysis for the Year ended December 31, 2010 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

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