Humboldt Capital Corporation

Humboldt Capital Corporation

August 30, 2011 09:00 ET

Humboldt Reports Financial Results for the Six Months Ended June 30, 2011

CALGARY, ALBERTA--(Marketwire - Aug. 30, 2011) - Humboldt Capital Corporation (TSX VENTURE:HMB)

Humboldt is pleased to report year over year growth in per share value for the six months ended June 30, 2011. At June 30, 2011, shareholders' equity totaled $53.8 million or $4.34 per share, fully diluted, compared with $44.9 million or $3.68 per share reported at June 30, 2010. However Humboldt did not escape the general market slump of Q2 2011 and shareholders equity was down $8.9 million from a value of $62.6 million at the beginning of this year.

At the time of writing, the general market is continuing to show weakness due to debt issues in Europe and the U.S. and general concern regarding the slow recovery of world economies. In addition, there is concern that China may be entering a slower growth phase and may have its own debt issues, which negatively impacts the outlook for commodity prices.

Prevailing low interest rates, policies promoting economic stimulus, as well as improving confidence in key economic jurisdictions should lead to improved world economic growth in the future. Economic policies in the United States should also be relatively accommodative to economic growth with 2011 being a key, pre- election year.

Humboldt is optimistic, however, that continued economic growth will improve the value of its portfolio of commodity based stocks.

Six Months Ended June 30 ,
(Thousands, except per share amounts) 2011 2010 2009
Earnings and comprehensive earnings for the period $ (8,830 ) $ (2,369 ) $ 5,243
Earnings per share, diluted $ (0.74 ) $ (0.20 ) $ 0.43
Eligible Dividends paid $ - $ - $ 3,042
Dividends per share $ - $ - $ 0.25
Share capital $ 2,012 $ 2,029 $ 2,035
Retained earnings $ 51,134 $ 42,416 $ 33,051
Shareholders' equity $ 53,805 $ 44,924 $ 35,757
Cash and cash equivalents $ 843 $ 9,221 $ 16,140
Shares outstanding 11,990 12,095 12,126
Net asset value per share, diluted $ 4.34 $ 3.68 $ 2.86

Humboldt Financial Statements and Management's Discussion and Analysis for the six months ended June 30, 2011 have been filed on SEDAR and can be found on Humboldt's website at


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.

Where amounts are expressed on a barrel of oil equivalent (boe) basis, natural gas volumes have been converted to barrels of oil at six thousand cubic feet (mcf) per barrel (bbl). Boe figures may be misleading, particularly if used in isolation. A boe conversion of six thousand cubic feet per barrel is based on an energy equivalency conversion method primarily applicable at the burner tip and does not represent a value equivalency at the wellhead. References to oil in this discussion include crude oil and natural gas liquids (NGLs).


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)