Manitou Capital Corporation
TSX VENTURE : MOU

Manitou Capital Corporation

November 22, 2007 16:05 ET

Manitou Capital Announces Increased Earnings for the Nine Months Ended September 30, 2007

TORONTO, ONTARIO--(Marketwire - Nov. 22, 2007) - Manitou Capital Corporation (Manitou) (TSX VENTURE:MOU) today announced its results for the nine months ended September 30, 2007.

Manitou had earnings of $241,103 ($0.0169 per share) for the nine months ended September 30, 2007, as compared to a loss of $129,468 ($0.0091 per share) for the nine months ended September 30, 2006.

The earnings for the nine month period ended September 30, 2007 include a tax benefit recorded in the quarter ended September 30, 2007 of $170,000 related to tax loss carry-forwards in Manitou's subsidiary. Without this tax benefit, Manitou's earnings after minority interest would have been $136,230 ($0.0095 per share). The loss for the earlier nine month period includes hiring expenses of $164,000 and severance costs of $167,000. Absent the hiring and severance costs Manitou would have had a profit after minority interest for the nine months ended September 30, 2006 of $74,726 ($0.0052 per share).

For the three months ended September 30, 2007 Manitou had earnings of $158,646 ($0.0111 per share) as compared to earnings of $58,479 ($0.0041 per share) for the three months ended September 30, 2006. Without the tax benefit of $170,000, Manitou's earnings for the three months ended September 30, 2007 would have been $53,773 ($0.0038 per share).

Manitou shares are listed for trading on the TSX Venture Exchange under the symbol MOU.



MANITOU CAPITAL CORPORATION
FINANCIAL HIGHLIGHTS

Three Months Three Months
Ended Ended
September 30, 2007 September 30, 2006
------------------ ------------------

Revenue $610,044 $688,526

Earnings $158,646 $58,479

Earnings per share $0.0111 $0.0041


MANITOU CAPITAL CORPORATION

Nine Months Nine Months
Ended Ended
September 30, 2007 September 30, 2006
------------------ ------------------

Revenue $1,831,213 $2,072,424

Earnings/(Loss) $241,103 $(129,468)

Earnings/(Loss) per share $0.0169 $(0.0091)

The TSX Venture Exchange has neither approved nor disapproved of the information contained herein.

Contact Information

  • Manitou Capital Corporation
    Deborah O'Reilly
    Chief Financial Officer
    (416) 628-6523
    Website: www.manitoucapital.com