Manitou Capital Corporation
TSX VENTURE : MOU

Manitou Capital Corporation

November 27, 2006 16:05 ET

Manitou Capital Announces Results for the Nine Months Ended September 30, 2006

TORONTO, ONTARIO--(CCNMatthews - Nov. 27, 2006) - Manitou Capital Corporation (Manitou)(TSX VENTURE:MOU) today announced its results for the nine months ended September 30, 2006.

Revenue was $2,072,424 as compared to $1,852,541 for the nine months ended September 30, 2005 - an increase of 11.9%.

In the nine months ended September 30, 2006 Manitou had a loss of $129,468 or $0.0091 per share as compared to earnings of $37,057 ($0.0026 per share) in the first nine months of 2005. The 2006 loss includes hiring and severance costs of $331,019 and the 2005 earnings include hiring costs of $192,981. Absent the hiring and severance costs, Manitou's earnings after minority interest and gain on dilution would have been $74,738 for the nine months ended September 30, 2006 and $156,107 for the nine months ended September 30, 2005.

For the three months ended September 30, 2006 Manitou had earnings of $58,479 ($0.0041 per share) as compared to a loss of $48,296 ($0.0034 per share) for the three months ended September 30, 2005. Absent hiring costs incurred during these quarters, Manitou's earnings after minority interest and gain on dilution would have been $63,349 for the quarter ended September 30, 2006 and $70,754 for the quarter ended September 30, 2005.

A client relationship manager recently left the firm. This departure has resulted in some loss of assets under investment management and consequently a decrease in revenue. Further assets under investment management may be lost, the amount of which is unclear at this time. Over the next 12 months, this decrease is expected to be mitigated by new sales and positive investment results.

This news release includes forward-looking statements. Forward looking statements are subject to risks and uncertainties that may cause the actual results to differ materially from current expectations. Given these risks and uncertainties, investors should not place undue reliance on forward-looking statements as a prediction of actual results.

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



MANITOU CAPITAL CORPORATION
Three Months Three Months
Ended Ended
Sept. 30, 2006 Sept. 30, 2005
-------------- --------------
Revenue $ 688,526 $ 634,279

Earnings (Loss) $ 58,479 $ (48,296)

Earnings (Loss) per share $ 0.0041 ($0.0034)

MANITOU CAPITAL CORPORATION
Nine Months Nine Months
Ended Ended
Sept. 30, 2006 Sept. 30, 2005
-------------- --------------
Revenue $ 2,072,424 $ 1,852,541

(Loss) Earnings $ (129,468) $ 37,057

(Loss) Earnings per share ($0.0091) $ 0.0026



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