Norstar Securities Trust

April 17, 2009 16:00 ET

Norstar Securities Trust Fiscal 2008 Report to Unitholders

TORONTO, ONTARIO--(Marketwire - April 17, 2009) - Norstar Securities Trust ("Norstar", the "Trust", the Company") reports net earnings of $704,885 or approximately $0.15 per unit for the year ended December 31, 2008.

Financial Highlights for the period ending December 31, 2008 as follows:

Operating Results   Three Months Ended December 31, 2008             Year Ended December 31, 2008  
    (Unaudited)             (Audited)  
                     
                     
Revenue   $1,453,524             $3,550,388  
Operating expenses   1,226,740             2,838,001  
Net earnings   226,784             712,387  
Earnings per unit   $0.05             $0.15  
                   

Balance sheet highlights:
      
      
    December 31, 2008   December 31, 2007 
      
      
    (Audited)   (Audited) 
  Cash   $4,624,865    $4,167,398  
  Current assets   6,414,755   7,808,794 
  Total assets   6,667,946   8,081,780 
  Current liabilities   5,531,858   6,918,977 
  Total liabilities   5,691,858   7,078,977 
  Unitholders' equity   976,088   1,002,803 
      
          

Results for last four quarters:
          
          
  Three Months Ended December 31, 2008 Three Months Ended September 30, 2008 Three Months Ended June 30, 2008 Three Months Ended March 31, 2008 
          
Revenue 1,453,524 639,614 664,140 793,110 
Expenses 1,226,740 502,965 557,197 551,099 
Net earnings 226,784 136,649 106,943 242,011 
Earnings per unit 0.05 0.03 0.02 0.05 
          

Norstar Securities Trust operates an independent Canadian investment dealer through its limited partner, Norstar Securities Limited Partnership.


Other Information:


This press release should be read in conjunction with the management's discussion and analysis and audited consolidated statement for the year ended December 31, 2008, which are available on SEDAR at www.sedar.com

Forward-Looking Statements


This press release may contain forward-looking statements, which are subject to risks and uncertainties and other factors that may cause the Fund's results to differ materially from expectations. When reviewing the Fund's forward-looking statements, investors and others should carefully consider the foregoing factors and other uncertainties and potential events. These include risk relating to market fluctuations, investee performance, strength of the North American and European economy, foreign exchange fluctuations and other risks not yet know to the Fund.. These forward-looking statements speak only as of the date hereof. Unless otherwise required by applicable securities laws, the Fund disclaims any intention or obligation to update these forward-looking statements. The Fund does have an ongoing obligation to disclose material information as it become available.The discussion also includes cautionary statements about these matters. You should read the cautionary statements made as being applicable to all forward-looking statements wherever they appear in this document.

Contact Information

  • Norstar Securities Trust
    Michael Sheridan
    416-619-2008