Senvest Capital Inc.

Senvest Capital Inc.

October 14, 2008 07:00 ET

Senvest Capital Inc. Announces Expected Loss for the Third Quarter Ended September 30, 2008

MONTREAL, QUEBEC--(Marketwire - Oct. 14, 2008) - In advance of the formal release of its interim financial statements for the three month period ended September 30 2008, Senvest Capital Inc (Senvest) (TSX:SEC) announces that, based on a preliminary assessment of its financial information, it expects to report a net loss of between $21-23 million or between $8.01 and $8.75 per share for its fiscal third quarter.

This loss is almost exclusively attributable to a decrease in the fair value of Senvest's financial assets during the quarter ended September 30 2008. Since 2005, in accordance with Canadian generally accepted accounting principles, Senvest has recorded most of its financial assets on its financial statements at their fair value (generally referred to as "mark to market") with most of the change in the fair value of these assets being reported in the statement of earnings. The significant decline of the financial markets during the recent quarter has had a negative impact on the market value of Senvest's holdings and is the primary factor in the anticipated loss described above.

Senvest expects to report its financial results for the quarter ended September 30 2008, including its financial statements and Management's Discussion and Analysis during the week of November 10, 2008.

Contact Information

  • Senvest Capital Inc.
    George Malikotsis
    Vice President Finance
    514-281-0166 (FAX)