Sonor Investments Limited
TSX VENTURE : SNI.PR.A

May 04, 2007 10:39 ET

Sonor Investments Limited Reports Financial Results for the Year Ended December 31, 2006 and Three Months Ended March 31, 2007

TORONTO, ONTARIO--(CCNMatthews - May 4, 2007) - Sonor Investments Limited (TSX VENTURE:SNI.PR.A) today reported its financial results for the year ended December 31, 2006 and the three months ended March 31, 2007.



Year ended December 31 3 months ended March 31

2006 2005 2007 2006
$000 $000 $000 $000
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Revenue (loss) 3,441 4,275 377 (41)

Net Income (loss) 2,964 3,787 282 (106)
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Michael Gardiner, President and Chief Executive Officer, stated that as at March 31, 2007 the Company's assets totalled $65.2 million. These assets included $27.0 million of marketable securities, $31.9 million in a private investment and $6.3 million of cash and cash equivalents.

On January 1, 2007 the Company adopted three new accounting standards issued by the Canadian Institute of Chartered Accountants relating to the valuation of financial instruments. Marketable securities are now valued at fair market value as at March 31, 2007, which fair market value exceeded cost by $300,000.

During the year ended December 31, 2006, the Company realized $1,647,000 in net capital losses on the sale of investments compared to net capital losses of $1,056,000 during the year ended December 31, 2005. During the three months ended March 31, 2007, Sonor realized $284,000 in net capital losses on the sale of investments compared to net capital losses of $493,000 during the corresponding period of the previous year.

Most of the realized capital losses noted herein were a result of the Corporation selling foreign currency-denominated investments whose value upon conversion to Canadian dollars had eroded due to the strengthening of the Canadian dollar from when the investments were first purchased.

Sonor Investments Limited is an investment corporation located in Toronto, Canada. The First Preference Shares of Sonor trade on The TSX Venture Exchange under the symbol SNI.PR.A.

Contact Information

  • Sonor Investments Limited
    Mr. Michael Gardiner
    President and CEO
    (416) 369-1499
    or
    Sonor Investments Limited
    Mr. Stephen Mills
    Treasurer & CFO
    (416) 369-1499
    (416) 369-0280 (FAX)