Sonor Investments Limited

November 24, 2010 10:07 ET

Sonor Investments Limited Reports Third Quarter Financial Results

TORONTO, ONTARIO--(Marketwire - Nov. 24, 2010) - Sonor Investments Limited (TSX VENTURE:SNI.PR.A) today reported its financial results for the nine months ended September 30, 2010.

  9 months ended September 30   3 months ended September 30  
  2010 2009   2010 2009  
  $ 000 $ 000   $ 000 $ 000  
Revenue   1,404   57     1,116   (245 )
Net Income (loss)   1,030   (602 )   959   (374 )

Michael Gardiner, President and Chief Executive Officer, stated that as at September 30, 2010 the Company's assets totaled $50.8 million. These assets included $12.2 million of marketable securities, $31.9 million in a private investment and $6.7 million of cash and cash equivalents.

During the nine months ended September 30, 2010, the Company realized net capital gains of $1,020,000 on the sale of investments. In the comparable period for 2009 there were net capital losses of $349,000 on the sale of investments together with an impairment write down of $345,000. During the three months ended September 30, 2010, Sonor realized net capital gains of $1,011,000 on the sale of investments compared to net capital losses of $335,000 during the corresponding period of the previous year.

During the period under review, the Company has maintained net assets and qualified investments in excess of the amounts prescribed under the share conditions pertaining to the First Preference Shares in its capital stock.

The Company has begun the implementation of its International Financial Reporting Standards ("IFRS") changeover plan required by financial regulators in Canada commencing January 1, 2011. It is not expected that the IFRS will materially impact the Company's operating results.

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
    Sonor Investments Limited
    Mr. Stephen Mills
    Treasurer & CFO
    (416) 369-1499