Northern Financial Corp. has pared its loss for the second quarter ended September 30. Northern Financial is the parent company of Northern Securities Inc., a full service Toronto-based investment bank.

The cash loss before depreciation and amortization was $96,816 in the quarter compared with a $2,108,802 cash loss in Q2 2001. Total cash loss for the six month period in fiscal 2002 was $1,090,961 compared with a cash loss of $4,187,000 in the same six month period in fiscal 2001.

The company incurred a net loss for of $248,979 during the quarter compared to a net loss of $1,358,104 in the first quarter of fiscal 2002 and $2,586,037 in Q2 2001.

The net loss in Q2 2002 is less than the previously estimated net loss of $550,000. The net loss per share for the second quarter was 0.14¢ compared with a loss of 1.6¢ per share in the second quarter of fiscal 2001.

Revenue for the quarter was $1,941,016 compared with $1,435,425 in the second quarter of fiscal 200. Total revenue for the six month period in Fiscal f002 was $3,733,603 compared with revenue of $2,578,014 in the same six-month period in fiscal 2001.