(November 29 – 16:10 ET) – Canadian First Financial Group Inc. is reporting losses for the three-month and nine-month periods ending September 30.

Due to a change of the fiscal year-end to December 31, the prior year comparative periods are the three-month and nine-month period ended October 31, 1999.

For the three and nine months ended September 30, revenues were $5,165,638 and $18,353,622 respectively. For the three and nine months ended October 31, 1999, revenues were $4,290,406 and $10,945,967 respectively.

On September 27, 2000, CFFG signed a binding letter of intent to sell Burgeonvest Securities Ltd. to Burgeonvest Financial Corp. for total proceeds of $1,700,000.

CFFG says the terms of this letter of intent have been reflected in the financial statements of CFFG for the period ended September 30, as discontinued operations in accordance with Generally Accepted Accounting Principles.

After accounting for the loss from discontinued operations, CFFG made a net loss in both the three and nine months of $1,587,010 and $1,290,873 respectively.

For the three and nine months ended October 31, 1999 CFFG made a net profit of $32,333 and $73,047 respectively.

Income before amortization, income taxes and discontinued operations for nine months ended September 30 was $545,637 and October 31, 1999 was $300,831.

Basic loss per share for the three and nine month periods waw 18.7¢ and 16¢ respectively. Basic earnings per share for the three and nine month periods ended October 31, 1999 was 0.4¢ and 1¢.
-IE Staff