Canadian First Financial Group Inc. is reporting a narrower loss for the third quarter ended September 30.

Revenues for the quarter were $4,096,049 as compared to $4,637,170 in the third quarter of 2000. A profit of $10,164 from continuing operations before income taxes and goodwill charges was recorded for the third quarter of 2001 as compared to an operating profit of $4,742 for the comparable period in 2000.

CFFG had a net loss after discontinued operations, goodwill and income taxes of $184,705 for the three months ended September 30, 2001 as compared to a loss of $1,587,010 for the third quarter of 2000.

Basic loss per share after goodwill charges was 2.2¢ versus a per share loss of 18.7¢ for the third quarter of 2000.

For the nine months ended September 30, CFFG had revenues of $13,578,749 versus $17,825,154 for the comparable period in 2000. The net loss for the period was $1,023,599 as compared to $1,290,873 for the first nine months of 2000. Basic loss per share after goodwill charges was 11.9¢ for the nine months ended September 30, 2001 versus a loss per share of 16¢ in 2000.

CFFG says the third quarter 2000 results reflected the sale of Burgeonvest Securities Ltd. to Burgeonvest Financial Corp. resulting in a loss from disposal of discontinued operations of $1,382,423. The Burgeonvest transaction was not completed in 2000 and the accounting treatment for the sale was reversed in the fourth quarter of 2000 in accordance with generally accepted accounting principles. As previously disclosed, the sale of BSL to BFC was in fact completed at the end of the second quarter of fiscal 2001 and the financial results for that transaction were reported in that quarter.

CFFG says it achieved an operating profit from continuing operations in the third quarter of 2001 despite the challenging investment environment and the general deterioration in the economy. In particular, ongoing service fee revenue from the assets under administration at Ross Dixon Financial Services and Hewmac Investment Services, ($2.4 billion as at September 30, 2001), remained strong in the quarter.