Northern Financial Corp. is reporting improved results for the third quarter ended December 31. Northern is the parent company of Northern Securities, a full service Toronto-based investment bank which also online trading and online financing services.

Revenue for the third quarter was $2,176,773 compared with $1,289,914 a year ago. Total revenue for the nine-month period in fiscal 2002 was $5,910,376 compared with revenue of $3,867,928 in the same nine-month period in fiscal 2001.

Third quarter profit was $18,733 compared to a net loss of $2,152,851 in the third quarter of fiscal 2001. The nine-month loss of $1,588,350 in fiscal 2002 is a reduction from the nine-month loss of $7,307,688 in fiscal 2001.

The company also announced that the original $1,312,000 in debentures issued by Northern in order to acquire CanadaInvestDirect.com will be retired through the cash payment of $250,000 from Northern and the issue of 5,144,033 common shares.

The balance of the debenture or $812,000 will be cancelled. The write down of the debt pertaining to this agreement will be reflected in the Company’s results for the fourth quarter.