May 11, 2010 (Canada NewsWire Group) --
Endeavour Financial Corporation ("Endeavour" or the "Corporation") today reported revenue of US$241 million and net income of US$213.5 million or US$2.20 per share for the quarter ended
During the quarter ended
In addition to the Crew investment, the Corporation owns 201,902,657 common shares of Etruscan Resources Inc. ("Etruscan"), representing 55% ownership. Both Crew and Etruscan are gold producers active in West
Endeavour is implementing a gold investment strategy to create value by investing in junior gold producers at attractive entry points and by becoming actively involved with the companies. The ultimate creation of an intermediate-sized gold producer is anticipated to drive higher valuation multiples.
Neil Woodyer, Chief Executive Officer commented "Our gold strategy has had a successful start and its success has transformed our company. Over the last 12 months, our net tangible assets have grown from US$165 million to US$479 million and 88% of our capital is now strategically invested in gold producing companies. Endeavour's Advisory team remains active and has generated US$11.2 million of fee revenue so far this fiscal year. This team provides the manpower, skills and market & industry intelligence to drive the primary gold investment business. We will continue to focus on implementing the gold investment strategy to build shareholder value."
Conference Call Details - Rescheduled to
Management's discussion of the financial results for the quarter ending
About Endeavour Financial Corporation
Endeavour is a gold investment company with active, strategic investments in gold producing companies. Endeavour also has a merchant banking business that adds the manpower, skills and market & industry intelligence to drive the primary gold investment business. The merchant banking business offers financial advice (debt, equity, M&A and strategic business development) and financings to natural resource clients. Accessing its global industry networks, Endeavour creates and launches new growth companies as both an advisor and investor.
Endeavour Financial Corporation is listed on the
For additional information, please visit our corporate website at www.endeavourfinancial.com. In order to access the Corporation's financial statements directly, please click the following URL: http://files.newswire.ca/509/EFC_-_Integrated.pdf
On behalf of Endeavour Financial Corporation
Executive Vice President and Chief Financial Officer
+ 377 97 98 7130