Business Services Industry
Morgan Financial Corporation Announces Financial Results
Business Wire, Nov 27, 1997
TORONTO--(BUSINESS WIRE)--Nov. 27, 1997--Morgan Financial Corp. (TSE:MFT.) Morgan Financial Corporation announced that, for the nine months ended September 30, 1997, net earnings were $288,000 compared to $808,000 in the same period 1996. For the quarter ended September 30, 1997, net earnings were $101,000 compared to $174,000 in the corresponding period of 1996.
Morgan is in the process of dissolving and distributing its net assets to its shareholders. The estimated amount available for distribution continues to be approximately $0.084 per share. Distribution cannot be made until Morgan's dissenting shareholder action is dealt with. It is likely that this matter will not be resolved until the first quarter of 1998.
CONTACT: Morgan Financial Corporation
J. Rob Collins, 416/863-2519
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