Legal settlement drags down Newcap

DARTMOUTH, N.S. – A recently settled lawsuit led to a third quarter loss of $1.2 million at Newfoundland Capital Corporation. While revenue grew at a good clip, thanks to organic ad sales growth and acquisitions, a lawsuit settled with Halterm Income Fund for $3.5 million led to the quarterly loss. Excluding the impact of the settlement, net income would have been on par with the third quarter of 2004. Year-to-date net income of $3.3 million is lower than the prior year due to the settlement and the gain on disposal of investment in 2004. Excluding these two one-time events, net...