Northern Financial Corporation is reporting its results for the first quarter ended June 30, 2002. Northern Financial Corporation wholly owns Northern Securities. The Company generated total revenue of $1,787,448 in the first quarter of fiscal 2003, compared with total revenue of $1,792,587 in the first quarter of fiscal 2002.

The Company generated positive cash flow of $9,519 from operations during the first quarter of fiscal 2003, an improvement over negative cash flow of $810,679 from operation in the first quarter of fiscal 2002.

The Company reported a net loss of $200,611 in the first quarter in fiscal 2003, also an improvement over a net loss of $1,358,104 in the first quarter of fiscal 2002. The net loss per share for the first quarter of fiscal 2002 was $0.00 compared with a net loss of $0.01 per share in the first quarter of fiscal 2001.

The Company’s improved operating performance is largely attributable to an increase in commission revenue due to an expanded retail sales team, a respectable level of investment banking revenue, and a successful rationalization of overhead expenses throughout the Company’s operations.