Terra Nova Financial Group, Inc. reported un-audited consolidated earnings results for the third quarter and nine months ended September 30, 2009. For the quarter, net loss and loss attributable to common shareholders was $610,367 or $0.02 basic and diluted loss per share on revenue of $7,002,435 compared to net loss and loss attributable to common shareholders of $1,393,250 or $0.05 basic and diluted loss per share on revenue of $9,710,547 for the same period last year. Loss before income taxes was $1,002,388 compared to $2,179,064 for the same period last year. Total adjusted LBITDA was $383,977 compared to $1,546,853 of previous year period. Net interest income declined by $860,000 to $329,000 for the three months ended September 30, 2009, compared to same period in 2008. The decline was primarily attributable to a drop in the federal funds rate -- the base rate from which the company earns interest on its bank deposits and margin loans. For the nine months ended September 30, 2009, net loss and loss attributable to common shareholders was $1,155,562 or $0.05 basic and diluted loss per share on revenue of $21,930,341 compared to loss attributable to common shareholders of $842,006 or $0.03 diluted loss per share on revenue of $28,199,987 for the comparable period last year. Loss before income taxes was $1,892,583 compared to $1,099,589 for the same period last year. Total adjusted LBITDA was $85,403 compared to EBITDA of $729,359 of previous year period.

Terra Nova Financial Group Inc. announced preliminary unaudited financial results for the second quarter and six months ended June 30, 2009. Consolidated revenue was $7.5 million for the three months ended June 30, 2009 versus $8.5 million for the same period in 2008. Adjusted EBITDA was $245,000 for the three months ended June 30, 2009 compared to $1.3 million for the same period in 2008. Net loss attributable to common shareholders of $215,386 or net loss per share was $0.01 for the three months ended June 30, 2009 compared to net income of $396,692 or net income per share of $0.02 for the same period in 2008. Net interest income declined by $746,000 to $440,000 for the three months ended June 30, 2009, compared to same period in 2008. The decline was primarily attributable to a drop in the federal funds rate-the base rate from which the Company earns interest on its bank deposits and margin loans. Net loss before income taxes were $350,386 against net income before taxes of $679,348, reported a year ago. For the six months, the company reported loss before income taxes of $890,195 and net loss attributable to common shareholders of $545,195 or $0.02 loss per diluted share on net revenues of $14,927,906 against income before income taxes of $1,079,475 and net income attributable to common shareholders of $551,244 or $0.02 earnings per diluted share on net revenues of $18,489,439, reported a year ago. Total adjusted EBITDA was $298,575 against $2,276,212, reported a year ago.

On June 1, 2009, Terra Nova Financial Group, Inc.'s independent registered public accounting firm, KBA Group LLP, effective as of that date, has discontinued offering audit and other professional services to clients and that the partners and substantially all staff have joined BKD, LLP. As a result, KBA Group LLP has resigned and the company has engaged the firm BKD, LLP as the company's independent registered public accounting firm.