Updating PRT FOREST REGENERATION INCOME, KINGSWAY FINANCIAL SERVICES, BREAKWATER RESOURCES, and ADOBE SYSTEMS

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PRT FOREST REGENERATION INCOME FUND $6.54 (Toronto symbol PRT.UN; SI Rating: Speculative) (250-381-1404; www.prtgroup.com; Shares outstanding: 9.6 million; Market cap: $62.8 million) has cut its monthly distribution by 34.2% to $0.046 from $0.07. The units now yield 8.4%. The weaker U.S. housing market and the higher Canadian dollar has hurt Canadian forest products firms. That in turn has cut demand for the company’s seedlings. PRT Forest is a hold. KINGSWAY FINANCIAL SERVICES $11.80 (Toronto symbol KFS; SI Rating: Speculative) (905- 629-7888; www.kingsway-financial.com; Shares outstanding: 55.5 million; Market cap: $655.0 million) expects to take a charge against earnings for the three months ended December 31, 2007 of between $1.41 and $1.87 a share. (All figures except share price in U.S. dollars.) To put that in perspective, Kingsway earned $1.53 in the first nine months of this year. The main reason for the charge is a rise in estimated unpaid claims at its Lincoln General subsidiary. Lincoln General operates in the higher-risk, long-haul trucking market. Adverse claim…