TORONTO, Nov. 10, 2017 (GLOBE NEWSWIRE) -- Crosswinds Holdings Inc. (?Crosswinds? or the ?Company?) (TSX:CWI) today announced its financial results as at and for the three and nine months ended September 30, 2017.
Q3 2017 Financial Highlights
For the three months ended September 30, 2017, the Company reported:
For the nine months ended September 30, 2017, the Company reported:
 Net book value per share is a non-IFRS financial measure and is calculated as total shareholders' equity under International Financial Reporting Standards (IFRS) divided by the number of common shares outstanding as at the period end. See the cautionary statement regarding use of Non-IFRS financial measures at the end of this release.
Statement of Operations Highlights
|Three months ended Sept. 30||Nine months ended Sept. 30|
|In CAD thousands, except per Share amounts||2017||2016||2017||2016|
|Revenue||$ 105||$ 110||$ 361||$ 319|
|Net results of investments||(2,513)||117||(3,113)||260|
|Net loss||$(2,941)||$ (268)||(4,379)||(947)|
|Non-controlling interest's (income) loss||348||(14)||418||(48)|
|Net loss attributable to the shareholders of Crosswinds||$(2,593)||$ (282)||(3,961)||(995)|
|Net loss per Share||$ (0.28)||$ (0.05)||$(0.47)||$(0.17)|
For the quarter ended September 30, 2017, the Company reported:
Balance Sheet Highlights
|In CAD thousands, except per Share amounts||September 30, 2017||December 31, 2016||December 31, 2014|
|Cash||$ 7,899||$ 1,566||$ 17,118|
|Investments in an associate and private entity||14,255||21,322||4,038|
|Total Assets||$ 22,360||$ 23,090||$ 21,200|
|Total Shareholders' Equity||$ 22,209||$ 22,813||$ 20,648|
|Shareholders' Equity attributable to the shareholders of Crosswinds||$20,173||$20,203|
|Number of shares outstanding (millions)||9.2||5.3||5.3|
|Net book value per Share attributable to the shareholders of Crosswinds||$ 2.19||$ 3.81||$ 3.89|
For a comprehensive review of the Company's results, shareholders are encouraged to read the Company's condensed interim consolidated financial statements and accompanying Interim Management's Discussion and Analysis for the period ended September 30, 2017, copies of which will be available on the Company's website at www.crosswindsinc.com and on SEDAR at www.sedar.com.
Crosswinds Holdings Inc.
Crosswinds is a publicly traded private equity firm and asset manager targeting strategic and opportunistic investments in the financial services sector with a particular focus on the insurance industry.
Caution Regarding Forward-Looking Information
This release includes certain forward-looking statements. Forward-looking statements generally can be identified by the use of forward-looking terminology such as ?may?, ?will?, ?expect?, ?intend?, ?estimate?, ?anticipate?, ?believe?, ?should?, ?plans? or ?continue? or the negative thereof or variations thereon or similar terminology. Although the Company believes that the expectations reflected in such forward-looking statements are reasonable, it can give no assurance that such expectations will prove to be correct. These forward-looking statements are subject to a number of risks and uncertainties. Actual results could differ materially from those anticipated in these forward-looking statements. Reference should be made to the risk factors in the Company's 2016 Annual Information Form, in the Management's Discussion and Analysis for the year ended December 31, 2016 and in our other filings with Canadian securities regulators. Additional important factors that could cause actual results to differ materially from expectations include, among other things, general economic and market factors, competition, interest rates, tax related matters, loss of personnel, reliance on key personnel, ability of the Company to generate positive future returns for investors, ability of the Company to execute its strategies from time to time; the receipt of any regulatory approvals or consents required from time to time.
Cautionary Statement Regarding the Use of Non-IFRS Financial Measures
This news release makes reference to the net book value per share which is a non-IFRS financial measure both on a consolidated basis including non-controlling interests with respect to the Company's investment in Monarch and on a non-consolidated basis attributable solely to the Company's shareholders without non-controlling interests. These measures are non-IFRS financial measures. The Company calculates the net book values per Share as it believes it to be an important metric that shareholders use and frequently request and refer to because shareholders often view the Company as a holding company of investments. These non-IFRS financial measures do not have any standardized meaning prescribed by IFRS and therefore are unlikely to be comparable to a similar measure presented by other issuers. This classification is not an IFRS measure and should not be considered either in isolation of, or as a substitute for, a measure prepared in accordance with IFRS.
Cautionary Statement Regarding the Valuation of Investments in Private Entities
For the periods prior to the sale of its investment in Salbro, fair values for this investment were determined by management using the appropriate valuation methodologies after considering the history and nature of the business, operating results and financial conditions, outlook and prospects, general economic, industry and market conditions, capital market and transaction market conditions, contractual rights relating to the investment, public market comparables, private market transaction multiples and, where applicable, other pertinent considerations. The process of valuing investments for which no active market exists is inevitably based on inherent uncertainties and the resulting values may differ from values that would have been used had an active market existed. The amounts at which the Company's investments in private entities could or are ultimately disposed of may differ from the fair value assigned and the differences could be material.
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