TORONTO, Aug. 10, 2018 (GLOBE NEWSWIRE) -- Crosswinds Holdings Inc. ("Crosswinds" or the "Company") (TSX: CWI) today announced its financial results as at and for the three and six months ended June 30, 2018.
For the three and six months ended June 30, 2018, the Company reported:
1 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 June 30
|Six months ended June 30|
|In CAD thousands, except per Share amounts||2018||2017||2018||2017|
|Net results of investments||246||(92||)||497||(107||)|
|Net loss from continuing operations||$||(172||)||$||(492||)||(382||)||(945||)|
|Loss from discontinued operations||-||(520||)||-||(493||)|
|Gain on sale from discontinued operations||-||1,326|
|Net income (loss)||$||(172||)||$||(1,012||)||$||944||(1,438||)|
|Non-controlling interest's (income) loss||-||74||(204|
|Net income (loss) attributable to the shareholders of Crosswinds||$||(172||)||$||(938||)||$||740||(1,368||)|
|Net income (loss) per Share from continuing and discontinued operations||$||(0.02||)||$||(0.10||)||$||0.08||$||(0.17||)|
Balance Sheet Highlights
|In CAD thousands, except per Share amounts||June 30, 2018||December 31, 2017|
|Cash and marketable securities||$||20,703||$||7,507|
|Asset classified as held for sale||-||13,986|
|Total Shareholders' Equity||$||20,519||$||21,440|
|Shareholders' Equity attributable to the shareholders of Crosswinds||$||20,519||$||19,442|
|Number of shares outstanding (millions)||9.2||9.2|
|Net book value per Share attributable to the shareholders of Crosswinds||$||2.24||$||2.12|
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 June 30, 2018, 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 2017 Annual Information Form, in the Management's Discussion and Analysis for the year ended December 31, 2017 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 execute its strategies from time to time including the Monetization Event; 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.
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