Le Lézard
Classified in: Business

Crosswinds Holdings Inc. Reports Q3 2017 Financial Results

Crosswinds Holdings Inc. Reports Q3 2017 Financial Results

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.

Business Highlights 

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:

[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 Sept. 30Nine months ended Sept. 30
In CAD thousands, except per Share amounts  2017201620172016
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) loss348(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 amountsSeptember 30, 2017December 31, 2016December 31, 2014
Cash$  7,899$  1,566$  17,118
Investments in an associate and private entity14,25521,3224,038
Other assets20620244
Total Assets $ 22,360$ 23,090$  21,200
Total Liabilities(151)(277)552
Total Shareholders' Equity$ 22,209$ 22,813$  20,648
Non-controlling interests(2,036)(2,610) 
Shareholders' Equity attributable to the shareholders of Crosswinds$20,173$20,203 
Number of shares outstanding (millions)
Net book value per Share attributable to the shareholders of Crosswinds$ 2.19 $ 3.81$  3.89

Financial Information

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. 

More information

Colin King
Tel: 1-800-439-5136

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.         

These press releases may also interest you

at 10:13
Canada believes that effective international cooperation is essential in order to address common challenges as well as harness the benefits of global migration. Today, Canada announced it signed the Global Compact for Safe, Orderly and Regular...

at 10:13
Economic growth in the United States will continue in 2019, say the nation's purchasing and supply management executives in the December 2018 Semiannual Economic...

at 10:10
BBG, a leading national independent commercial real estate valuation, consulting and assessment firm, experienced stellar growth in 2018 and anticipates continued upward momentum in the new year, the company announced today....

at 10:10
IRVINE, Calif., Dec. 10, 2018 /PRNewswire-PRWeb/ -- K1 Speed, the world's premier indoor go-kart racing company, is excited to announce the opening of its first Oregon location today, Monday, December 10. Located in Hillsboro in the Greater Portland...

at 10:07
Today, Loblaw Companies Limited ("Loblaw" or the "Company") announced that it has completed its previously announced issuance, on a private placement basis to qualified accredited investors in each of the Provinces of Canada, of $800...

at 10:06
John Hancock and the Boston Athletic Association today announced the return of 2018 Boston Marathon open champions Desiree Linden and Yuki Kawauchi, as well as wheelchair champions Tatyana McFadden and Marcel Hug for the 123rd running of the race on...

News published on 10 november 2017 at 18:33 and distributed by: