CALGARY, AB, March 20, 2023 /CNW/ - Crown Capital Partners Inc. ("Crown" or the "Corporation") (TSX: CRWN) today announced its financial results for the three and 12 months ended December 31, 2022. Crown's complete financial statements and management's discussion and analysis are available on SEDAR at www.sedar.com.
2022 Financial & Operating Highlights
Effective July 13, 2021, Crown began recognizing Crown Partners Fund as an investment in associate using the equity method rather than recognizing it as a subsidiary. As a result, many of our asset, liability, revenue and expense amounts as at and for the twelve months ended December 31, 2022 are not directly comparable to equivalent balances for the prior-year period.
"It was another eventful and successful year in the transformation of Crown to a capital-light company with two long-term growth platforms: network services and third-party fulfilment and distribution," said Chris Johnson, President and CEO of Crown. "Both segments are making significant progress and are poised for profitable growth in 2023 and beyond based on recent contract wins and other expansion initiatives. We will continue to reduce our alternative lending exposure as the remaining loans mature and/or are repaid early. The resulting proceeds, in addition to our new credit facility, should provide us with the financial capacity to support organic and inorganic growth in our two main segments, as well as capital management priorities including additional share buybacks and management of the maturity of our debentures."
Q4 2022 Financial Highlights
Q4 & FY2022 Financial Results Summary
Selected Quarterly Information | ||||||||
Three Months Ended | Years Ended | |||||||
FOR THE PERIODS ENDED DEC. 31 | 2022 | 2021 | 2022 | 2021 | ||||
Revenue: | ||||||||
Network services revenue | $ 6,614 | $ 6,969 | $ 27,262 | $ 27,643 | ||||
Interest revenue | 503 | 298 | 1,593 | 13,248 | ||||
Fees and other income | 424 | 386 | 1,909 | 2,013 | ||||
Distribution services revenue | 6,528 | - | 14,071 | - | ||||
Net gain (loss) on investments | - | - | 2 | (236) | ||||
Total revenue | 14,069 | 7,653 | 44,837 | 42,668 | ||||
Share of (losses) earnings of Crown Partners Fund | (680) | 2,769 | (4,656) | 4,728 | ||||
Net (loss) income attributable to Shareholders | (3,265) | 200 | (7,475) | 2,010 | ||||
Comprehensive (loss) income attributable to Shareholders | (3,265) | 200 | (7,440) | 2,010 | ||||
Total assets | 166,662 | 140,115 | 166,662 | 140,115 | ||||
Total equity | 50,670 | 69,075 | 50,670 | 69,075 | ||||
Per share: | ||||||||
- Net (loss) income to Shareholders - basic | $ (0.58) | $ 0.02 | $ (1.26) | $ 0.23 | ||||
- Net (loss) income to Shareholders - diluted | (0.58) | 0.02 | (1.26) | 0.23 | ||||
- Total equity per share - basic | 8.98 | 9.74 | 8.98 | 9.74 | ||||
Number of common shares: | ||||||||
- Outstanding at end of period | 5,642,546 | 7,093,102 | 5,642,546 | 7,093,102 | ||||
- Weighted average outstanding - basic | 5,642,546 | 8,296,122 | 5,912,105 | 8,735,781 | ||||
- Weighted average outstanding - diluted | 5,642,546 | 8,296,122 | 5,912,105 | 8,735,781 |
Conference Call & Webcast
Crown will host a conference call and webcast to discuss its Q4 & Fiscal 2022 financial results at 11:30 a.m. ET on March 21, 2023. The call will be hosted by Chris Johnson, President & CEO, and Michael Overvelde, CFO. To participate in the call, dial (416) 764-8650 or (888) 664-6383 using the conference ID 44386563. The webcast can be accessed at www.crowncapital.ca under Investor Relations. Listeners should access the webcast or call 10-15 minutes before the start time to ensure they are connected.
About Crown Capital Partners (TSX:CRWN)
Founded in 2000 within Crown Life Insurance Company, Crown Capital Partners is a capital partner to entrepreneurs and growth businesses mainly operating in the telecommunications infrastructure, distribution services, and distributed power markets. We focus on growth industries that require a specialized capital partner, and we aim to create long-term value by acting as both a direct investor in operating businesses serving these markets and as a manager of investment funds for institutional partners. For additional information, please visit crowncapital.ca.
FORWARD-LOOKING STATEMENTS
This news release contains certain "forward looking statements" and certain "forward looking information" as defined under applicable Canadian and U.S. securities laws. Forward-looking statements can generally be identified by the use of forward-looking terminology such as "may", "will", "expect", "intend", "estimate", "anticipate", "believe", "continue", "plans" or similar terminology. Forward-looking statements in this news release include, but are not limited to, statements, management's beliefs, expectations or intentions regarding the distribution services market, the network services market and the general economy, Crown's business plans and strategy, including anticipated investment dispositions and capital deployments and the timing thereof, and Crown's future earnings. Forward-looking statements are based on forecasts of future results, estimates of amounts not yet determinable and assumptions that while believed by management to be reasonable, are inherently subject to significant business, economic and competitive uncertainties and contingencies. Forward-looking statements are subject to various risks and uncertainties concerning the specific factors identified in the Crown's periodic filings with Canadian securities regulators. See Crown's most recent annual information form for a detailed discussion of the risk factors affecting Crown. In addition, Crown's dividend policy will be reviewed from time to time in the context of the Corporation's earnings, financial requirements for its operations, and other relevant factors and the declaration of a dividend will always be at the discretion of the board of directors of the Corporation. Crown undertakes no obligation to update forward-looking information except as required by applicable law. Such forward-looking information represents management's best judgment based on information currently available. No forward-looking statement can be guaranteed and actual future results may vary materially. Accordingly, readers are advised not to place undue reliance on forward-looking statements or information.
SOURCE Crown Capital Partners Inc.
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