VANCOUVER, March 15, 2018 /CNW/ - Itasca Capital Ltd.
(TSX-V: ICL) ("Itasca" or "Company") today filed its audited
consolidated financial statements for the year ended December 31, 2017 and the related management
discussion & analysis, both of which are available under
Itasca's profile on SEDAR at www.sedar.com. All amounts are in
Canadian dollars unless indicated otherwise.
The Company reported net income attributable to common
shareholders of $0.41 million, or
$0.02 earnings per share in the
fourth quarter of 2017, compared to net income attributable to
common shareholders of $10.20
million, or $0.47 earnings per
share in the fourth quarter of 2016.
For the year ended December 31,
2017, Itasca reported net loss attributable to common
shareholders of $0.99 million, or
$0.05 loss per share, compared to net
income attributable to common shareholders of $8.95 million, or $0.28 earnings per share for the year ended
December 31, 2016.
As of December 31, 2017, Itasca
reported total shareholders' equity of $22.82 million with a book value per share of
$1.05 based on the 21,810,626 issued
and outstanding common shares.
Significant events during 2017 included the following:
- Change in unrealized gain from the investment in Class A
Interests of 1347 Investors LLC (the "Investment") amounting to
$0.61 million.
- Foreign exchange loss amounting to $1.28
million as a result of translation of US dollar denominated
Investment.
The Company also announced receipt of US$4.0 million cash on February 16, 2018 as partial return of capital
distribution per the terms of its investment in 1347 Investors
LLC.
Management Comments:
Larry G. Swets, Jr., Chairman and
Chief Executive Officer, stated, "We are pleased to announce
partial liquidation of our investment in 1347 Investors LLC. This
US$4 million liquidity will allow us
to pursue other value-accretive opportunities. We continue to
monitor and favorably view our remaining investment."
Neither TSXV nor its Regulation Services Provider (as that
term is defined in policies of the TSXV) accepts responsibility for
the adequacy or accuracy of this news release.
CAUTIONARY NOTE
Book value per share is a non-IFRS measure calculated as the total
of shareholders' equity divided by the issued and outstanding
shares of Itasca. The term "book value per share" does not have any
standardized meaning according to IFRS and therefore may not be
comparable to similar measures presented by other companies. There
is no comparable IFRS measure presented in Itasca's audited
consolidated financial statements and thus no applicable
quantitative reconciliation for such non-IFRS financial measure.
Itasca believes that book value per share can provide information
useful to its shareholders.
SOURCE Itasca Capital Ltd.