VANCOUVER, March 7, 2019 /CNW/ - Itasca Capital Ltd. (TSX-V:
ICL) ("Itasca" or "Company") today filed its audited consolidated
financial statements for the year ended December 31, 2018 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 loss attributable to common
shareholders of $3.5 million, or
$0.16 loss per share in the fourth
quarter of 2018, compared to net income attributable to common
shareholders of $0.4 million, or
$0.02 earnings per share in the
fourth quarter of 2017.
For the year ended December 31,
2018, Itasca reported net loss attributable to common
shareholders of $6.3 million, or
$0.29 loss per share, compared to net
loss attributable to common shareholders of $1.0 million, or $0.05 loss per share for the year ended
December 31, 2017.
As of December 31, 2018, Itasca
reported total shareholders' equity of $13.3
million with a book value per share of $0.61 based on the 21,810,626 issued and
outstanding common shares.
Significant events during 2018 included the following:
- Receipt of US$4.0 million cash in
February 2018 as return of capital
distribution from the investment in Class A Interests of 1347
Investors LLC (the "Investment").
- Change in unrealized loss from the Investment amounting to
$7.4 million.
- Foreign exchange gain amounting to $1.4
million as a result of translation of US dollar denominated
Investment.
- Special cash dividend of $0.15
per common share or $3.3 million in
aggregate paid in August 2018
Management Comments:
Larry G. Swets, Jr., Chief Executive
Officer, stated, "We are pleased that we were able to pay a special
dividend in 2018 from the gains generated from our investment in
1347 Investors LLC, as we continue to seek further realization from
this investment. The value of Itasca's investment in 1347 Investors
LLC is driven by the underlying common shares of Limbach Holdings
Inc., which experienced a decline in fourth quarter leading to
unrealized loss of $4.2 million for
Itasca in fourth quarter of 2018. This decline was temporary in our
view, as already observed from the partial recovery of Limbach's
common share price subsequent to 2018 year-end. We continue to hold
a favorable view of this 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.