VANCOUVER, March 15, 2017 /CNW/ - Itasca Capital Ltd.
(TSX-V: ICL) ("Itasca" or "Company") today filed its audited
consolidated financial statements for the year ended December 31, 2016 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 $10.2 million, or
$0.47 earnings per share in the
fourth quarter of 2016, compared to a net loss attributable to
common shareholders of $2.5 million,
or $0.06 loss per share in the fourth
quarter of 2015.
For the year ended December 31,
2016, Itasca reported net income attributable to common
shareholders of $8.9 million, or
$0.28 earnings per share, compared to
a net loss attributable to common shareholders of $2.9 million, or $0.06 loss per share for the year ended
December 31, 2015.
As of December 31, 2016, Itasca
reported total shareholders' equity of $23.7
million with a book value per share of $1.09 based on the 21,810,626 issued and
outstanding common shares.
Significant events during 2016 included the following:
- A strategic change in the management and direction whereby
Itasca retired 54.2% of the total outstanding common shares
pursuant to a substantial issuer bid in June
2016 and invested $12.9
million in Class A Interests of 1347 Investors LLC (the
"Investment") in July 2016.
- Change in unrealized gain from the Investment amounting to
$10.0 million, $9.7 million of which was recorded in the fourth
quarter of 2016.
Management Comments:
Larry G. Swets, Jr., Chairman and
Chief Executive Officer, stated, "Since our transition in June of
last year, the Board and Management have been focused on creating
value for our shareholders as measured by growth in book value per
share. We are pleased with the results thus far and believe
the 75.3% growth in book value per share from $0.62 to $1.09 in the most recent quarter
reflects that effort. We remain pleased with our investment in the
Class A membership interests of 1347 Investors, LLC."
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 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.
