VANCOUVER, May 17, 2017 /CNW/ - Itasca Capital Ltd. (TSX-V:
ICL) ("Itasca" or "Company") today filed its unaudited interim
financial statements for the three months ended March 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 loss attributable to common
shareholders of $617 thousand, or
$0.03 loss per share in the first
quarter of 2017, primarily due to $327
thousand unrealized loss and $217
thousand foreign exchange loss incurred on the Company's
investment in 1347 Investors, LLC. Itasca incurred a net loss
attributable to common shareholders of $244
thousand, or $0.01 loss per
share in the first quarter of 2016.
As of March 31, 2017, Itasca
reported total shareholders' equity of $23.1
million with a book value per share of $1.06 based on the 21,810,626 issued and
outstanding common shares.
Management Comments:
Larry G. Swets, Jr., Chairman and
Chief Executive Officer, stated, "We have been focused on creating
value for our shareholders. We continue to monitor our investment
in the Class A membership interests of 1347 Investors, LLC, which
has increased in value by $9.7
million since we made the investment in July last year."
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.
