VANCOUVER, May 10, 2018 /CNW/ - Itasca Capital Ltd. (TSX-V:
ICL) ("Itasca" or "Company") today filed its unaudited interim
financial statements for the three months ended March 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 $1.5 million, or
$0.07 loss per share in the first
quarter of 2018, primarily due $2.0
million unrealized loss incurred on the Company's investment
in 1347 Investors LLC, partially mitigated by a foreign exchange
gain of $0.5 million. Itasca incurred
net loss attributable to common shareholders of $0.6 million, or $0.03 loss per share in the first quarter of
2017.
As of March 31, 2018, Itasca
reported total shareholders' equity of $21.3
million with a book value per share of $0.98 based on the 21,810,626 issued and
outstanding common shares.
As previously announced, during the first quarter of 2018 Itasca
received US$4.0 million cash 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 with the
performance of our investment in 1347 Investors LLC and continue to
evaluate opportunities for redeployment of distributions as
received from our 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.
