VANCOUVER, Oct. 18, 2018 /CNW/ - Itasca Capital Ltd.
(TSX-V: ICL) ("Itasca" or "Company") today filed its unaudited
interim financial statements for the nine months ended September 30, 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 $1.1 million, or
$0.05 loss per share in the third
quarter of 2018, primarily due to $0.7
million unrealized loss incurred on the Company's investment
in 1347 Investors LLC and a foreign exchange loss of $0.3 million. Itasca reported net income
attributable to common shareholders of $3.1
million, or $0.14 gain per
share in the third quarter of 2017.
As of September 30, 2018, Itasca
reported total shareholders' equity of $16.8
million with a book value per share of $0.77 based on the 21,810,626 issued and
outstanding common shares.
Management Comments:
Larry G. Swets, Jr., Chief Executive
Officer and Director, stated, "We are pleased that gains generated
from our investment in 1347 Investors LLC allowed us to pay a
special dividend in the third quarter. We continue to analyze
opportunities for further realization from this investment and
other value-enhancing opportunities for our Company and
shareholders."
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.