WOODBRIDGE, ON, Dec. 14, 2017 /CNW/ - Consolidated HCI Holdings
Corporation today announced its annual and fourth quarter results
for fiscal 2017.
|
3 months
ended
September
30
|
12 months
ended
September
30
|
|
2017
|
2016
|
2017
|
2016
|
|
($000's except
earnings per share)
|
|
|
|
|
|
|
|
|
|
|
Revenue
|
$43
|
$333
|
$986
|
$1,243
|
|
|
|
|
|
|
Net earnings
(loss)
|
$(1,511)
|
$505
|
$309
|
$784
|
|
|
|
|
|
|
Earnings (loss) per
share
|
$(0.07)
|
$0.03
|
$0.03
|
$0.04
|
Net earnings for 2017 includes a fair value gain of $567 on the Company's last two remaining
investment properties which, as previously announced, were sold on
June 30, 2017 and a $1,814 gain on the sale of a marketable security
investment.
The fourth quarter of 2017 includes only interest income and no
revenue from active business operations as the Company sold its two
remaining investment properties at the end of the third quarter of
2017. This revenue decrease, along with a fourth quarter expense
provision of $840 for severance
payments to the Company's remaining employees and a $415 expense related to the writeoff of amounts
receivable from the Company's house building joint ventures
accounts, for the most part, for the resulting 2017 fourth quarter
loss compared to the corresponding quarter in 2016.
Net earnings for 2016 includes a fair value gain on the
Company's investment properties of $884.
As previously announced, as the Company had discontinued and
divested a substantial portion of its operations, had ceased to be
actively engaged in ongoing business and no longer met the listing
requirements of the Toronto Stock Exchange (the "Exchange") its
Class B shares were delisted from trading on the Exchange at the
close of business on September 20,
2017. With this announcement, the Company also advised that,
with the opening of trading on Thursday,
September 21, 2017, its Class B shares would commence
trading on the NEX board under the trading symbol CXA.H.
Consolidated HCI Holdings Corporation is an Ontario-based company that trades on the NEX
board under the symbol "CXA.H"
SOURCE Consolidated HCI Holdings Corporation