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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Crown Capital Partners Inc | TSX:CRWN | Toronto | Common Stock |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.04 | 2.48% | 1.65 | 1.61 | 1.81 | 1.65 | 1.65 | 1.65 | 1,200 | 21:00:14 |
CALGARY, AB, May 10, 2023 /CNW/ - Crown Capital Partners Inc. ("Crown" or the "Corporation") (TSX: CRWN) today announced its financial results for the three months ended March 31, 2023. Crown's complete financial statements and management's discussion and analysis are available on SEDAR at www.sedar.com.
Q1 2023 Financial & Operating Highlights
"We continue to make progress with our two main platforms – Network Services and Distribution Services – with both divisions securing new contracts and customers" said Chris Johnson, President and CEO of Crown. "We expect revenues and profits from these two divisions to increase significantly in 2023, as well as modest contributions to revenue and profitability from Crown's other operating divisions. We are also focused on generating liquidity from our investment portfolio with the proceeds to be used to repay the convertible debentures as well as return additional capital to shareholders."
Q1 2023 Financial Results Summary
Selected Quarterly Information | ||||||||
AS AT AND FOR THE THREE MONTHS ENDED MAR. 31 | 2023 | 2022 | ||||||
Revenue: | ||||||||
Distribution services revenue | $ 8,357 | $ - | ||||||
Network services revenue | 7,273 | 6,739 | ||||||
Fees and other income | 883 | 451 | ||||||
Interest revenue | 542 | 319 | ||||||
Net loss on investments | - | -300 | ||||||
Total revenue | 17,055 | 7,209 | ||||||
Share of earnings (losses) of Crown Partners Fund | 1,350 | -4,446 | ||||||
Net loss attributable to Shareholders | -712 | -2,550 | ||||||
Comprehensive loss attributable to Shareholders | -712 | -2,550 | ||||||
Total assets | 172,763 | 130,260 | ||||||
Total equity | 49,943 | 55,557 | ||||||
Per share: | ||||||||
- Net income (loss) to Shareholders - basic | $ (0.13) | $ (0.38) | ||||||
- Net income (loss) to Shareholders - diluted | -0.13 | -0.38 | ||||||
- Total equity per share - basic | 8.85 | 9.85 | ||||||
Number of common shares: | ||||||||
- Outstanding at end of period | 5,640,546 | 5,642,546 | ||||||
- Weighted average outstanding - basic | 5,642,524 | 6,735,756 | ||||||
- Weighted average outstanding - diluted | 5,642,524 | 6,735,756 |
Conference Call & Webcast
Crown will host a conference call and webcast to discuss its Q1 2023 financial results at 11:30 a.m. ET on May 11, 2023. The call will be hosted by Chris Johnson, President & CEO, and Michael Overvelde, CFO. To participate in the call, dial (416) 764-8650 or (888) 664-6383 using the conference ID 84346037. The webcast can be accessed at www.crowncapital.ca under Investor Relations. Listeners should access the webcast or call 10-15 minutes before the start time to ensure they are connected.
About Crown Capital Partners (TSX:CRWN)
Founded in 2000 within Crown Life Insurance Company, Crown Capital Partners is a capital partner to entrepreneurs and growth businesses mainly operating in the telecommunications infrastructure, distribution services, and distributed power markets. We focus on growth industries that require a specialized capital partner, and we aim to create long-term value by acting as both a direct investor in operating businesses serving these markets and as a manager of investment funds for institutional partners. For additional information, please visit crowncapital.ca.
FORWARD-LOOKING STATEMENTS
This news release contains certain "forward looking statements" and certain "forward looking information" as defined under applicable Canadian and U.S. securities laws. Forward-looking statements can generally be identified by the use of forward-looking terminology such as "may", "will", "expect", "intend", "estimate", "anticipate", "believe", "continue", "plans" or similar terminology. Forward-looking statements in this news release include, but are not limited to, statements, management's beliefs, expectations or intentions regarding the distribution services market, the network services market and the general economy, Crown's business plans and strategy, including anticipated investment dispositions and capital deployments and the timing thereof, and Crown's future earnings. Forward-looking statements are based on forecasts of future results, estimates of amounts not yet determinable and assumptions that while believed by management to be reasonable, are inherently subject to significant business, economic and competitive uncertainties and contingencies. Forward-looking statements are subject to various risks and uncertainties concerning the specific factors identified in the Crown's periodic filings with Canadian securities regulators. See Crown's most recent annual information form for a detailed discussion of the risk factors affecting Crown. In addition, Crown's dividend policy will be reviewed from time to time in the context of the Corporation's earnings, financial requirements for its operations, and other relevant factors and the declaration of a dividend will always be at the discretion of the board of directors of the Corporation. Crown undertakes no obligation to update forward-looking information except as required by applicable law. Such forward-looking information represents management's best judgment based on information currently available. No forward-looking statement can be guaranteed and actual future results may vary materially. Accordingly, readers are advised not to place undue reliance on forward-looking statements or information.
SOURCE Crown Capital Partners Inc.
Copyright 2023 Canada NewsWire
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