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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 | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 5.00 | 5.00 | 5.89 | 0 | 20:59:59 |
CALGARY, AB, Aug. 11, 2022 /CNW/ - Crown Capital Partners Inc. ("Crown" or the "Corporation") (TSX: CRWN) today announced its financial results for the three and six months ended June 30, 2022. Crown's complete financial statements and management's discussion and analysis are available on SEDAR at www.sedar.com.
Effective July 13, 2021, Crown began recognizing Crown Partners Fund as an investment in associate using the equity method rather than recognizing it as a subsidiary. As a result, many of our asset, liability, revenue and expense amounts as at and for the three and six months ended June 30, 2022 are not directly comparable to equivalent balances for the prior-year period.
Management commentary: "Our Network Services business continues to perform well and is particularly well positioned for growth given the demand for enhanced broadband connectivity in rural and remote locations. The recent contract award under the Ontario Connects program is an important catalyst, and we are pursuing additional avenues of organic and inorganic growth to add scale and diversification to this operating segment. With the acquisition of Go Direct Global in the quarter, we have added a growing and profitable operating business providing end-to-end integrated e-commerce fulfillment and distribution services. This gives us a foothold in a new market – distribution services – where we see attractive long-term growth potential."
Selected Quarterly Information | ||||||||
Three Months Ended | Six Months Ended | |||||||
FOR THE PERIODS ENDED JUN. 30 | 2022 | 2021 | 2022 | 2021 | ||||
Revenue: | ||||||||
Network services revenue | $ 6,387 | $ 6,843 | $ 13,126 | $ 13,229 | ||||
Interest revenue | 362 | 6,118 | 681 | 12,672 | ||||
Fees and other income | 606 | 917 | 1,057 | 1,476 | ||||
Distribution services revenue | 572 | - | 572 | - | ||||
Net gain (loss) on investments | 302 | (781) | 2 | (236) | ||||
Total revenue | 8,229 | 13,097 | 15,438 | 27,141 | ||||
Share of earnings (losses) of Crown Partners Fund | 334 | - | (4,112) | - | ||||
Net income (loss) attributable to Shareholders | 462 | (294) | (2,088) | 966 | ||||
Total assets | 153,154 | 332,545 | 153,154 | 332,545 | ||||
Total equity | 56,020 | 81,478 | 56,020 | 81,478 | ||||
Per share: | ||||||||
- Net income (loss) to Shareholders - basic | $ 0.08 | $ (0.03) | $ (0.34) | $ 0.11 | ||||
- Net income (loss) to Shareholders - diluted | 0.08 | (0.03) | (0.34) | 0.11 | ||||
- Total equity per share - basic | 9.93 | 9.05 | 9.93 | 9.05 | ||||
Number of common shares: | ||||||||
- Outstanding at end of period | 5,642,546 | 8,999,489 | 5,642,546 | 8,999,489 | ||||
- Weighted average outstanding - basic | 5,642,546 | 9,022,364 | 6,186,131 | 9,031,553 | ||||
- Weighted average outstanding - diluted | 5,642,546 | 9,022,364 | 6,186,131 | 9,031,553 |
Crown will host a conference call and webcast to discuss its Q2 2022 financial results at 8:30 a.m. ET on August 12, 2022. The call will be hosted by Chris Johnson, President & CEO, and Michael Overvelde, CFO. To participate in the call, dial (647) 484-0475 or (888) 220-8474 using the conference ID 1883356. 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.
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 manager of investment funds for institutional partners and as a direct investor in operating businesses serving these markets. For additional information, please visit crowncapital.ca.
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 alternative financial market, the network services market and the general economy, transaction pipeline, 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 2022 Canada NewsWire
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