Crosswinds Holdings Inc. Reports First Quarter 2015 Financial Results
(firmenpresse) - TORONTO, ONTARIO -- (Marketwired) -- 05/06/15 -- Crosswinds Holdings Inc. ("Crosswinds" or the "Company") (TSX: CWI) today announced its financial results for the three months ended March 31, 2015.
Financial Highlights
For the three months ended March 31, 2015, the Company reported:
As at March 31, 2015, the Company's:
The $343,836 net results of investments includes a $920,345 foreign exchange gain on the translation of US dollar denominated assets into Canadian dollars, offset by the $576,509 share of the loss from start-up of operations of associates in connection with the Company's investment in the Monarch Joint Venture.
The $493,334 net results of investments for 2014 includes the realized gain on the sale of the Company's interests in Digital Payment Technologies in January 2014 for proceeds of $15,256,063.
Insurance Joint Venture
On March 20, 2015, the Company and Federated National Holding Company (NASDAQ: FNHC), an insurance holding company, announced the closing of a joint venture to form a Florida-based property and casualty insurance carrier named Monarch National Insurance Company.
Financial Information
For a comprehensive review of the Company's results, shareholders are encouraged to read the Company's March 31, 2015 interim financial statements and accompanying Management's Discussion and Analysis, copies of which will be available on the Company's website at and on SEDAR at .
Crosswinds Holdings Inc.
Crosswinds is a publicly traded private equity firm and asset manager targeting strategic and opportunistic investments in the financial services sector with a particular focus on the insurance industry.
Caution Regarding Forward-Looking Information
This release includes certain forward-looking statements. Forward-looking statements generally can be identified by the use of forward-looking terminology such as "may", "will", "expect", "intend", "estimate", "anticipate", "believe", "should", "plans" or "continue" or the negative thereof or variations thereon or similar terminology. Although the Company believes that the expectations reflected in such forward-looking statements are reasonable, it can give no assurance that such expectations will prove to be correct. These forward-looking statements are subject to a number of risks and uncertainties. Actual results could differ materially from those anticipated in these forward-looking statements. Reference should be made to the risk factors in the Company's 2014 Annual Information Form, in the Management's Discussion and Analysis for the three months ended March 31, 2015 and in our other filings with Canadian securities regulators. Additional important factors that could cause actual results to differ materially from expectations include, among other things, general economic and market factors, competition, interest rates, tax related matters, loss of personnel, reliance on key personnel, ability of the Company to generate positive future returns for investors, ability of the Company to execute its strategies from time to time; the receipt of any regulatory approvals or consents required from time to time. This news release makes reference to the net book value per share which is a non-IFRS financial measure. The Company calculates the net book value per share as it believes it to be an important metric that shareholders use and frequently request and refer to because shareholders often view the Company as an holding company of investments in private entities. Net book value is a non-IFRS financial measure that does not have any standardized meaning prescribed by International Financial Reporting Standards and therefore it is unlikely to be comparable to similar measures presented by other issuers. This classification is not an IFRS measure and should not be considered either in isolation of, or as a substitute for, measures prepared in accordance with IFRS.
Cautionary Statement Regarding the Valuation of Investments in Private Entities
In the absence of an active market for its investments in private entities, fair values are determined by management using the appropriate valuation methodologies after considering the history and nature of the business, operating results and financial conditions, the outlook and prospects, the general economic, industry and market conditions, capital market and transaction market conditions, contractual rights relating to the investment, public market comparables, private market transactions multiples and, where applicable, other pertinent considerations. The process of valuing investments for which no active market exists is inevitably based on inherent uncertainties and the resulting values may differ from values that would have been used had an active market existed. The amounts at which the Company's investments in private entities could be disposed of may differ from the fair value assigned and the differences could be material. Estimated costs of disposition are not included in the fair value determination.
Contacts:
Crosswinds Holdings Inc.
Colin King
1-800-439-5136
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Datum: 06.05.2015 - 12:00 Uhr
Sprache: Deutsch
News-ID 391295
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TORONTO, ONTARIO
Kategorie:
Commercial & Investment Banking
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