Consolidated HCI Holdings Corporation Announces its 2017 Third Quarter Results
WOODBRIDGE, ON, Aug. 9, 2017 /CNW/ - Consolidated HCI Holdings Corporation today announced its fiscal 2017 third quarter results.
3 months ended June 30 | 9 months ended June 30 | ||||
2017 | 2016 | 2017 | 2016 | ||
($000's except earnings per share) | |||||
Revenue | $264 | $335 | $943 | $910 | |
Net earnings for the period | $1,705 | $ 37 | $2,181 | $279 | |
Earnings per share | $0.09 | $ - | $0.11 | $0.01 | |
Net earnings for the first nine months of 2017 includes fair value gains on the Company's investment properties of $793 and a $1,814 gain on the sale of a marketable security investment.
Net earnings for the first nine months of 2016 includes fair value gains on the Company's investment properties of $385.
On June 30, 2017, the Company closed the previously announced, shareholder approved sale of its 50% interest in each of its two remaining investment properties to a company controlled by insiders of the Company. The purchase price for the sale was $14,250 which was satisfied by the assumption by the buyer of the Company's 50% of the mortgage obligation of $2,749 in respect of the properties, and the balance, subject to customary real property sale adjustments, in cash.
The Company has been advised by the Toronto Stock Exchange that, as a result of the sale of its investment properties, it no longer meets the continued listing requirements of the Exchange and its Class B Shares will be delisted from trading which is expected to occur in August, 2017. The Company is considering applying for listing on an alternative exchange.
Consolidated HCI Holdings Corporation, an Ontario-based real estate and development company until June 30, 2017, does not expect to engage in any significant active business after that date. The company will continue to trade on The Toronto Stock Exchange under the symbol "CXA.B" until it is delisted.
SOURCE Consolidated HCI Holdings Corporation
