Consolidated HCI Holdings Corporation Announces its 2017 Annual and Fourth Quarter Results

WOODBRIDGE, ON, Dec. 14, 2017 /CNW/ – Consolidated HCI Holdings Corporation today announced its annual and fourth quarter results for fiscal 2017.

 

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

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