Business
Clarke Inc. Reports 2015 Second Quarter Results and Declares Quarterly Dividend
HALIFAX , Aug. 5, 2015 /CNW/ - Clarke Inc. ("Clarke" or the "Company") (TSX: CKI) to...
About this update from Clarke Inc.
[{"type":"text","content":"\n\nHALIFAX, Aug. 5, 2015 /CNW/ - Clarke Inc. (\"Clarke\" or the \"Company\") (TSX: CKI) today announced its results for the three and six months ended June 30, 2015. \n\nResults for the Three and Six Months Ended June 30, 2015 \n\nIn the first half of the year, the Company increased book value per share by $0.56 and returned $0.20 per share to shareholders in the form of dividends (a total return of 6.0% per share). The Company spent $40.0 million during the first half of the year to repurchase its Common Shares, all at a discount to book value. Book value per share at the end of the quarter was $13.13 while our share price was $11.85. \n\nNet income (loss) attributable to equity holders of the Company for the three and six months ended June 30, 2015 was a net loss of $1.9 million and net income of $1.6 million, respectively, compared with net income of $19.9 million and $92.9 million for the same period in 2014. The significant net income earned for the six months ended June 30, 2014 was due to the sale of the Company's freight transport business and its interest in Jerico, which resulted in gains on sale of $71.1 million. During the three and six months ended June 30, 2015, the Company had unrealized losses on its investments of $3.3 million and unrealized gains of $0.5 million, respectively, compared to unrealized gains of $8.4 million and $16.4 million for the same period in 2014. The Company had realized gains on its investments of $0.2 million and $0.8 million, respectively, for the three and six months ended June 30, 2015 compared with realized gains of $8.1 million and $9.1 million for the same period in 2014.\n\nThird Quarter Dividend\n\nClarke also announced today that its Board of Directors declared a quarterly dividend of $0.10 per Common Share payable on October 9, 2015 to shareholders of record at the end of business on September 30, 2015.\n\nOutlook\n\nAs a result of our various investment sales in recent years, Clarke eliminated substantially all of its debt and built a cash balance of $79.1 million at the beginning of 2015. During the first half of 2015, Clarke deployed $71.8 million, consisting of $31.8 million of investment purchases and $40.0 million of share repurchases while also receiving $44.0 million of loans receivable repayments. At June 30, 2015, our cash balance (net of all debt) was $55.8 mill...