Business
Fountain Asset Corp. Announces its Financial Results for the Quarter and Year Ended December 31, 2017
Fountain Asset Corp. Announces its Financial Results for the Quarter and Year Ended Decemb...
About this update from Fountain Asset Corp.
[{"type":"text","content":"\n\n\n\nFountain Asset Corp. Announces its Financial Results for the Quarter and Year Ended December 31, 2017\n\n/* Style Definitions */\nspan.prnews_span\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\na.prnews_a\n{\ncolor:blue;\n}\nli.prnews_li\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\np.prnews_p\n{\nfont-size:0.62em;\nfont-family:\"Arial\";\ncolor:black;\nmargin:0in;\n}\n\n\n\n\n\n\n\nCanada NewsWire\nTORONTO, April 30, 2018\n\n\n\nTORONTO, April 30, 2018 /CNW/ - Fountain Asset Corp. (TSXV:FA) (\"Fountain\" or the \"Company\") is pleased to announce its financial results for the quarter and year ended December 31, 2017.\n\nHighlights from the Q4 ending December 31, 2017:\n\n\nTotal revenue of $3.62 million compared to $0.06 million in Q4/16\nNet comprehensive income for the quarter of $4.62 million ($0.09 per share)\nAdjusted book value increased to $0.47 from $0.38 at the end of Q3 2018. This represents a 23.4% increase quarter over quarter.\n\nHighlights from the twelve months ending December 31, 2017:\n\n\nTwelve-month total revenue of $5.05 million compared to $1.99 million in 2016\nNet comprehensive income for the twelve-month period of $8.12 million ($0.15 per share) compared to $2.06 million ($0.04 per share) in 2016\nAdjusted book value increased 46% to $0.47 from $0.32 at the end of 2016;\n\nDuring 2017, the Company saw robust positive performance from its portfolio of publicly traded companies.  Furthermore, several of Fountain's private investments went public during the year including Advantagewon Oil Corp (CSE:AOC).  For the year ended December 31, 2017, the Company reported total revenue of $5.05 million compared to $1.99 million in the prior year.  \n\nFor the year the Company reported total expenses of $1.78 million compared to $1.15 million in the prior year.  The year-end expenses were higher due to the continued legal expenses revolving the Company's litigation with First Global Data.  Furthermore, there was an increase in payroll expense with the payment of a retirement allowance to the former CEO.  \n\nThe Company generated net comprehensive income of $8.12 million in 2017 compared to a net comprehensive income of $2.06 million in 2016.  As at December 31, 2017, the Company's adjusted net assets were valued at $25.54 million or $0.47 ...