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Fountain Asset Corp. Announces its Financial Results for the Second Quarter 2018
Fountain Asset Corp. Announces its Financial Results for the Second Quarter 2018 C...
About this update from Fountain Asset Corp.
[{"type":"text","content":"\n\n\n\nFountain Asset Corp. Announces its Financial Results for the Second Quarter 2018\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, Aug. 28, 2018\n\n\n\nTORONTO, Aug. 28, 2018 /CNW/ - Fountain Asset Corp. (TSXV:FA) (\"Fountain\" or the \"Company\") is pleased to announce its financial results for the second quarter ended June 30, 2018.\n\nHighlights from the Q2 ending June 30, 2018:\n\n\nTotal revenue from investment activity increased to $4.6 million compared to losses of $0.4 million in Q2/17;\nNet realized gains on the sale of portfolio investments of $2.1 million compared to net realized gains of $0.1 in Q2/17;\nNet unrealized gains on portfolio investments of $2.3 million compared to net unrealized losses of $1.1 million in Q2/17;\nTotal expenses decreased to $0.38 million from $0.42 million in Q2/17;\nNet income increased to $4.2 million ($0.07/share) compared to a net loss of $0.9 million ($0.02/share) in Q2/17; and\nAdjusted net asset value (\"NAV\") was $30.6 million ($0.53/share) at June 30, 2018 compared to $25.5 million ($0.47/share) at December 31, 2017.\n\nFor the quarter ended June 30, 2018, the Company reported net income of $4.2 million compared to a net loss of $0.9 million in the quarter ended June 30, 2017. The current quarter net income was primarily attributable to gains on investment activity which included net realized gains on the sale of portfolio investments $2.1 million as well as net unrealized gains on portfolio investments of $2.3 million.\n\nAs at June 30, 2018, the Company's Adjusted NAV per share was $0.53 compared to $0.47 at the end of December 31, 2017.  This 12% increase was mainly due the gains on portfolio investments offset by a further reduction in available tax losses as we continued to realize gains on our portfolio.\n\n\"The second quarter was a success as a key investment in a private company began trading publicly as expected.  We continue to believe that Fountain has a solid pipeline of private investments that will go public during the second half of the year,\" said Andrew P...