Business
Fountain Asset Corp. Announces Its Financial Results for the Third Quarter 2015
Toronto, Ontario / ACCESSWIRE / November 27, 2015 / Fountain Asset Corp. (TSXV: FA) (the "C...
About this update from Fountain Asset Corp.
[{"type":"text","content":"Fountain Asset Corp. Announces Its Financial Results for the Third Quarter 2015Toronto, Ontario / ACCESSWIRE / November 27, 2015 / Fountain Asset Corp. (TSXV: FA) (the \"Company\") announces its financial results for the third quarter ending September 30, 2015. Third Quarter Financial Results and Management's Comments For the quarter ended September 30, 2015, the Company reported a total loss of $3.9 million compared to net income of $0.2 million in the similar period last year. The majority of the Company's loss is attributed to unrealized losses from its investments in public companies of $3.5 million. As a comparable, the TSXV composite index was down by 21.9% and the TSX decreased 8.8% in the three months ending September 30, 2015. Recurring revenue from interest and fees was $0.3 million this quarter, up by approximately 87% over the same quarter of previous year. Increasing recurring revenue was a key management focus in order to ensure that recurring revenues will be able to offset overhead expenses as the Company positions itself to realize gains on its public company investments. The Company continues to have a strong balance sheet and capital to deploy for financial transactions. Jason Ewart, the CEO of Fountain stated \"During the third quarter, global stock markets saw negative performances across the board and Fountain's portfolio of public companies saw similar results. This ended Fountain's string of five straight quarters of positive earnings. In each case with our portfolio of companies, we are comfortable with the strength of their balance sheets, business operations and abilities to weather the stock market correction.\" He added \"Subsequently to the end of the third quarter, we have seen improvement in the performance of our core portfolio of investment assets and look forward to reporting back on our developments over the course of the next six months.\" A full set of unaudited financial statements and related notes have been filed on SEDAR.About Fountain Asset Corp. Fountain Asset Corp. is a merchant bank which provides equity financing, bridge loan services (asset back/collateralized financing) and strategic financial consulting services to companies across many industries such as oil & gas, mining, real estate, manufacturing, retail, financial services, technology and biotechnology. For further infor...