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Fountain Asset Corp. Announces its Financial Results for the Third Quarter 2018
Fountain Asset Corp. Announces its Financial Results for the Third Quarter 2018 Ca...
About this update from Fountain Asset Corp.
[{"type":"text","content":"\n\n\n\nFountain Asset Corp. Announces its Financial Results for the Third 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, Nov. 27, 2018\n\n\n\nTORONTO, Nov. 27, 2018 /CNW/ - Fountain Asset Corp. (TSXV:FA) (\"Fountain\" or the \"Company\") is pleased to announce its financial results for the third quarter ended September 30, 2018.\nHighlights from the Q3 ending September 30, 2018:\nTotal revenue from investment activity increased to $7.8 million compared to revenue of $0.9 million in Q3/17; Net realized gains on the sale of portfolio investments of $5.7 million compared to net realized gains of $0.8 in Q3/17; Net unrealized gains on portfolio investments of $1.9 million compared to net unrealized losses of $0.1 million in Q3/17; Total expenses were $2.5 million compared to $0.4 million in Q3/17; Net income increased to $5.0 million ($0.08/share) compared to net income of $0.5 million ($0.01/share) in Q3/17; and Adjusted net asset value (\"NAV\") was $35.5 million ($0.60/share) at September 30, 2018 compared to $25.5 million ($0.47/share) at December 31, 2017.For the quarter ended September 30, 2018, the Company reported net income of $5.0 million compared to net income of $0.5 million in the quarter ended September 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 of $5.7 million as well as net unrealized gains on portfolio investments of $1.9 million.\nAs at September 30, 2018, the Company's Adjusted NAV per share was $0.60 compared to $0.47 at the end of December 31, 2017.  This 28% 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\"The third quarter's strong performance was driven by a private investment which began trading publicly as expected.  This quarter further demonstrated Fountain's ability to source and invest in early stage companies.\" said Andrew Parks, CEO of Fountain.
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