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Itasca Capital Files Year-End 2016 Financial Statements
Itasca Capital Files Year-End 2016 Financial Statements Canada NewsWire VANCOUVE...
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[{"type":"text","content":"\n\n\n\nItasca Capital Files Year-End 2016 Financial Statements\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\nVANCOUVER, March 15, 2017\n\n\n\nVANCOUVER, March 15, 2017 /CNW/ - Itasca Capital Ltd. (TSX-V: ICL) (\"Itasca\" or \"Company\") today filed its audited consolidated financial statements for the year ended December 31, 2016 and the related management discussion & analysis, both of which are available under Itasca's profile on SEDAR at www.sedar.com. All amounts are in Canadian dollars unless indicated otherwise.\n\nThe Company reported net income attributable to common shareholders of $10.2 million, or $0.47 earnings per share in the fourth quarter of 2016, compared to a net loss attributable to common shareholders of $2.5 million, or $0.06 loss per share in the fourth quarter of 2015. \n\nFor the year ended December 31, 2016, Itasca reported net income attributable to common shareholders of $8.9 million, or $0.28 earnings per share, compared to a net loss attributable to common shareholders of $2.9 million, or $0.06 loss per share for the year ended December 31, 2015.\n\nAs of December 31, 2016, Itasca reported total shareholders' equity of $23.7 million with a book value per share of $1.09 based on the 21,810,626 issued and outstanding common shares.\n\nSignificant events during 2016 included the following:\n\n\nA strategic change in the management and direction whereby Itasca retired 54.2% of the total outstanding common shares pursuant to a substantial issuer bid in June 2016 and invested $12.9 million in Class A Interests of 1347 Investors LLC (the \"Investment\") in July 2016.\nChange in unrealized gain from the Investment amounting to $10.0 million, $9.7 million of which was recorded in the fourth quarter of 2016.\n\nManagement Comments:Larry G. Swets, Jr., Chairman and Chief Executive Officer, stated, \"Since our transition in June of last year, the Board and Management have been focused on creating value for our shareholders as measured by growth in book value per share. We are pleased with the results thus far and belie...