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Itasca Capital Files Year-End 2017 Financial Statements and Announces Partial Liquidation of Investment In 1347 Investors LLC
Itasca Capital Files Year-End 2017 Financial Statements and Announces Partial Liquidation ...
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[{"type":"text","content":"\n\n\n\nItasca Capital Files Year-End 2017 Financial Statements and Announces Partial Liquidation of Investment In 1347 Investors LLC\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, 2018\n\n\n\nVANCOUVER, March 15, 2018 /CNW/ - Itasca Capital Ltd. (TSX-V: ICL) (\"Itasca\" or \"Company\") today filed its audited consolidated financial statements for the year ended December 31, 2017 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 $0.41 million, or $0.02 earnings per share in the fourth quarter of 2017, compared to net income attributable to common shareholders of $10.20 million, or $0.47 earnings per share in the fourth quarter of 2016. \n\nFor the year ended December 31, 2017, Itasca reported net loss attributable to common shareholders of $0.99 million, or $0.05 loss per share, compared to net income attributable to common shareholders of $8.95 million, or $0.28 earnings per share for the year ended December 31, 2016. \n\nAs of December 31, 2017, Itasca reported total shareholders' equity of $22.82 million with a book value per share of $1.05 based on the 21,810,626 issued and outstanding common shares. \n\nSignificant events during 2017 included the following: \n\n\nChange in unrealized gain from the investment in Class A Interests of 1347 Investors LLC (the \"Investment\") amounting to $0.61 million. \nForeign exchange loss amounting to $1.28 million as a result of translation of US dollar denominated Investment. \n\nThe Company also announced receipt of US$4.0 million cash on February 16, 2018 as partial return of capital distribution per the terms of its investment in 1347 Investors LLC. \n\nManagement Comments: Larry G. Swets, Jr., Chairman and Chief Executive Officer, stated, \"We are pleased to announce partial liquidation of our investment in 1347 Investors LLC. This US$4 million liquidity will allow ...