Business
Kingsway Reports Full Year 2024 Financial Results
Management to Host Conference Call Tuesday, March 18, 2025, at 5 p.m. ET CHICAGO, IL / ACCESS Newswire / March 17, 2025 /Kingsway Financial Services Inc. (NYSE:KFS) ("Kingsway" or the "Company") today announced its operating results for the 12 months ...
About this update from Kingsway Corporation
[{"type":"text","content":"Management to Host Conference Call Tuesday, March 18, 2025, at 5 p.m. ET","length":72,"tagName":"p"},{"type":"text","content":"CHICAGO, IL / ACCESS Newswire / March 17, 2025 / Kingsway Financial Services Inc. (NYSE:KFS) ("Kingsway" or the "Company") today announced its operating results for the 12 months ended December 31, 2024.","length":223,"tagName":"p"},{"type":"text","content":"Full Year 2024 Consolidated Financial Highlights","length":48,"tagName":"p"},{"type":"list","items":[{"val":[{"type":"text","content":"Consolidated revenue increased 5.9% to $109.4 million for the 12 months ended December 31, 2024, compared to $103.2 million in the prior year","length":141,"tagName":"p"},{"type":"list","items":[{"val":[{"type":"text","content":"Extended Warranty revenue was $68.9 million in 2024, compared to $68.2 million in 2023; as both the number of contracts sold and the average price per contract increased slightly over prior year","length":194,"tagName":"p"}]},{"val":[{"type":"text","content":"KSX revenue increased by 15.7% to $40.5 million in 2024, compared to $35.0 million in 2023, primarily due to the acquisitions of SPI (September 2023), DDI (October 2023) and Image Solutions (September 2024)","length":206,"tagName":"p"}]}],"tagName":"ul","bulletedList":true,"length":400,"olType":false}]},{"val":[{"type":"text","content":"Consolidated net loss was $8.3 million for the 12 months ended December 31, 2024, compared to net income of $24.0 million, inclusive of a $31.6 million gain on extinguishment of debt related to the repurchase of trust preferred debt, in the prior year","length":251,"tagName":"p"}]},{"val":[{"type":"text","content":"Twelve month run-rate adjusted EBITDA for the operating companies of $19.0 million to $20.0 million; run-rate is intended to capture the 12-month earnings of what the company currently owns or has recently acquired and is not intended to be forward-looking guidance","length":265,"tagName":"p"}]},{"val":[{"type":"text","content":"Adjusted consolidated EBITDA was $10.6 million for the 12 months ended December 31, 2024, compared to $9.1 million in the prior year period","length":139,"tagName":"p"},{"type":"list","items":[{"val":[{"type":"text","content":"Combined adjusted EBITDA for the Extended Warranty segment and KSX segment was a total of $14.1 million for 2024 and 2023","le...