Business
TIMIA Capital Announces First Quarter Financial Results
Record quarterly revenue and 218% increase in loan investment portfolio highlight growth and...
About this update from Montfort Capital Corp
[{"type":"text","content":"TIMIA Capital Announces First Quarter Financial ResultsRecord quarterly revenue and 218% increase in loan investment portfolio highlight growth and results from investments in infrastructure; TIMIA retains IR Support with Incite Capital Markets VANCOUVER, BC / ACCESSWIRE / April 29, 2019 / TIMIA Capital Corporation (\"TIMIA\" or the \"Company\") (TSX-V: TCA) today announced financial results for the first quarter ended February 28, 2019. First Quarter 2019 Highlights include: Record revenue of $570,563 up 58% over the same period last year. Assets under management grew 26% to $14,617,521 compared with the same period last year. Adjusted EBITDA* of $111,154 compared with an Adjusted EBITDA of $359,135 for the same period last year. The latter reflecting the gain on investment in Q1 of 2018. TIMIA's loan investment portfolio (Loans receivable) increased 218% to $13,026,861 compared to $5,964,085 in the same period last year. A net loss of $0.01 per share or $255,480 compared with a net income of $133,108 in the same period last year. Similar to Adjusted EBITDA results, Q1 2018 results reflect the gain on investment during the quarter. \"Our investments in infrastructure and deal generation continue to pay off with record revenue and 218% increase in loan book,\" said Mike Walkinshaw, CEO of TIMIA. \"We're seeing an increase in private credit opportunities in the software space as the fintech marketplace evolves and drives more capital towards exciting SaaS companies.\"\"We've recently increased our assets under management by 55% through a non-dilutive limited partnership structure that allows us to scale up and increase revenue by putting more capital to work. We have cash on our balance sheet and expect to put it to work in the near term for SaaS companies currently in our backlog of funding opportunities.\"Detailed Financial ReviewDuring the quarter ended February 28, 2019, the Company continued to grow its revenue financing (\"RF\") business by completing US$3,000,000 and CDN$2,000,000 of new loan facilities. The Company's revenue is principally interest income generated under the Company's RF model. Interest income in the quarter ended February 28, 2019 was a record $510,330 compared with $339,154 in the same period last year, an increase of 50%. As the Company makes new investments, the number of monthly payments derived from...