Click here to close now.




















Welcome!

News Feed Item

C.A. Bancorp Inc. Reports Second Quarter 2014 Financial Results

TORONTO, ONTARIO -- (Marketwired) -- 08/14/14 -- C.A. Bancorp Inc. ("C.A. Bancorp" or the "Company") (TSX:BKP) today announced its financial results for the three and six months ended June 30, 2014.

Financial Highlights

For the three months ended June 30, 2014, the Company reported:

Net loss of $35,000 or $0.01 per share based on the weighted average outstanding shares of 6,528,670 compared to net income of $453,000 or $0.04 per share for the second quarter of 2013 based on the weighted average outstanding shares of 12,269,280.

For the six months ended June 30, 2014, the Company reported:

Net income of $351,000 or $0.04 per share based on the weighted average outstanding shares of 9,383,117 compared to net income of $107,000 or $0.01 per share for the first six months of 2013 based on the weighted average outstanding shares of 12,269,280.

As at June 30, 2014, the Company's:


--  Cash and cash equivalents totaled $17.0 million or $3.21 per share; 
    
--  Investments were valued at $3.9 million or $0.73 per share; 
    
--  Shareholders' equity (or net book value1) was $21.3 million or $4.02 per
    share.1 

Statement of Operations Highlights


                                Three months ended June    Six months ended 
                                                    30,            June 30, 
In C$ thousands except per share       2014        2013    2014        2013 
----------------------------------------------------------------------------
Revenue                          $      134  $      463  $  397  $      905 
Net results of investments                -         231     493         327 
Expenses                               (169)       (241)   (539)     (1,125)
----------------------------------------------------------------------------
Net earnings/(loss)                     (35) $      453  $  351  $      107 
----------------------------------------------------------------------------
----------------------------------------------------------------------------
Net earnings/(loss) per share    $    (0.01) $     0.04  $ 0.04  $     0.01 
----------------------------------------------------------------------------
----------------------------------------------------------------------------
 1  Net book value per share is a non-IFRS financial measure and is         
calculated as total shareholders' equity under International Financial      
Reporting Standards (IFRS) divided by the number of common shares           
outstanding as at June 30, 2014 and as at December 31, 2013. See the        
cautionary statement regarding use of Non-IFRS financial measures at the end
of this release.                                                            

The $493,000 net results of investments for 2014 includes the realized gain on the sale of the Company's interests in Digital Payment Technologies in January 2014 for proceeds of $15,257,000. At the end of the second quarter, funds remained in escrow until July 31, 2013 in an estimated amount of $585,585. An amount of $661,209 representing funds held in escrow with adjustments was received by the Company subsequent to quarter end in August 2014.

Balance Sheet Highlights


                                                         June 30,   December
In C$ millions except per share amounts                      2014   31, 2013
----------------------------------------------------------------------------
Cash and marketable securities                         $     17.0 $     26.3
Investments in private entities                               3.9       18.8
Other assets                                                  0.5        0.3
----------------------------------------------------------------------------
Total Assets                                           $     21.4 $     45.4
Total Liabilities                                             0.1        0.1
----------------------------------------------------------------------------
Total Shareholders' Equity                             $     21.3 $     45.3
----------------------------------------------------------------------------
Number of shares outstanding (millions)                       5.3       12.3
----------------------------------------------------------------------------
Net book value per share                               $     4.02 $     3.69
----------------------------------------------------------------------------
----------------------------------------------------------------------------

Insurance Joint Venture

On July 21, 2014, the Company and Federated National Holding Company, an insurance holding company, announced an agreement to form a new Florida-based property and casualty insurance carrier (the "Joint Venture") to be named Monarch National Insurance Company.

Substantial Issuer Bid

On April 15, 2014, the Company completed a substantial issuer bid, repurchasing 6,965,273 shares or 56.8% of the shares issued at $3.50 per share for total consideration of $24,378,000.

CEO and CFO Appointments

Effective the date hereof, Colin King has been formally appointed as Chief Executive Officer of the Company and Paul Van Damme has been formally appointed as Chief Financial Officer of the Company. Mr. King and Mr. Van Damme were previously acting in the capacities of their respective positions.

Address Change

The Company has changed its address from 225 MacPherson Avenue, Suite 201, Toronto Ontario, M4V 1A1 to 365 Bay Street, Suite 800, Toronto, Ontario, M5H 2V1.

Financial Information

For a comprehensive review of the Company's results, shareholders are encouraged to read the Company's June 30, 2014 condensed interim financial statements and accompanying Management's Discussion and Analysis, copies of which will be available on the Company's website at www.cabancorp.com and on SEDAR at www.sedar.com.

C.A. Bancorp Inc.

C.A. Bancorp is a publicly traded Canadian merchant bank and alternative asset manager with a primary focus on the insurance industry.

Caution Regarding Forward-Looking Information

This release includes certain forward-looking statements. Forward-looking statements generally can be identified by the use of forward-looking terminology such as "may", "will", "expect", "intend", "estimate", "anticipate", "believe", "should", "plans" or "continue" or the negative thereof or variations thereon or similar terminology. Although the Company believes that the expectations reflected in such forward-looking statements are reasonable, it can give no assurance that such expectations will prove to be correct. These forward-looking statements are subject to a number of risks and uncertainties. Actual results could differ materially from those anticipated in these forward-looking statements. Reference should be made to the risk factors in the Company's 2013 Annual Information Form, in the Management's Discussion and Analysis for the three months ended March 31, 2014 and in our other filings with Canadian securities regulators. Additional important factors that could cause actual results to differ materially from expectations include, among other things, general economic and market factors, competition, interest rates, tax related matters, loss of personnel, reliance on key personnel, ability of the Company to generate positive future returns for investors, ability of the Company to execute its strategies from time to time; the receipt of any regulatory approvals or consents required from time to time. This news release makes reference to the net book value per share which is a non-IFRS financial measure. The Company calculates the net book value per share as it believes it to be an important metric that shareholders use and frequently request and refer to because shareholders often view the Company as an holding company of investments in private entities. Net book value is a non-IFRS financial measure that does not have any standardized meaning prescribed by International Financial Reporting Standards and therefore it is unlikely to be comparable to similar measures presented by other issuers. This classification is not an IFRS measure and should not be considered either in isolation of, or as a substitute for, measures prepared in accordance with IFRS.

Cautionary Statement Regarding the Valuation of Investments in Private Entities

In the absence of an active market for its investments in private entities, fair values are determined by management using the appropriate valuation methodologies after considering the history and nature of the business, operating results and financial conditions, the outlook and prospects, the general economic, industry and market conditions, capital market and transaction market conditions, contractual rights relating to the investment, public market comparables, private market transactions multiples and, where applicable, other pertinent considerations. The process of valuing investments for which no active market exists is inevitably based on inherent uncertainties and the resulting values may differ from values that would have been used had an active market existed. The amounts at which the Company's investments in private entities could be disposed of may differ from the fair value assigned and the differences could be material. Estimated costs of disposition are not included in the fair value determination.

More Stories By Marketwired .

Copyright © 2009 Marketwired. All rights reserved. All the news releases provided by Marketwired are copyrighted. Any forms of copying other than an individual user's personal reference without express written permission is prohibited. Further distribution of these materials is strictly forbidden, including but not limited to, posting, emailing, faxing, archiving in a public database, redistributing via a computer network or in a printed form.

Latest Stories
Too often with compelling new technologies market participants become overly enamored with that attractiveness of the technology and neglect underlying business drivers. This tendency, what some call the “newest shiny object syndrome,” is understandable given that virtually all of us are heavily engaged in technology. But it is also mistaken. Without concrete business cases driving its deployment, IoT, like many other technologies before it, will fade into obscurity.
Any Ops team trying to support a company in today’s cloud-connected world knows that a new way of thinking is required – one just as dramatic than the shift from Ops to DevOps. The diversity of modern operations requires teams to focus their impact on breadth vs. depth. In his session at DevOps Summit, Adam Serediuk, Director of Operations at xMatters, Inc., will discuss the strategic requirements of evolving from Ops to DevOps, and why modern Operations has begun leveraging the “NoOps” approa...
While many app developers are comfortable building apps for the smartphone, there is a whole new world out there. In his session at @ThingsExpo, Narayan Sainaney, Co-founder and CTO of Mojio, will discuss how the business case for connected car apps is growing and, with open platform companies having already done the heavy lifting, there really is no barrier to entry.
SYS-CON Events announced today that G2G3 will exhibit at SYS-CON's @DevOpsSummit Silicon Valley, which will take place on November 3–5, 2015, at the Santa Clara Convention Center in Santa Clara, CA. Based on a collective appreciation for user experience, design, and technology, G2G3 is uniquely qualified and motivated to redefine how organizations and people engage in an increasingly digital world.
As more intelligent IoT applications shift into gear, they’re merging into the ever-increasing traffic flow of the Internet. It won’t be long before we experience bottlenecks, as IoT traffic peaks during rush hours. Organizations that are unprepared will find themselves by the side of the road unable to cross back into the fast lane. As billions of new devices begin to communicate and exchange data – will your infrastructure be scalable enough to handle this new interconnected world?
SYS-CON Events announced today that Micron Technology, Inc., a global leader in advanced semiconductor systems, will exhibit at the 17th International Cloud Expo®, which will take place on November 3–5, 2015, at the Santa Clara Convention Center in Santa Clara, CA. Micron’s broad portfolio of high-performance memory technologies – including DRAM, NAND and NOR Flash – is the basis for solid state drives, modules, multichip packages and other system solutions. Backed by more than 35 years of tech...
This Enterprise Strategy Group lab validation report of the NEC Express5800/R320 server with Intel® Xeon® processor presents the benefits of 99.999% uptime NEC fault-tolerant servers that lower overall virtualized server total cost of ownership. This report also includes survey data on the significant costs associated with system outages impacting enterprise and web applications. Click Here to Download Report Now!
SYS-CON Events announced today that Pythian, a global IT services company specializing in helping companies leverage disruptive technologies to optimize revenue-generating systems, has been named “Bronze Sponsor” of SYS-CON's 17th Cloud Expo, which will take place on November 3–5, 2015, at the Santa Clara Convention Center in Santa Clara, CA. Founded in 1997, Pythian is a global IT services company that helps companies compete by adopting disruptive technologies such as cloud, Big Data, advance...
SYS-CON Events announced today the Containers & Microservices Bootcamp, being held November 3-4, 2015, in conjunction with 17th Cloud Expo, @ThingsExpo, and @DevOpsSummit at the Santa Clara Convention Center in Santa Clara, CA. This is your chance to get started with the latest technology in the industry. Combined with real-world scenarios and use cases, the Containers and Microservices Bootcamp, led by Janakiram MSV, a Microsoft Regional Director, will include presentations as well as hands-on...
Cloud and datacenter migration innovator AppZero has joined the Microsoft Enterprise Cloud Alliance Program. AppZero is a fast, flexible way to move Windows Server applications from any source machine – physical or virtual – to any destination server, in any cloud or datacenter, using its patented container technology. AppZero’s container is also called a Virtual Application Appliance (VAA). To facilitate Microsoft Azure onboarding, AppZero has two purpose-built offerings: AppZero SP for Azure,...
Organizations from small to large are increasingly adopting cloud solutions to deliver essential business services at a much lower cost. According to cyber security experts, the frequency and severity of cyber-attacks are on the rise, causing alarm to businesses and customers across a variety of industries. To defend against exploits like these, a company must adopt a comprehensive security defense strategy that is designed for their business. In 2015, organizations such as United Airlines, Sony...
SYS-CON Events announced today that HPM Networks will exhibit at the 17th International Cloud Expo®, which will take place on November 3–5, 2015, at the Santa Clara Convention Center in Santa Clara, CA. For 20 years, HPM Networks has been integrating technology solutions that solve complex business challenges. HPM Networks has designed solutions for both SMB and enterprise customers throughout the San Francisco Bay Area.
Consumer IoT applications provide data about the user that just doesn’t exist in traditional PC or mobile web applications. This rich data, or “context,” enables the highly personalized consumer experiences that characterize many consumer IoT apps. This same data is also providing brands with unprecedented insight into how their connected products are being used, while, at the same time, powering highly targeted engagement and marketing opportunities. In his session at @ThingsExpo, Nathan Trel...
Red Hat is investing in Tesora, the number one contributor to OpenStack Trove Database as a Service (DBaaS) also ranked among the top 20 companies contributing to OpenStack overall. Tesora, the company bringing OpenStack Trove Database as a Service (DBaaS) to the enterprise, has announced that Red Hat and others have invested in the company as a part of Tesora's latest funding round. The funding agreement expands on the ongoing collaboration between Tesora and Red Hat, which dates back to Febr...
IBM’s Blue Box Cloud, powered by OpenStack, is now available in any of IBM’s globally integrated cloud data centers running SoftLayer infrastructure. Less than 90 days after its acquisition of Blue Box, IBM has integrated its Blue Box Cloud Dedicated private-cloud-as-a-service into its broader portfolio of OpenStack® based solutions. The announcement, made today at the OpenStack Silicon Valley event, further highlights IBM’s continued support to deliver OpenStack solutions across all cloud depl...