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.

Contacts:
C.A. Bancorp Inc.
Colin King
1-800-439-5136
[email protected]
www.cabancorp.com

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
Andi Mann, Chief Technology Advocate at Splunk, is an accomplished digital business executive with extensive global expertise as a strategist, technologist, innovator, marketer, and communicator. For over 30 years across five continents, he has built success with Fortune 500 corporations, vendors, governments, and as a leading research analyst and consultant.
Most DevOps journeys involve several phases of maturity. Research shows that the inflection point where organizations begin to see maximum value is when they implement tight integration deploying their code to their infrastructure. Success at this level is the last barrier to at-will deployment. Storage, for instance, is more capable than where we read and write data. In his session at @DevOpsSummit at 20th Cloud Expo, Josh Atwell, a Developer Advocate for NetApp, will discuss the role and value...
"When you think about the data center today, there's constant evolution, The evolution of the data center and the needs of the consumer of technology change, and they change constantly," stated Matt Kalmenson, VP of Sales, Service and Cloud Providers at Veeam Software, in this SYS-CON.tv interview at 18th Cloud Expo, held June 7-9, 2016, at the Javits Center in New York City, NY.
New competitors, disruptive technologies, and growing expectations are pushing every business to both adopt and deliver new digital services. This ‘Digital Transformation’ demands rapid delivery and continuous iteration of new competitive services via multiple channels, which in turn demands new service delivery techniques – including DevOps. In this power panel at @DevOpsSummit 20th Cloud Expo, moderated by DevOps Conference Co-Chair Andi Mann, panelists examined how DevOps helps to meet the de...
Dynatrace is an application performance management software company with products for the information technology departments and digital business owners of medium and large businesses. Building the Future of Monitoring with Artificial Intelligence Today we can collect lots and lots of performance data. We build beautiful dashboards and even have fancy query languages to access and transform the data. Still performance data is a secret language only a couple of people understand. The more busi...
Today, we have more data to manage than ever. We also have better algorithms that help us access our data faster. Cloud is the driving force behind many of the data warehouse advancements we have enjoyed in recent years. But what are the best practices for storing data in the cloud for machine learning and data science applications?
Bill Schmarzo, author of "Big Data: Understanding How Data Powers Big Business" and "Big Data MBA: Driving Business Strategies with Data Science" is responsible for guiding the technology strategy within Hitachi Vantara for IoT and Analytics. Bill brings a balanced business-technology approach that focuses on business outcomes to drive data, analytics and technology decisions that underpin an organization's digital transformation strategy.
DevOpsSummit New York 2018, colocated with CloudEXPO | DXWorldEXPO New York 2018 will be held November 11-13, 2018, in New York City. Digital Transformation (DX) is a major focus with the introduction of DXWorldEXPO within the program. Successful transformation requires a laser focus on being data-driven and on using all the tools available that enable transformation if they plan to survive over the long term.
@DevOpsSummit at Cloud Expo, taking place November 12-13 in New York City, NY, is co-located with 22nd international CloudEXPO | first international DXWorldEXPO and will feature technical sessions from a rock star conference faculty and the leading industry players in the world. The widespread success of cloud computing is driving the DevOps revolution in enterprise IT. Now as never before, development teams must communicate and collaborate in a dynamic, 24/7/365 environment. There is no time t...
Headquartered in Plainsboro, NJ, Synametrics Technologies has provided IT professionals and computer systems developers since 1997. Based on the success of their initial product offerings (WinSQL and DeltaCopy), the company continues to create and hone innovative products that help its customers get more from their computer applications, databases and infrastructure. To date, over one million users around the world have chosen Synametrics solutions to help power their accelerated business or per...
DXWordEXPO New York 2018, colocated with CloudEXPO New York 2018 will be held November 11-13, 2018, in New York City and will bring together Cloud Computing, FinTech and Blockchain, Digital Transformation, Big Data, Internet of Things, DevOps, AI, Machine Learning and WebRTC to one location.
Charles Araujo is an industry analyst, internationally recognized authority on the Digital Enterprise and author of The Quantum Age of IT: Why Everything You Know About IT is About to Change. As Principal Analyst with Intellyx, he writes, speaks and advises organizations on how to navigate through this time of disruption. He is also the founder of The Institute for Digital Transformation and a sought after keynote speaker. He has been a regular contributor to both InformationWeek and CIO Insight...
When talking IoT we often focus on the devices, the sensors, the hardware itself. The new smart appliances, the new smart or self-driving cars (which are amalgamations of many ‘things'). When we are looking at the world of IoT, we should take a step back, look at the big picture. What value are these devices providing. IoT is not about the devices, its about the data consumed and generated. The devices are tools, mechanisms, conduits. This paper discusses the considerations when dealing with the...
Sanjeev Sharma Joins November 11-13, 2018 @DevOpsSummit at @CloudEXPO New York Faculty. Sanjeev Sharma is an internationally known DevOps and Cloud Transformation thought leader, technology executive, and author. Sanjeev's industry experience includes tenures as CTO, Technical Sales leader, and Cloud Architect leader. As an IBM Distinguished Engineer, Sanjeev is recognized at the highest levels of IBM's core of technical leaders.
DXWorldEXPO LLC announced today that Kevin Jackson joined the faculty of CloudEXPO's "10-Year Anniversary Event" which will take place on November 11-13, 2018 in New York City. Kevin L. Jackson is a globally recognized cloud computing expert and Founder/Author of the award winning "Cloud Musings" blog. Mr. Jackson has also been recognized as a "Top 100 Cybersecurity Influencer and Brand" by Onalytica (2015), a Huffington Post "Top 100 Cloud Computing Experts on Twitter" (2013) and a "Top 50 C...