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
SYS-CON Events announced today that Ryobi Systems will exhibit at the Japan External Trade Organization (JETRO) Pavilion at SYS-CON's 21st International Cloud Expo®, which will take place on Oct 31 – Nov 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA. Ryobi Systems Co., Ltd., as an information service company, specialized in business support for local governments and medical industry. We are challenging to achive the precision farming with AI. For more information, visit http:...
As you move to the cloud, your network should be efficient, secure, and easy to manage. An enterprise adopting a hybrid or public cloud needs systems and tools that provide: Agility: ability to deliver applications and services faster, even in complex hybrid environments Easier manageability: enable reliable connectivity with complete oversight as the data center network evolves Greater efficiency: eliminate wasted effort while reducing errors and optimize asset utilization Security: imple...
High-velocity engineering teams are applying not only continuous delivery processes, but also lessons in experimentation from established leaders like Amazon, Netflix, and Facebook. These companies have made experimentation a foundation for their release processes, allowing them to try out major feature releases and redesigns within smaller groups before making them broadly available. In his session at 21st Cloud Expo, Brian Lucas, Senior Staff Engineer at Optimizely, will discuss how by using...
Transforming cloud-based data into a reportable format can be a very expensive, time-intensive and complex operation. As a SaaS platform with more than 30 million global users, Cornerstone OnDemand’s challenge was to create a scalable solution that would improve the time it took customers to access their user data. Our Real-Time Data Warehouse (RTDW) process vastly reduced data time-to-availability from 24 hours to just 10 minutes. In his session at 21st Cloud Expo, Mark Goldin, Chief Technolo...
The next XaaS is CICDaaS. Why? Because CICD saves developers a huge amount of time. CD is an especially great option for projects that require multiple and frequent contributions to be integrated. But… securing CICD best practices is an emerging, essential, yet little understood practice for DevOps teams and their Cloud Service Providers. The only way to get CICD to work in a highly secure environment takes collaboration, patience and persistence. Building CICD in the cloud requires rigorous ar...
In this strange new world where more and more power is drawn from business technology, companies are effectively straddling two paths on the road to innovation and transformation into digital enterprises. The first path is the heritage trail – with “legacy” technology forming the background. Here, extant technologies are transformed by core IT teams to provide more API-driven approaches. Legacy systems can restrict companies that are transitioning into digital enterprises. To truly become a lead...
SYS-CON Events announced today that Daiya Industry will exhibit at the Japanese Pavilion at SYS-CON's 21st International Cloud Expo®, which will take place on Oct 31 – Nov 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA. Ruby Development Inc. builds new services in short period of time and provides a continuous support of those services based on Ruby on Rails. For more information, please visit https://github.com/RubyDevInc.
SYS-CON Events announced today that CAST Software will exhibit at SYS-CON's 21st International Cloud Expo®, which will take place on Oct 31 - Nov 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA. CAST was founded more than 25 years ago to make the invisible visible. Built around the idea that even the best analytics on the market still leave blind spots for technical teams looking to deliver better software and prevent outages, CAST provides the software intelligence that matter ...
When it comes to cloud computing, the ability to turn massive amounts of compute cores on and off on demand sounds attractive to IT staff, who need to manage peaks and valleys in user activity. With cloud bursting, the majority of the data can stay on premises while tapping into compute from public cloud providers, reducing risk and minimizing need to move large files. In his session at 18th Cloud Expo, Scott Jeschonek, Director of Product Management at Avere Systems, discussed the IT and busine...
As businesses evolve, they need technology that is simple to help them succeed today and flexible enough to help them build for tomorrow. Chrome is fit for the workplace of the future — providing a secure, consistent user experience across a range of devices that can be used anywhere. In her session at 21st Cloud Expo, Vidya Nagarajan, a Senior Product Manager at Google, will take a look at various options as to how ChromeOS can be leveraged to interact with people on the devices, and formats th...
Is advanced scheduling in Kubernetes achievable? Yes, however, how do you properly accommodate every real-life scenario that a Kubernetes user might encounter? How do you leverage advanced scheduling techniques to shape and describe each scenario in easy-to-use rules and configurations? In his session at @DevOpsSummit at 21st Cloud Expo, Oleg Chunikhin, CTO at Kublr, will answer these questions and demonstrate techniques for implementing advanced scheduling. For example, using spot instances ...
First generation hyperconverged solutions have taken the data center by storm, rapidly proliferating in pockets everywhere to provide further consolidation of floor space and workloads. These first generation solutions are not without challenges, however. In his session at 21st Cloud Expo, Wes Talbert, a Principal Architect and results-driven enterprise sales leader at NetApp, will discuss how the HCI solution of tomorrow will integrate with the public cloud to deliver a quality hybrid cloud e...
SYS-CON Events announced today that Yuasa System will exhibit at the Japan External Trade Organization (JETRO) Pavilion at SYS-CON's 21st International Cloud Expo®, which will take place on Oct 31 – Nov 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA. Yuasa System is introducing a multi-purpose endurance testing system for flexible displays, OLED devices, flexible substrates, flat cables, and films in smartphones, wearables, automobiles, and healthcare.
Companies are harnessing data in ways we once associated with science fiction. Analysts have access to a plethora of visualization and reporting tools, but considering the vast amount of data businesses collect and limitations of CPUs, end users are forced to design their structures and systems with limitations. Until now. As the cloud toolkit to analyze data has evolved, GPUs have stepped in to massively parallel SQL, visualization and machine learning.
DevOps is under attack because developers don’t want to mess with infrastructure. They will happily own their code into production, but want to use platforms instead of raw automation. That’s changing the landscape that we understand as DevOps with both architecture concepts (CloudNative) and process redefinition (SRE). Rob Hirschfeld’s recent work in Kubernetes operations has led to the conclusion that containers and related platforms have changed the way we should be thinking about DevOps and...